Managed Services

How Asset Management and Reporting Affect Your Company

IT AssetsModern businesses rely heavily on technology, and they generally have a multitude of hardware and software running at any given time. All of these different assets are essential to the day-to-day running of the business, which is why asset management and reporting is so essential. 

If any of the technology that your business relies on is not working effectively, it can cause some serious productivity issues. You may also be using outdated software that is a lot less effective than the latest products on the market. The right IT asset management system will be able to track and monitor all of your IT assets. This helps determine if optimization is needed, if certain assets could be replaced with a cheaper alternative, or if they are in need of an upgrade. 

Implementing an asset management system into your IT infrastructure could benefit your business in several ways:

Lower IT Budget 

Technology is an important investment for businesses, so it is likely that you dedicate a large portion of your budget to it. The right IT asset management system will be able to identify areas where you are overspending and suggest cheaper alternatives to the software that you are currently using. Reports on optimization and the need for upgrades will also help you to reduce maintenance issues and downtime, which helps to cut your IT budget even further. 

Increased Productivity 

IT assets can increase productivity when they are properly implemented and functioning as they should. However, when downtime occurs due to maintenance issues, productivity will take a big hit. 

IT asset management can stop that from happening by improving routine maintenance and issuing reports on assets that require your attention. This enables your IT team to perform preventative maintenance and keep systems up and running rather than rushing to replace technology and fix issues once assets stop functioning entirely. 

Improved Security 

Cybersecurity is a primary concern for all businesses, and IT asset management is one of the best tools that you have to ensure your cybersecurity is up to par.

A comprehensive IT asset management and reporting system helps you to build a clear picture of all of your assets and the flow of data throughout the company. A well-documented IT environment, that shows exactly who is accessing data from certain devices and which assets are managing that data, allows you to pinpoint security risks easily. Your IT team will also be able to improve their methods for securely handling data and deal with any weaknesses before a data breach occurs, massively improving your cybersecurity overall.

Higher Scalability 

As your business grows and sales increase, it is important that your IT grows at the same rate so it can keep up. This is why scalability is so important, and managing your IT is a central part of that. 

The software or communication tools you use as a small business may not meet the demands of a larger enterprise, so you need to be ready to upgrade according to your needs. The right IT asset management system will be able to identify the best options for upgrades and ensure that all assets are scaled at the same rate- to make the transition as smooth as possible. 

Improved Inventory Control 

Businesses that do not have a coherent asset management strategy in place often find that they encounter issues with inventory controls. For example, software programs can become obsolete, but many companies continue to run old versions and put their systems at risk. In some cases, different departments may be using two separate software when one program could manage both tasks. 

Without a clear idea of exactly what assets your business currently has and how they are being utilized, it is easy for inventory to go unaccounted for. If there’s an IT asset management system in place, it is simple to identify any assets that are no longer needed or any areas where there is a crossover and certain assets can be dropped. This helps to save money and simplify your IT infrastructure at the same time. 

Reduced Risk of Non-Compliance Fees 

When buying software, your business will be given a set number of licenses, which governs how many devices the software can be installed on. However, as businesses grow, it is common for the number of installations to exceed the number of licenses that the business has paid for, and this often happens without anyone realizing. 

Software companies have a strict policy against this and will carry out software audits. If you are found to be using non-compliant software, you could be subject to very large fines that could cripple your business. But IT asset management systems can monitor all software licenses and alert you if any of your software is non-compliant, which will help you to avoid non-compliance penalties. 

If you do not already have an IT asset management system in place, talk to our IT Services experts at IronEdge Group today. We can implement asset management and reporting in your business to ensure you reap all the benefits of staying on top of your business technology needs.

Ryan Lakin