How to manage IT assets

IT asset management: The basics

In today's remote and hybrid work setups, it's super important to manage your IT stuff properly to avoid any issues and make things run smoothly. IT Asset Management (ITAM) is all about taking care of your tech stuff, like hardware and software, throughout the entire lifecycle. By using good ITAM strategies and software, companies can see what's going on, stay in control, and get lots of cool benefits. 😎

Just to give you a sneak peek: When you let your team or students access the latest IT gear information, you'll get a whopping 80% fewer emails asking for permission to use the equipment. Now, that's a percentage I'm totally ready to shake things up for. HBU? 😏

What are examples of IT assets?

First things first. What falls under the category of IT assets? IT assets encompass a broad range of tangible and intangible items that contribute to an organization's IT infrastructure. Here are some examples of the most common types of IT assets:

Hardware:

• Computers (desktops, laptops, servers)
• Networking equipment (routers, switches, hubs)
  
• Storage devices (hard drives)
• Printers and scanners
• Mobile devices (smartphones, tablets)
• Monitors and displays
• Keyboards and mice
• Audio equipment (headsets, speakers)

But IT assets go way beyond just hardware. This also includes software (operating systems), data and databases (data warehouses), network infrastructure (firewalls, modems), licenses and subscriptions (cloud services, SaaS applications), communication systems (VoIP systems, email servers), security systems (security cameras and surveillance systems), documentation and knowledge base (network diagrams), cloud services (IaaS, SaaS, PaaS), intangible assets (intellectual property, digital content).

However, to keep a focus, we’ll only refer to hardware in this blog article.

What is the role of the IT asset manager?

The IT Asset Manager, also known as the IT Asset Management Specialist, is the one who's in charge of taking care of all the hardware and software equipment in the organization. They also come up with a plan and put it into action to make sure everything runs smoothly.

Usually this is done by one person, who consequently has all the knowledge and admin rights. Ideally, the IT Asset Manager uses software like Cheqroom to manage all the equipment. That way, you can ensure none of the info and processes go lost the moment they leave the organization.

What is IT asset management?

So, what does IT asset management (ITAM) mean? Basically, it's the process of taking care of your organization's assets, making sure they're accounted for, maintained, upgraded, and eventually disposed of. #RIP. This means identifying, tracking, and handling all IT assets like laptops and phones throughout their lifecycle. In a nutshell, the main objective is to make sure that all valuable items are tracked and utilized effectively.

IT asset management is usually done using specialized software tools like Cheqroom that automate the tracking and management of assets. With Cheqroom, you can keep accurate and up-to-date records, which is super important for effective IT asset management. Plus, ITAM practices help shape the overall business strategy by aligning technology investments with organizational goals and ensuring IT resources are used in the best possible way.

Let’s look at the 7 primary benefits of IT Asset Management.

7 benefits of IT Asset Management

A solid IT asset management program brings many benefits to the table. So, let's check out 7 of the most common perks and how to make them happen.

1. Efficient asset management: With top-notch IT asset management software, such as Cheqroom, you'll have smooth processes to upload your assets, assign them to your team or students, flag items that are due for maintenance, and much more.
   
2. Asset identification: By clearly identifying and cataloging all IT assets within your organization, including computers, servers, laptops, mobile phones, etc. you’ll have a laser-clear idea of what gear you own. Nothing gets overseen and left behind, all info is centralized in one place.
   
3. Asset tracking: When you keep an eye on where your IT assets are, how they're being used, and their current status, it really helps you keep an accurate inventory of your assets and make sure that you're using your resources efficiently. This enhances accountability enormously. By tracking your devices' location and/or usage history log, you can hold people accountable if something gets damaged, lost, or stolen.
   
4. Lifecycle management: Having centralized data allows us to keep track of the history, assignment, repairs, warranties, and other important information about devices. Without this data, you might end up with incorrect information about the status and location of devices, which could create problems with accountability. So, it's crucial to take care of the entire lifecycle of IT assets, from acquiring them to disposing of them. This includes planning for upgrades, keeping tabs on maintenance, and making sure that assets are retired or replaced when they've served their purpose.
   
5. Cost Management: Accurate data about the gear, including procurement, maintenance, and disposal, helps make informed decisions about investments in equipment and control overall IT spending. And basically every boss likes the sound of data-driven budgeting. 
   
6. Compliance and Risk Management: When you stay on top of all the IT equipment that's being used by different people, it becomes a lot simpler to deal with all the risks that come with security vulnerabilities, data breaches, and non-compliance. Or, to put it in other words, it'll be a breeze to ensure everyone is following the rules regarding software licensing agreements, regulatory requirements, and security policies.
   
