4 Ways IT Asset Tracking Software Optimizes Business Performance

4 Ways IT Asset Tracking Software Optimizes Business Performance

by Rida Fatima — 1 year ago in Development 5 min. read

Efficient IT asset management is a critical contributor to an organization’s overall profitability, impacting its bottom line from multiple key impacts. Although a variety of tools can be used to manage IT assets and make sure they are being utilized to the full capacity, IT asset tracking software is the most effective. Structuring IT asset management (ITAM) processes with dedicated IT asset tracking software allows your team to accelerate asset procurement, management, and maintenance of your mission-critical IT equipment.

ITAM consists of a combination of strategies that facilitates asset optimization by centralizing all asset data in a cloud-based system. According to recent reports, the ITAM market is likely to have a CAGR of 6.9% between 2022-2032. IT asset tracking is useful for organizations operating in many industries, including construction, education, AV, and media.

The administration of different IT assets, such as laptops, desktop computers, and IT peripherals can be a challenge, but ITAM ensures that its management is streamlined for maximum efficiency and user productivity. Let’s look at some of the major hurdles faced by organizations that do not deploy IT asset-tracking software:

1.  Faulty audits: Auditing is a major part of asset tracking since it helps keep a count of assets along with their condition. Inaccurate audits translate into the inability to extract useful information about assets, such as their lifecycle and maintenance needs, which turns into a lack of internal transparency and accountability. Audits help drive valuable insights into methods for optimizing asset performance and make it easier for an organization to know how and where the assets are being utilized. An IT asset tracking software makes it much easier to avoid errors in recording asset details by allowing you to cross-reference audit numbers with the data stored in the system.

2. Inaccurate asset details: Manual methods of data recording are obsolete and time-intensive. They also add risk, as manual records are more prone to damage, such as from fire, and records based on paperwork are much more likely to be lost. Further, the chance of human error in manual data recording is much higher than in automated processes. IT asset tracking allows you to verify all data and increase asset visibility by keeping records in a consolidated, always-accessible database.

3.  Lack of security: Without an automated IT asset management system, your assets themselves are at risk because there is no recorded data to refer to in case of theft or asset misplacement. Manual data records can be tampered with and, without backup data, there are no options for cross-checking, for example in case of the loss of a computer or other high-value asset. Leveraging a cloud-based system, the records can be accessed whenever required, and their security is guaranteed through password-protected individual accounts for each user. Only users with valid credentials can access the account, and with user roles established, only authorized users can access important information.

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How does IT Asset Tracking Accelerate Business Productivity?

Consistent monitoring and attention to high-value IT assets help an organization achieve its long-term goals. IT asset tracking software is important to not only improving employee, and by extension the customer experience, but proactively protecting your hardware and software assets themselves. Here are some advantages of having IT asset-tracking software as your go-to tool to streamline asset management processes:

1. Automation: Reduced reliability on manual methods of asset tracking has proven to be beneficial in mitigating human error. It further helps increase business sustainability through enhanced asset data access and provides ease in managing large amounts of data. For example, if your organization deploys different brands of laptops, such as HP, Mac, and Dell –which all need to be controlled and accounted for – an IT asset tracking software will allow you to create a database of the laptops and categorize them separately, assigning each item a unique identification number. In this way, you can provide laptops to employees based on their specific needs, such as assigning Macbooks to specific users due to their specific features.

Also, employee onboarding and off-boarding are two important tasks for any organization that each require tight management of IT assets like laptops, internet devices, paid subscriptions to online tools, and more. While checking in or checking out these physical assets, you can log in details in the cloud-based software to maintain an exact count of the assets available and in use, as well as all related accounts. Electronic record-keeping and automation tools clearly help expedite this work and ensure accuracy.

2. Scheduled maintenance: Taking care of high-end technical equipment is also essential for smooth daily operations. Unplanned equipment downtime and unexpected breakdowns add to your costs, halting everyday tasks. Using IT asset tracking software, you can ensure that your assets are always performing at their optimal level – the software can help you schedule maintenance, track depreciation levels, and stay up to date on their condition. You can also schedule recurring maintenance for high-value IT assets, such as computer software that requires timely updates from time to time to improve function and security.

A dedicated software system also helps you easily track what assets are nearing the end of their lifecycle, so that you can make informed decisions about asset disposal or repair. With focused tracking, you can avoid costs, and reduce the instance of repetitive purchases that impact your profitability over time. A preventive maintenance approach minimizes delays in operations while ensuring that your equipment is always in service and helping your employees’ productivity.

3. Inventory management: Effective inventory management is crucial to avoid resource mismanagement, and allows your team to gain valuable insights about stock levels. IT asset management software can help you tailor your inventory management strategy to meet your business needs. For example, to regulate inventory levels at different warehouses, you can simply track their location and set minimum and maximum inventory thresholds. This helps streamline procurement and reduces operational and financial costs.

With a consolidated platform, you can find all information about your inventory in one place which increases efficiency, whereas lacking such a system would make this process quite difficult.

4. Alerts: Alerts are a useful feature of IT asset tracking software that automatically makes you aware of certain actions. For example, if a monitor screen breaks down, then maintenance can be scheduled using the system and the user will be sent an alert about the scheduled service. Relevant asset levels will be updated as well, and the asset will be made unavailable for checking out until it is serviced. When an asset is due for regular maintenance, the person in custody of the asset will be notified. This ensures that your assets are always serviced and in top shape, and also helps your employees better manage their time.

An email alert can also be sent before an audit so that your team can prepare for the audit in a timely manner. When an item is scanned for tracking purposes, alerts are issued so you can see where the scan occurred and on which asset. This helps improve your workflows and your overall business efficiency.

How does IT Asset Tracking Software reduce costs?

Managing a large number of assets can be tedious and time-consuming. IT assets need timely maintenance and efficient tracking, and these activities can be ensured if a dedicated platform is in place. IT asset-tracking software helps accelerate business productivity and makes it convenient to optimize the management of your mission-critical business projects. It not only allows you to seamlessly track assets and update asset information automatically, but allows you to easily identify the end cycle of an asset’s life, and retire or dispose of it when needed. By using the latest tracking technology, you can record equipment downtime, asset loss, expiring licenses, and asset depreciation, helping you to take appropriate actions, and guarantee smooth business operations. IT asset tracking reduces your costs and improves overall productivity, improving your business’ growth and increasing its overall success.

Rida Fatima

I am working as a Technical Content Writer at EZOfficeInventory, a leading IT asset tracking software. I specialize in writing technical blogs for the company aimed at spreading knowledge about the usability and viability of its products. With a great interest in the tech industry, I am excited about how technology continues to evolve and be a significant part of business operations. Apart from professional work, I love writing poetry and photographing nature.

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