IT Asset Management Software

Asset management is crucial in that it helps a company manage and monitor their assets by utilizing a systematic approach. When assets are distributed effectively, productivity and efficiency increases, these benefits put a business in a better position to enhance their bottom line.

Asset management is the management of all assets across a business. This can include building, plants, machinery, equipment and tool. Anything that is considered tangible or even intangible can be managed from one central point. Asset management is regarded as the next logistical step from fleet management, and the software technology to manage assets is ever-evolving.

Having a system in place that allows the manager to track the over performance of assets is crucial to an efficient business. Managers can analyze and ensure all assets are being utilized efficiently. Performance can be reviewed and quantified, and unnecessary costs can be prevented.

Asset management systems follow a holistic view of the entire lifecycle of an asset. For example, a piece of machinery can be tracked through the lifecycle of procurement, implementation and even renewal and disposal. Most effective systems used advanced tracking software.

This software is used to procure and analyze data to make effective decisions about the assets. Each activity can be monitored, and a cost-benefit analysis can be generated.

The asset management system should be able to monitor both tangible and intangible items. By tracking these assets across all departments, locations and facilities, the equipment can be reviewed and managed through one central hub. This helps businesses reduce overall costs, but also operating expenditures. This can help to promote the global growth and stability of a company.

Asset management software is crucial to help organizations track and maintain resources properly. The system is designed to compile data on the “value,” location, history of use and more.

This software is a great way to provide peace of mind, but not all software is the same in terms of user-friendliness or features. So what should you be looking for?

There are many different apps for iOS, Android and Windows. These apps can make it easy for users to access the system off-site and after hours. Which one you choose depends on your company’s infrastructure.

Asset audits are a crucial part of any asset management system. Most leading software will let you schedule audits on your timeframe and receive status updates.

Some systems feature a blind audit feature, which will allow you to restrict the information that different users can see while performing an audit.

Some users might find it convenient to host your asset management software on your server. However, there are many time and cost-saving benefits of using cloud-based software.
You will not need to rely on your IT personnel to install, or update any patches, as it is all handled within the cloud. Also, since the software is not physically on your server, you do not need to worry about any crashes or conflicts with your system.

It is essential to regulate who has access to sensitive information on your system. You should look for software that allows managers to set up separate access categories to limit what access rights users have. This can be helpful to restrict who can use administrative tools and edit data.

Asset management has become an integral part of the IT industry. Asset management varies from one industry to the next, but it can be thought of as the process in which assets are developed, operated, maintained, and sold most cost-effectively.

The term generally refers to individuals or organizations that are responsible for managing the assets on behalf of a particular entity.

Every company that has assets, needs a way to keep track of and manage them effectively. Relevant stakeholders and vendors will be able to know what assets are available and how to utilize them to provide optimal returns.

There are two categories of any asset owned by a business: fixed assets and current assets. Fixed assets refer to the assets that have been acquired for the intention of long term use. Existing assets are assets that can be quickly converted into cash.

As far as asset management goes, it is essential for organizations to assess the role that the asset management system plays as well as how to develop a good asset management plan.

There are many reasons that organizations are concerned about asset management.

First, is the ability to keep tabs on all assets. Whether the assets are liquid or fixed, keeping track of all assets is essential. Managers will know where all assets are located, how they are being used, and what changes have occurred. If there is an issue, assets can be recovered more efficiently.

Second, it helps to identify risks. Asset ownership always incurs some risk. IT managers can be prepared to counter any threats that should arise.

Finally, it removes “ghost assets.” All damaged, lost, stolen, or modified assets are recorded into inventory. Asset management systems help asset managers to remove assets that are no longer in use or damaged from being recorded.

ITAM stands for Information Technology Asset Management. It is a type of operational management that ties in directly to the IT infrastructure of an enterprise. ITAM allows professional managers the ability to review all of the business hardware and software inventory. It also allows asset managers to make comprehensive choices about sourcing and all other aspects that relate to the lifecycle of an asset. This is often the best way for a business to monitor all of its hardware and software assets in a single location.

Essentially, ITAM is a type of business process management (BPM) that focuses mostly on the overall deployment, usage, and lifespan of an asset. This differs from other styles of IT management components. ITAM asset managers have the responsibility of controlling inventory and ensuring all of the assets align with the organization’s operating requirements. Additional ITAM goals include maintaining compliance with industry standards, ensuring best practices, and overseeing the efficient asset usage, reuse, or purchases.

