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Learn what IT asset management is and how it works. Discover different types of ITAM and their benefits. Find out how Level can automate ITAM.
Level
Thursday, January 30, 2025
Many organizations rely on different tools and technologies—hardware like servers and laptops, software applications, and cloud services—to run efficiently.
Without a proper system in place, IT teams find it difficult to track what their businesses have, where assets are located, and how they are being used. This can lead to wasted budgets, security risks, and compliance issues.
IT asset management (ITAM) provides a structured way to manage a company's IT resources. It ensures that every asset is accounted for and optimized to support business practices.
In this guide, we’ll break down ITAM processes, types, and benefits to help you understand how they add value to your organization.
IT asset management refers to the process of tracking, managing, and optimizing a company's IT resources. These cover hardware assets, software licenses, cloud networks, and digital files.
ITAM helps IT teams gain visibility and control over their organization's inventory data. It makes sure that nothing is wasted by providing up-to-date information about asset usage, value, and life cycle.
Implementing best practices in ITAM supports better decision-making. It helps you decide when to retire assets or reallocate resources to maximize IT investments. At the same time, it reduces manual processes and allows IT managers to focus on delivering value to your business.
After defining IT asset management, it's time to discuss how it works. Below are the steps involved in creating an effective ITAM process:
Start by creating an IT asset inventory that includes hardware, software, cloud services, and even non-IT assets like peripherals. Log details like serial numbers, purchase dates, locations, and users who have access to them.
Recording asset data in one location makes it easier to track what your organization owns and where everything is located.
Without a proper catalog, assets can go missing, become underutilized, or remain unaccounted for. This can lead to unnecessary costs.
Once you know what assets you own, establish policies to manage them effectively. These policies define how your IT team can acquire, track, maintain, and retire assets when needed.
Clear procedures make sure that everyone in your company follows the same standards. They minimize confusion and reduce the chance of errors.
A well-documented process also helps you meet compliance with legal and regulatory requirements.
Asset management software makes it easier to identify assets and track their usage. It's important to choose a platform that suits your needs and budget requirements.
The best ITAM software should be easy to use and integrate with existing systems. Check if it seamlessly connects to your company's IT service management solution, remote management and monitoring tool, and service desk.
You should also consider the software's reporting capabilities. Make sure it can break down the total cost of assets, track life cycles, and identify areas for improvement to help you make informed decisions.
Every asset needs a point of accountability. Assign specific individuals or teams to oversee ITAM processes.
Ownership reduces confusion and ensures no asset is overlooked. It also makes troubleshooting and decision-making faster when issues arise.
You should regularly monitor IT assets and see to it that they are being used efficiently and correctly. Proactive tracking helps you address problems before they escalate.
ITAM software and remote monitoring tools make this task easier. They provide real-time dashboards to oversee IT assets from a remote location. Plus, they can generate reports that identify opportunities for cost savings, such as reallocating underutilized assets.
Every IT asset has a lifespan. When it reaches the end of its cycle, you should retire it securely.
For hardware, this involves proper data destruction and eco-friendly disposal. This not only secures your organization against unauthorized access but also protects the environment.
Dealing with software licenses involves proper deactivation from all devices. Meanwhile, if you want to retire cloud services, you simply need to cancel subscriptions. Make sure to review billing statements to avoid residual charges.
IT asset management isn’t limited to tracking hardware. It also covers different types of technological resources that keep business operations running smoothly. Let's take a closer look at each category below:
This involves tracking and managing physical devices such as servers, desktops, laptops, monitors, and peripherals.
Hardware asset management includes monitoring the lifespan of each device, from acquisition and deployment to maintenance and retirement.
Effective management helps your company avoid redundant purchases and reduce downtime. This helps you maximize your IT investments.
Software asset management (SAM) focuses on licenses, compliance, and usage. It ensures your company has the correct number of licenses and complies with vendor agreements.
SAM can also prevent over-licensing by storing inventory data in a secure and accessible location. This helps you quickly identify if you already own a specific license to avoid duplicate software purchases.
It can even address under-licensing by tracking software usage. It can pinpoint areas that need improvement to avoid costly inefficiencies and penalties.
This tracks cloud services, such as SaaS (Software-as-a-Service), IaaS (Infrastructure-as-a-Service), and PaaS (Platform-as-a-Service).
Cloud asset management helps IT teams monitor active subscriptions, identify underutilized resources, and cancel services when needed.
By managing cloud assets effectively, organizations can control expenses and guarantee that cloud services align with operational needs.
Network management involves overseeing the hardware and software that make up a business’s network, such as routers, switches, and firewalls. The goal is to maintain optimal network performance and prevent downtime.
Network monitoring tools can automatically track network equipment, update firmware, and replace outdated components. They also provide insights into performance, allowing IT teams to identify and resolve bottlenecks.
This type of IT asset management focuses on securing and monitoring smartphones, tablets, and other mobile devices used for business purposes. It is a key part of managing remote and hybrid workforces.
