What are the features of IT Asset Management software?

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What are the features of IT Asset Management software?

To profit from automated asset tracking and care, make sure you choose the appropriate software package for your needs.

Published on 2nd October 2023

It’s possible that you’ll need to track and report on multiple assets across various departments if your organization is in charge of managing asset portfolios. If your company uses a manual asset management procedure, this will take a lot of time and work. The transition from manual asset management procedures asset to management software is made by organizations for this reason. To profit from automated asset tracking and care, choose the appropriate IT Asset Management Software.

Inventory Discovery and Tracking

It includes hardware like computers, servers, and printers licenses. With real-time tracking, organizations can have an updated and accurate inventory list, minimizing the risks of over-provisioning or under-provisioning resources.

Software License Management

With software licensing becoming increasingly complex, ITAM tools offer features that allow enterprises to track and manage their software licenses. It ensures compliance, helping to avoid potential legal complications and unnecessary expenditures on unused or overlapping.

Hardware Lifecycle Management

IT assets, particularly hardware, have a finite lifespan. ITAM software provides features to track the lifecycle of hardware assets from procurement to retirement. It aids in determining when equipment is due for upgrades or replacement, ensuring the smooth operation of business processes.

Configuration Management

As businesses scale, so do their technological needs and configurations. ITAM software provides capabilities to document and manage configurations of assets. Whether noting the specifics of a server setup or detailing workstation configurations, having a centralized repository for this data ensures consistency and aids in troubleshooting.

Financial Management

Beyond tracking the physical and operational status of assets, ITAM software often has features related to financial management. It can include tracking the purchase price, maintenance costs, depreciation, and potential resale or disposal value. This financial perspective ensures that IT expenditures align with budgetary constraints and business objectives.

Audit and Compliance Reporting

The regulatory environment in many industries regarding IT asset usage and management is critical. ITAM software provides comprehensive audit trails and customizable reports, aiding organizations in demonstrating adherence to internal policies and external regulations.

Integration Capabilities

Most organizations don’t operate with a single software solution. As such, the ability of ITAM software to integrate with other systems—like ticketing systems, HR software, or financial systems—is crucial. It creates a seamless flow of data across platforms, enhancing decision-making and operational efficiency.

User Management and Security

Given the sensitive nature of IT asset data, robust security features are a must. It includes user role-based access, ensuring authorized individuals can view or modify asset data. Encryption, two-factor authentication, and other security measures ensure data integrity and security.

Mobile Access and Barcode Scanning

With the proliferation of mobile devices and the need for on-the-go access, many IT Asset Management Software solutions now offer mobile apps or mobile-friendly interfaces. Barcode scanning through these devices further simplifies the process of inventorying and tracking physical assets.

Alerts and Notifications

Being proactive is better than being reactive, especially in IT management. Many ITAM tools have the functionality to set up alerts and notifications for various parameters, whether it’s a nearing license renewal, hardware maintenance requirement, or any anomalies in asset usage.