7. Efficiency and Productivity: Inefficient management of IT assets can result in using outdated or damaged devices, hindering productivity. And we don't want that. Not only does this visibility and control over the equipment help with productivity, it also makes the internal processes a lot more efficient by reducing manual efforts and thus minimizing errors. Think of all the effortless reporting and auditing you'll be able to do! 😮‍💨

Seven awesome goals and benefits that practically sell themselves. Need an extra nudge? Give it a whirl from a different perspective: If you don't handle your IT assets properly, it could cause major hiccups in your business, like when assets vanish or require replacing, it could mean taking financial risks without any data, and it could mean wasting loads of time on manual tracking, time you could've spent creating the next big Netflix hit.

How to track company laptops: IT Asset Management best practices

1. Identify IT assets: Clearly define what you consider IT assets and what you want to include in your inventory. At this stage, it’s also important to think about individual items vs. kits. Kits are collections of items that are (almost) always used together. Think of a podcast kit with a microphone, headphones, a cable, and a laptop. Group these into one kit, making it super easy for future checkouts. Read how to ensure you always have complete kits here.
   
2. Label your assets: Attach a tag to each asset that has a unique barcode or QR code. Make sure to include all important information such as the name, model, who is currently using it, and the due date. If you're worried about theft or tampering, consider using protected tags to give them that extra level of security. 🔒 For more info, find your ‘Definitive Guide to Asset Labeling’ right here.
   
3. Get the team involved: Include everyone, so also end-users, from the get-go. Make sure everyone understands the processes, starting from the onboarding.
   
4. Assign permissions: Control who sees what by assigning certain user roles. In Cheqroom, this could be Workspace Admin, Front Desk Agent, Equipment Admin, Self-service, Equipment Viewer, or create custom roles. Restricting access to some users will help reduce human error and enhance security and accountability.
   
5. Automate your workflows: For example, set automated reminders for returning the equipment on time. Not having to deal with all these emails will - for sure - increase your productivity and efficiency. With Cheqroom, there are no more excuses for late returns with automatic, customizable e-mail, push, or SMS notifications.
   
6. Make smart budgeting decisions: Take a close look at the data to improve how you use your assets, estimate their lifespan, and predict future needs. Have you noticed that the same 3 laptops always seem to be breaking down? Consider investing in newer models and getting rid of the old ones. Is there a tablet that is never used? Why not rent it out to others and get rid of the unpopular items? If you want to learn more about predicting maintenance and procuring equipment based on data, check out this blog post.
   
7. Keep up with the audits: Make sure to schedule regular audits to keep your data on asset condition and location accurate. Need some assistance with this? Check out our guide on how to do an equipment audit.

Getting Started with IT Asset Management

Building an effective ITAM program requires a thoughtful strategy and the right software. It’s important to select one that fits your organization’s challenges and needs. Obviously, we can’t speak for others, but Cheqroom offers a wide variety of factors that make it super easy to get started with your ITAM track.

Take advantage of our super user-friendly interface, scale it as your company grows, integrate it with your existing tech stack, generate super detailed reports and audits, access it on your mobile devices, make sure your data is absolutely secure, and get excellent implementation and support services. By using Cheqroom, you can make your IT asset management processes way easier and maximize the efficiency and effectiveness of your IT operations.

Simple IT asset management with Cheqroom’s Custody feature

When you look at AV gear, for example, it’s mostly for short-term use. Team members just go into the system, reserve the camera they need, check out the gear when they pick it up, and when they're done with the shoot, they simply return it for someone else to use. No biggie.

However, with IT gear, it's a long-term commitment.

The equipment remains in one place for a longer period. For example, students can use their assigned laptops throughout the school year. Keeping track of who has which items is manageable with a small group. But when dealing with hundreds of items and people, you'll need assistance. Cheqroom’s Custody feature functions like an infinite check-out. Register the loaned equipment and specify the borrower without selecting a return date or location. By assigning custody, you can easily track the borrower and the duration of the loaned equipment. Want to see what Custody looks like? Take a look at the app!

So, here's the deal. Effectively managing your IT assets is crucial for a number of reasons: to keep an overview of your IT inventory, know who's using what and when, make the most of your tech investments, follow licensing rules, beef up security, and keep things running smoothly. Here’s more info on how to track your IT gear with Cheqroom.

Get started today. Try Cheqroom for free for 7 days. No strings attached!