IT asset management has always been an integral part of business IT functions. IT assets are critically important for every business. The process of IT asset management is made more effective with ITIL 4. In this blog, we explore what is IT asset management, and how the processes can be made more effective with ITIL 4.
What is IT asset management (ITAM)?
The process of ensuring that an organization’s assets are deployed, maintained, upgraded, disposed of, and accounted for in the right way is called IT asset management or ITAM for short. IT assets can be tangible as well as intangible, and both need to be accounted for as well as managed efficiently & effectively.
What is an IT asset?
An organization’s IT assets could be its hardware, software, its data, information, or anything that is a part of the IT function of the organization. The IT assets usually have a finite life and have value for a defined time. To maximize the value it generates, the IT asset lifecycle has to be effectively managed by defining every stage of the lifecycle, such as:
Each of these stages has a corresponding cost of ownership that needs to be monitored and managed to ensure optimal usage of the IT assets. There was a time when the company’s hardware – computer systems, printers, etc. were the only IT assets the organization had. However, with changing times, the nature and value of IT assets have also changed drastically. There are subscription-based software, in-house built software, cloud data, applications, and so much more that makes for valuable and critical IT assets. In such a scenario, just an IT stamp of approval to manage these stamps is not enough. IT asset management is no longer the function of just the IT team anymore.
Importance of IT asset management
IT assets are valuable assets in every organization. They cannot be ignored or left to their own. They need to be accounted for and the entire IT asset lifecycle has to be managed effectively. Some of the reasons why IT asset management is important to include –
- Brings order and offers a single-source of
- Improve asset utilization
- Minimize wastage
- Enhance productivity
- Improve reliability
- Support ITSM best practices
IT service management essentially functions on the principle of providing value through technology services. To deliver value through these technology services, every organization needs the best possible IT assets. No value can be provided or generated or co-created without the IT assets. To top it off, there are two major challenges organizations face when it comes to IT asset management today – one is regulatory compliances, and the second would be cybersecurity. Needless to say, risking hefty fines and exposing stakeholders to avoidable risks is something no organization would want to deal with, making IT asset management extremely important.
This can be achieved with ITIL 4. Let us delve deeper into how ITIL 4 can help achieve effective IT asset management.
What is ITIL 4?
ITIL® 4 is the latest version of ITIL. It provides a digital operating model that enables organizations to co-create effective value from their IT assets, products, and services. ITIL 4 builds on the decades of experience that ITIL has, marking an evolution in the IT service management best practices. ITIL 4 weaves a wider context for effective and efficient customer experience, value streams, as well as digital transformation. Keeping up with the changing and advancing technologies, ITIL 4 aligns with the emerging technologies of today like lean management, agile, DevOps, etc. to co-create business value.
Read a Blog post: Why ITIL training is important?
How is ITIL 4 useful for effective IT asset management?
ITIL 4 recognizes IT asset management as one of the critical management practices in service management. Earlier, asset management and configuration management used to be considered as a combined concept. This was not very ideal since one is a finance & procurement function while the other is principally an IT function. However, ITIL 4 recognizes the importance of both configuration management as well as IT asset management and treats them as two separate practices. This is a step in the right direction for organizations. Asset management is an important function that deals with the changing nature of an IT asset. IT asset managers delve deeper into the purpose, benefit, value, risk, and exposure of procuring an asset in an organization, going on towards understanding its depreciating value over time, and where it stands from the perspective of compliance. Not only this but ITIL 4 also sheds light on how the IT asset is used to provide a service, which is where the ITIL 4 service catalog and the ITIL 4 service configuration would be useful for organizations.
Managing a well-organized IT asset management practice would empower organizations to maximize the value of their IT assets, control their costs, manage risks more effectively, while also assisting in informed decision-making about the procurement, re-use, as well as retirement of the IT assets. ITIL 4 proves very useful in this regard as it integrates the IT best practices with the ITIL 4 best practices for effective IT asset management. The innovative ITIL 4 Service Value System (SVS) helps an organization improve its customer experience while enabling them to transition to a digital world smoothly. As organizations embrace a large number of emerging technologies, their IT asset volume also increases, making it critical to manage these assets effectively. For effective IT asset management, embracing and implementing ITIL 4 is the way to go.
How to go about learning ITIL 4?
The best way to learn about ITIL 4 is to get ITIL certified. The first step in the ITIL 4 certification scheme is the ITIL 4 Foundation Certificate. Cognixia – the world’s leading digital talent transformation company is an Axelos Authorized Training Organization (ATO). Cognixia’s ITIL 4 Foundation training and certification course introduce participants to the ITIL 4 set of guiding principles and best practices for generating value as well as delivering high quality, cost-effective services to consumers & customers. The live instructor-led online ITIL 4 training covers:
- The concept of a service
- Services, risks, costs, and service management
- Service relationship management
- The four dimensions of service management
- Guiding principles of service management
- The service value system
- Service value chain
- ITIL 4 General management practices
- ITIL 4 Service management practices
- ITIL 4 Technical management practices
There are no mandatory prerequisites for this course, anybody can take this ITIL online course. Get ITIL certified and accelerate your career today!