Current Asset Management Hurdles

• ITAM is responsible for identifying, tracking, and managing components, including financial and contractual aspects
• A well-implemented ITAM program leads to better cost control, increased utilization, risk reduction, and smarter investment decisions
• IT teams are now dealing with a wider variety of assets due to digital transformation, leading to challenges in managing and keeping track of assets across different business units and locations

Insufficient processes lead to increased risk.

• Ineffective asset management processes hinder organizational efficiency. Many leaders perceive IT asset management (ITAM) merely as a tactical function focused on physical IT components, limiting resource allocation for leveraging ITAM data in broader activities.
• The growing complexity of ITAM is exacerbated by employees using multiple devices with lifecycles of three to five years, requiring midsize organizations to manage thousands of assets, including peripherals and IoT devices while ensuring secure disposal at end-of-life.
• This mismanagement poses significant risks, as evidenced by Morgan Stanley Smith Barney’s over $150 million in fines due to failures in disposing of devices with sensitive information, which the SEC deemed “astonishing.”

Enhance ITAM by taking proactive measures.

Recognizing IT Asset Management (ITAM) as a vital strategic focus is essential for risk mitigation. A robust governance framework is necessary for organizations to develop a comprehensive ITAM strategy, involving stakeholders from various departments to identify process deficiencies. The application of artificial intelligence can enhance ITAM by automating manual tasks, cataloging assets, identifying configuration issues, and aiding in compliance reporting and decision-making.

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