When it comes to running an information technology company, an effective management system is vital. This makes it possible to secure your current assets with consistently updated knowledge of your company’s inventory. Hardware asset management is a highly productive solution that can help you increase security, cut costs, and plan for the future.

We will explore how implementing these management tools for company assets can improve your organization below.

What Is a Hardware Asset?

A hardware asset is a tangible piece of technology used within a business. An organization’s inventory of hardware assets will range from currently used devices to those in storage.

Some examples of devices included in a company’s inventory of hardware assets include:

  • Laptops, mobile devices, and other end-user devices
  • Datacenter and all associated hardware
  • Computer hardware, hard drive, and other peripherals (routers, printers, scanners)

What Is Hardware Asset Management?

What Is Hardware Asset Management

Hardware asset management, also called HAM, is the understanding of a business’s current physical and technological assets. Many benefits come with an effective hardware asset management system. When you manage hardware assets efficiently, you will be able to:

  • Assign assets to users – When specific assets are assigned to a single user, accountability within your organization increases. In addition to ease of training, you will have a more seamless onboarding process with this system.
  • Complete maintenance tasks – With an in-depth knowledge of all devices used within your organization, you can easily track routine maintenance and repairs. As a result, necessary services can be scheduled on time with no interruption in workflow.
  • Obtain financial reports – Understanding your company’s hardware assets has several benefits when it comes to accounting. The correct department can factor in costs, value, and warranty of your assets where it is relevant in your organization.

How Hardware Asset Management Works

How Hardware Asset Management Works

An effective hardware asset management process is detailed and includes several points. The basic HAM cycle is outlined below:

  • Procurement – The HAM process begins with selecting vendors for your business’s necessary hardware. This will largely depend on budget and compatibility with other hardware assets. You’ll also want to consider any product warranty or IT service offered.
  • Deployment – Deploying assets will involve assigning them to the necessary team members in your organization who will use them remotely or on-site. There are a variety of risk management procedures that can be implemented when leasing devices to your staff. This can range from legal agreements to certain limitations on the movement of the devices.
  • Service – Service management of your hardware assets will involve scheduling any routine maintenance to be completed, along with necessary repairs. Devices will also need to be serviced separately in case of a cybersecurity incident or damage to the hardware.
  • Disposal – The asset lifecycle of a device becomes relevant in the disposal phase of hardware asset management. When each asset reaches its end-of-life period, you will need to get rid of it by selling, donating, or destroying it.
  • Update – Following the disposal of any asset, you will need to update your company’s records, removing the expired device. The HAM flow begins again at the procurement phase to acquire new assets.

What Is Software Asset Management?

Software asset management (SAM) is a similar term meaning the procurement and tracking of software assets. A software asset is a program or subscription used by an organization for business purposes. This term is interchangeable with IT asset management or ITAM.

Cloud services, software licenses, and SaaS programs such as Microsoft Azure and Help Desk also fall under the general umbrella of software assets and are included in this inventory management system.

Benefits Of IT Asset Management

Benefits Of IT Asset Management

IT asset management is an inventory automation tool that improves an organization’s overall cybersecurity. By keeping track of computer systems and software assets. A company’s IT infrastructure can be better protected from vulnerabilities. Some of the benefits of IT asset management include:

  • Efficiently trackable assets – You can track your company’s technological assets in real time with a detailed asset inventory. Having up-to-date records of everything your organization owns will ensure accuracy in many other business areas.
  • Less paperwork – Records of your assets being stored in the cloud eliminate the need for paperwork and printed records. This can free up additional workspace and improve organization. Instead of digging through a file cabinet, documents are easily accessible from the computer.
  • Eliminated unused assets – When records of current devices are regularly updated, it is easier to get rid of assets that are not currently being used. Whether they have reached their end-of-life period or require storage or disposal, ITAM will help you maximize your current inventory.
  • Improved communication – Communication between team members and different areas of your company will be enhanced by an effective ITAM system, where all parties understand the current status of technological assets.
  • Compliance management – Compliance does not have to be complex when asset management is involved. Software licenses and applicable terms can be easily tracked to ensure your business complies with regulatory requirements.
  • Reduced costs – When unused assets are removed from inventory, you may be able to avoid additional costs to maintain those assets. If unused devices are still functioning, selling them for extra profit can increase your bottom line. You can also evaluate current service pricing and downgrade unused software licenses if necessary.

Asset Management Solutions For Business

Hardware management is essential to a company’s IT operations. There are many ways that your business can benefit from automation and IT asset management. When it’s time to deploy an asset management system, you will need a trusted service provider to help you find the right solution.

If you’d like to learn more about our managed IT service offerings, our team can help you choose the right services to fit your unique needs. Contact us today to set up a free, no-pressure consultation with one of our remote IT specialists.

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