ITAM goes beyond merely creating an asset inventory. It is also useful for continually utilizing gathered data to maximize returns, reduce risk, and increase the perceived value of the business. ITAM allows organizations to avoid unnecessary or redundant asset purchases. It also makes the most of current resources available. IT asset managers can minimize software licensing and eliminate wasteful spending practices.

ITAM is useful for understanding a business’s value and can improve communication between departments. ITAM is also helpful in enforcing cybersecurity policies as well as regulatory and licensing requirements. Increased understanding between departments is possible, and ITAM can reduce the overhead costs of managing an IT department.

ITAM can also be effective in improving visibility and control over IT assets. Stolen hardware or components can quickly be identified and replaced. ITAM also makes systems more agile and allows for more straightforward adaptation or migration of services.

Generally speaking, an IT asset is a piece of hardware or software found within the environment of information technology. Keeping track of all IT assets, whether hardware or software, can be crucial to the day to day operations, or financial success of any business. IT assets are essential components of the organization’s systems or even parts of the network infrastructure itself.

In most cases, an asset is classified as merely something that is useful or has value. In the case of an IT manager, their task is to make sure that current IT assets remain helpful or valuable. Whether it be hardware or software, there is no denying that every IT component has a limited life cycle. Inevitably, hardware will eventually break down. The software can become obsolete or need updating. Ultimately, every system will become obsolete. It is the role of the IT asset manager to keep these assets functioning.

To manage IT assets effectively, the IT manager should set forth well-developed policies and transparent organizational processes. The software used for IT asset management should have the ability to track physical components, software licenses and even the housing units or case components. IT asset managers need to be able to track vendor information and warranties to understand how each asset contributes to the overall environment of an organization. An effective way to manage these upgrades and replacements is to issue change control procedures.

A software asset is any application or program that is used by a company or business. A business needs to monitor and manage all of its software assets to avoid compliance risks or threats to the company’s reputation.

To avoid such compliance issues, companies implement Software License Management (SLM) tools because the tool is then able to track everything for the company, ensuring compliance and that nothing goes unnoticed.

Technically, all software programs that are used in an organization are considered software assets. Software assets come in different varieties, such as managed software, freeware, shareware, and prohibited software. Assets include all of the software that is deployed on any user workstation, or company servers as well.

Organizations that use any software assets require a Software Asset Management (SAM) tool. Standard features found on a SAM tool include:

• The ability to scan workstations to discover software
• A catalog or central inventory of all software assets and their essential details
• A log of all installed software
• The ability to keep track of all software expiration dates
• The ability to create and manage any license agreements with specific vendors
• Scan function to detect and notify any license violations
• Check to validate the compliance of current software installs.
• Lastly, the ability to generate asset reports for evaluation

The Software Asset Management system contains a suite of valuable tools that allow managers to manage assets that pertain to specific industries. These industries can include retail, Information Technology applications, and even healthcare. Two conventional Software Asset Management systems are the Enterprise management system and the Computerized maintenance management system. Both of these systems are considered reliable tools for asset management.

This software is essential in managing assets effectively in order to minimize upkeep costs and licensing issues.

An IT Asset Manager takes on many roles in the IT organization chart, however, in the purest forms, this role functions to manage software, hard and technology within an organization.

The primary responsibility of an IT Asset Manager is to tend to the IT Asset Management (ITAM) system. This system is implemented to allow a company to manage its IT assets better. IT Managers are responsible for the management of all IT assets, as well as organizing the workflow of tasks.

The individual tasks and assignments of any IT asset manager are dependent on the industry. For the most part, these day to day tasks can be broken down into four distinct categories:

Planning and Procurement. IT Asset Managers and responsible for not only forecasting, but also producing strategies for procurement organization-wide. They should also plan and schedule upgrades for software, hardware, and any other IT Equipment.

Project Management. Asset managers are valuable in managing a wide range of organization-wide IT projects. They are also responsible for overseeing and implementing onboarding new software and hardware. They should also be able to regulate and manage the contracts, licenses, and negotiations of IT assets. This includes renewing contracts with vendors.

