Why Asset Lifecycle Management Is Crucial for Growing Organizations

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IT asset management (ITAM) is a crucial component of IT management and budgeting to track and identify priority expenditures. As managing a growing entity’s assets becomes increasingly complex and time-consuming, ITAM solutions ensure that all assets are procured, deployed, maintained, and disposed of as necessary. ITAM’s primary function is to provide centralized asset tracking and managing physical assets — servers, laptops, other equipment — and service-based items — contracts, entitlements, licensing, etc.

As a business grows, it’s critical to continually meet the needs of its operational expansion. This involves monitoring and managing all onboarded assets. Many companies implement limited IT resources, whose priority is personnel onboarding and offboarding. This resource allocation leads to a lack of effective asset management. However, ITAM solutions provide organizations with the resources they need to address the management of assets throughout their lifecycle, from deployment to decommissioning.

The Role of IT Asset Management for Growing Businesses: An Overview

As a holistic asset tracking tool, ITAM offers a comprehensive approach to organizational accountability and resource strategy. ITAM offers risk management via the tracking and maintenance of:

  • Compliance policy notifications
  • Equipment inventory logs
  • Maintenance records
  • Software licensing agreements
  • Insurance coverage renewals

ITAM works to discover, track, and maintain assets across your enterprise, making it a proactive business strategy designed to streamline processes and manage expenditures. Some of the key benefits of managing assets throughout their entire life cycle include:

  • Extend asset lifespan: Tracking an asset’s life cycle provides valuable information on how that asset operates and when maintenance is optimal. You can use this information to create a lifecycle plan that highlights ideal maintenance intervals and procedures to keep the asset operating in peak condition.
  • Reduce downtime: A reliable asset life cycle management plan cuts down on the need for reactive maintenance that contributes to downtime. You can schedule maintenance outside of normal operating hours to ensure maintenance does not interrupt productivity.
  • Inform your decision-making process: Properly tracking and managing assets offers insight into your facility and processes that you would otherwise miss out on. This knowledge can contribute positively to your decision-making process, helping you make even better plans for your organization’s future.

ITAM lets you centrally manage your assets through a single pane of glass, which grants enterprises insight that can be leveraged regarding budgetary concerns, security protocols, and other business decisions. With the right solutions in place, you can free up your employees to focus on high-impact projects and establish order and fiscal responsibility within your business.

For more information about Asset Vue’s suite of offerings that maximize IT asset lifecycle management, including RFID solutions, contact us today.