Mobile device management can enforce security protocols, control device configurations, and remotely wipe data from lost or stolen devices. This protects sensitive company information while giving employees the flexibility to work from anywhere.
IoT, short for the Internet of Things, refers to interconnected devices that communicate and exchange data with the cloud. These include cameras, sensors, and other smart devices.
Managing IoT gadgets involves tracking their locations, updating firmware, and addressing security vulnerabilities.
Digital asset management deals with non-physical resources like files, documents, and intellectual property.
Organizing digital assets helps avoid issues like duplication, version control problems, and unauthorized access.
IT teams use asset management systems to centralize digital files, set permissions, and monitor access history. This makes collaboration easier and secures sensitive information.
Effective ITAM creates opportunities to save costs, improve security, and operate more efficiently. Here are the benefits of proper IT asset management:
IT asset management software lets you know exactly what assets you have, where they are, and how they’re being used. This increased visibility reduces confusion and prevents asset loss. It also helps your team quickly identify underused or redundant resources.
When you have better visibility and control over IT assets, you can make informed decisions and maintain smooth operations.
ITAM helps eliminate resource waste. It can identify unused software licenses or outdated hardware, allowing you to cancel subscriptions or retire them accordingly. This can cut down on unnecessary expenses.
Asset management software can also track the lifespan of resources, which allows for smarter budgeting. It allows you to replace IT assets before failure to save money and avoid unexpected downtime.
Organizations should comply with software licensing agreements and cybersecurity regulations or risk their reputation.
ITAM simplifies this process by tracking usage and avoiding over-licensing. It reduces the risk of penalties during audits and protects businesses from legal issues.
Unmanaged or outdated assets pose significant security risks.
ITAM helps identify these vulnerabilities and keeps all assets updated through automated patch management.
It also supports the secure retirement of old hardware and software. This protects sensitive data from breaches.
While ITAM offers many benefits, implementing it can come with challenges. Here are the common issues you can face and how to address them:
The rise of remote and hybrid work has made tracking IT assets more complex. Devices like laptops, smartphones, and tablets are often scattered across different locations and used by various departments. Without a centralized system, it's easy to lose or misplace assets.
To address this, invest in IT asset management software that provides real-time tracking of devices, regardless of location. Integrate this software with MDM tools to enforce security policies and manage company smartphones.
These solutions allow your IT team to maintain control over distributed assets while maintaining data security.
Software licensing and regulatory compliance are ongoing concerns for IT leaders. The risks of under-licensing, over-licensing, or failing to meet regulations can lead to audits, fines, or legal issues.
To avoid these consequences, conduct regular audits of your software inventory. You can also use ITAM tools to track license usage and expiration dates. You can receive notifications from these platforms, so you can address potential risks before they impact operations.
Failing to update devices or track asset usage can pose significant security risks. For example, hackers can exploit outdated networks. Meanwhile, users with access to sensitive systems can unintentionally share confidential information or fall for phishing scams.
To overcome this, conduct regular scans of your IT environment to identify outdated or unsupported devices. Implement a 3rd party patch management system to keep systems updated and secure against cyber threats.
You can also provide training to users and teach them how to identify phishing attempts. These measures protect your organization while maintaining operational integrity.
IT teams often operate with limited time and staff, making it hard to manage ITAM alongside other responsibilities.
Automation can be a game-changer here.
Look for ITAM software that can automate inventory updates, compliance tracking, and reporting. This saves valuable time, reduces staff workload, and allows IT teams to focus on more important tasks.
Level offers a modern RMM solution that helps internal IT departments and managed service providers (MSPs) track IT assets effectively.
Level stores all hardware devices, software licenses, cloud services, and other resources in a secure and accessible location. This centralized view allows effortless IT asset management.
Level’s automation capabilities handle repetitive tasks like software updates and device monitoring. It can save valuable time and allow IT teams to focus on more important activities.
Book a demo or try Level free for 14 days right now!
IT asset management involves tracking and optimizing an organization’s IT resources. These include hardware, software, cloud services, and digital assets like company files.
The primary roles of ITAM include maintaining an inventory of IT resources, meeting compliance with software licenses, and optimizing asset usage. ITAM helps organizations plan for asset replacements, manage costs, and reduce risks associated with outdated or untracked devices.
An IT asset management specialist oversees the life cycle of IT assets. They're responsible for recording asset data, tracking usage, and identifying opportunities to optimize costs.
They work closely with IT teams to create policies for procurement, monitor asset performance, and plan for upgrades or replacements.
Yes, careers in IT asset management typically offer competitive salaries. The exact pay varies based on experience, location, and the size of the organization.
At Level, we understand the modern challenges faced by IT professionals. That's why we've crafted a robust, browser-based Remote Monitoring and Management (RMM) platform that's as flexible as it is secure. Whether your team operates on Windows, Mac, or Linux, Level equips you with the tools to manage, monitor, and control your company's devices seamlessly from anywhere.
Ready to revolutionize how your IT team works? Experience the power of managing a thousand devices as effortlessly as one. Start with Level today—sign up for a free trial or book a demo to see Level in action.
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