Technical Support. IT Asset Managers are responsible for working closely with third-party suppliers and troubleshooting software and hardware. They should collaborate with other departments to effectively utilize IT asset management tools. They are also responsible for managing and updating security tools and protocols.

Asset Management. Arguably the most critical role of the IT Asset Manager is to manage assets and inventory as well as scheduled maintenance and repairs. They should develop asset policies and forecast budget management and financial asset planning. Lastly, they are responsible for effectively managing the life cycles of assets and improving quality controls.

Software asset management ensures that your business or organization is in full compliance with all of the legal agreements that are included in the software that your company uses.

Software asset management also ensures that your company has all of the right tools in place to monitor company software usage, reallocate licenses and have the appropriate level of vendor support. This allows your company to maximize software acquisition dollars.

Software asset management is invaluable to the success and organization of any IT company. When an organization utilizes a comprehensive and useful license management system, it can reduce costs and maintain compliance.

A benefit includes the ability to manage software assets impacts a company’s bottom line; having transparency into a software’s use can help to avoid unnecessary spending and increase efficiency. Also, a company can better manage risk by cataloging which software products are vendor supported vs. the versions that they no longer support. Finally, your company can potentially avoid fines or true-up costs that can result from a vendor audit or an audit from the Business Software Alliance (BSA). BSA is currently offering a $1 million reward to whistleblowers who report company misused unlicensed products.

Many software vendors have increased the amount and frequency of audits they perform. This can increase the chances of a non-compliance issue being discovered.

If your IT organization uses proper management software, you can avoid many of the expensive issues that this can cause. When software licenses are managed effectively, the whole of the company will benefit. It can save a lot of time, money and stress over the long term.

Don’t wait for a vendor or the BSA to do an audit. Be proactive and do it yourself. If there are any discrepancies, make the appropriate adjustments in your asset management software.

Creating an asset management plan is the basis for building an effective asset management system. The programs issue the directive and organization necessary to achieve a long-term asset management strategy.

An asset management system should be as accurate as possible. To do this, you must first calculate your asset's entire life-cycle costs. Be sure to include added expenses such as maintenance, capital, conditions and even disposal costs.

Levels of service are used to determine the overall quality, function and capacity that different assets provide. To resolve this, first, consider your current level of service, how you can expect that level of service to change over time, the cost per annum of this service, and whether or not the current level of service is meeting the needs of your customers.

In most cases, proactive management can be more cost-effective in the long run. You can practice cost-effective management when you perform cost-effective maintenance, repair or replacement. This helps to ensure the longevity of the asset life-cycle.

Your asset management plan should coincide naturally with your long-term financial plan. Having a long-term plan will help you determine which objectives are feasible. You can also determine which goals are priorities and which can help you in maintaining your assets.

In most cases, computer software has the ability to be considered an asset that benefits a company over the long-term. Software falls under the same category as fixed assets, such as buildings or property. However, there have been several cases where software cannot be deemed a long-term asset.

Generally, intangible assets can be defined as the non-physical assets that are utilized over a long period. Often, these are items such as intellectual property. It is difficult to attach value to intangible assets due to future uncertainty of benefits.

Conversely, tangible assets fall under the category of both real and measurable. These are assets such as property and equipment, or a PP&E.

In most situations, computer software is considered an intangible. However, there are specific exceptions to the rule that allows computer software to be classified as tangible or PP&E.

Here are a few accounting rule exemptions of when and how computer software can be categorized as a PP&E:

Federal Accounting Standards Advisory Board (FASAB) Statement of Federal Financial Accounting Standards (SFFAS) No. 10, Accounting for Internal Use Software.4

Governmental Accounting Standards Board (GASB) Statement No. 51, Accounting and Financial Reporting For Intangible Assets.5

The bookkeeping standard for most types of assets to be considered a PP&E they have to have a useful asset lives of over 2 years, the asset will not be sold as part of normal operations, and they were created only for the use of the entity.

There are specific rules that must be considered when determining if the software can be profited as a PP&E or if it should be expensed. Should the specific software satisfy the guidelines to be considered part of property, plant, or equipment, then it can be considered a PP&E. Referencing SFFAS no. 10:

"Entities should capitalize on the cost of software when such software meets the criteria for general property, plant, and equipment (PP&E). General PP&E is any property, plant, and equipment used in providing goods and services."