Let’s start with an interesting finding?
In a survey by Deloitte, it was found that companies who implement proper software asset management save on average 25% of their annual maintenance cost.
It’s not surprising that in an IT organization the IT capex represent a sizable portion of the cost, and mismanaging it can be costly. On top of that, there’s a constant pressure on such organizations to reduce IT cost while meeting business demands.
The current business reality is such that IT cost management is not optional, rather a necessity that can give an operational edge. Fortunately, IT leaders have a powerful tool at their disposal to help them in this regard, it’s called IT Asset Management processes.
Now you know that implementing IT asset management saves you money but how? Here are 6 ways an ITAM solution can reduce IT cost:
1. Asset Evaluation throughout Life Cycle
All assets, including IT assets, have a life-cycle. It starts with procurement and ends when disposed of. How well an asset has been managed throughout its life-cycle plays a big part in determining its cost and value.
An IT organization, using an IT asset management solution, can track its assets throughout their life-cycle. By doing so, it can ensure the assets are available most of the time as they progress in their life-cycle. This ensures the organization extracting maximum value from their IT assets.
2. Save Cost by Making Informed Purchase Decision
IT asset management enables organizations to manage their IT asset inventory with intelligence.
An organization, using Motadata ITAM, can fetch data of every asset in its inventory; by doing so, it can:
- Eliminate assets that are costing money. These are asset prone to breakdown or not yielding value; they can be identified from the associated number of tickets.
- Know the license utilization of a paid software; this information will allow the organization to save money on renewals.
- Track missing assets or detect theft.
3. Having an ITAM Policy in Place
People waste resources when they don’t know what they need to do. An IT asset management policy defines the rules for purchasing an asset, assignment, usage, and disposal of IT assets. It can also define the responsibilities of an assigned asset user; licensed software usage; hardware configuration; new asset deployment process; and other processes related to asset management.
By implementing an ITAM policy, an organization can:
- Extract more value from their assets.
- Increase the life of their assets.
- Standardize how assets are used.
- Deal with regulatory compliance.
Overall, an ITAM policy reduces waste, maximizes values and provides guidelines to manage a large number of assets, which eventually translate into cost-saving.
4. Automate things which can be Automated
The current velocity of doing business has made automation the need of the hour for modern businesses.
Businesses adopting automation can scale faster thus increasing their revenue many folds.
An organization, using Motadata IT asset management, can automate key asset-related processes like:
- Update asset inventory using automatic discovery.
- Software license management.
- Prohibit software in a network.
- Generating reports.
5. Save Cost through Better Negotiation
Contract management also comes in the purview of asset management. Organizations using ITAM can monitor their contract positions and strike a better deal at renewals, thus saving cost.
An organization using Motadata IT asset management can set a notification in a contract that will trigger before expiry.
6. Securing IT Infrastructure
An organization using IT asset management processes has a proper inventory of its assets. With proper inventorying, it has access to data like:
- Asset properties.
- Change log.
- Maintenance notes.
- Related incidents, problems, and changes.
- Software licenses.
- Asset financial details.
- Topology information.
- Software usage stats.
Armed with this kind of information, IT leaders can better protect the organization from expensive downtimes.
The above are some of the ways an organization can save money with IT asset management. The actual list would have been endless.
Apart from the cost-saving fact, another takeaway is that ITAM is a must for modern organizations, and one cannot go wrong with it.
Are you looking to implement asset management in your organization? Try Motadata IT Asset Management for 30 days and see the transformation yourself.