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How Smarter Asset Management Boosts Profitability
Overview
In today’s modern and digital age, most businesses run and rely on technology to deliver their services one way or the other. Some businesses use technology more than the others, but technology is involved in every business.
At first, the technology boosts productivity, eases everything, and helps you grow your business, but it has its drawbacks. For a moment, think about it.
- How many software subscriptions are you paying but not using or rarely using?
- How much time does your team spend tracking inventory manually in spreadsheets and making mistakes?
- How often are you renewing licenses without knowing if they are still relevant or not?
These are just the tip of the icebergs. There is a lot to dig and hidden under the surface. But don’t worry, we have a solution for you.
Smart IT Asset Management (ITAM)
Asset management is not just about counting machines, licenses, subscriptions, it’s a lot more including how and why this exact product was purchased and whether it is being used or not and is there any alternative which is better and cheaper.
If you can do all this, then you will waste less and gain more.
What Is IT Asset Management (ITAM)?
IT Asset Management is the process of tracking and managing all of your company’s technological assets or digital assets. This includes all the hardware and software, such as Laptops, Computers, Servers, Routers, CRM Software, Collaboration Tool, Cloud Apps, etc.
In simple words, IT Asset Management Tool answers all the questions that a business cares about, including
- What do we have?
- Where is it?
- Is it worth our money?
An IT asset management tool helps you keep track of all these things using technology. No, you don’t have to rely on spreadsheets or your memory to track all this as there are dedicated services by world-renowned platforms like ServiceNow and BMC that can help you track all this at the lowest cost possible.
Why is IT Asset Management Important?
Whenever a business thinks about making profits, they often think about sales and marketing. They hardly realize that profit leaks are also hidden inside their business operations. Here are a few examples of silent profit killers:
1. Two Tools Doing the Same Job
In small businesses, different teams have their favorite software, or tool. For example, marketing teams love Trello, on the other hand, engineering teams prefer Jira, while HRs still manage projects in spreadsheets.
But here’s the problem, you as a business might be paying for two or four different tools that do the same job. Yes, that is possible, and it has happened in the past, and it will happen in the future. Nobody can deny that.
At first glance, you might say that these tools don’t cost much, as they are just a few hundred rupees every month, but multiply it across platforms, licenses, and the final calculation might come in lakhs of rupees per year.
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2. Outdated or Lost Hardware
The second reason is that businesses use IT asset management as their hardware. Think about it. You gave your laptop or you assigned your laptop to an employee who never returned it. That is a cost to your business, even if the laptop was old and was of lesser value as compared to the new ones. An expense is an expense.
Listen, here are a few things that you should keep in mind when talking about outdated or lost hardware.
- Old hardware costs more to maintain and run less efficiently compared to new ones.
- Employees prefer to leave without returning their issued devices.
- Old devices usually consume more power to perform minimum tasks.
3. Issues of Manual Tracking
Most businesses don’t use IT asset management or sometimes any asset management tool to track their business. Even if someone uses anything it is mostly going to be a Google Sheet or an Excel sheet for the same task.
But here’s a problem. The manual tracking just like any other task is not necessary. It is limited to a certain limit and once that limit is crossed nobody can rectify that and the damage is done.
How IT Asset Management Tools Can Help You
Technology should help you make your life simpler, not complicated. Just like any other asset you or your company might have, IT assets should be managed responsibly and carefully. Managing dozens of devices, applications, and systems across different departments, different teams, and employees is not an easy task.
You need a dedicated IT asset management tool that can help you ease out all these things.
- IT Asset Management tools help you maintain all of your assets from a single screen.
- The ITAM tool can also help you keep track of the full life cycle of every asset including a software, a subscription, or a hardware.
- ITAM tools can even prevent overuse or mismanagement of licenses as software vendors conduct these audits regularly and businesses end up paying unexpected penalties.
- These tools can also help you automate tedious repetitive work, such as sending reminders for renewals or replacements, updating inventory when new devices are assigned or reassigned, and removing any retired hardware from the active inventory.
- Scaling your business is not an issue with any IT asset management tool, whether your business has 50 devices or 50,000 devices. Systems like ServiceNow and BMC can adjust the numbers and without any issues you will see the updated and correct statistics.
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Conclusion: Profit Isn’t Just About More Sales
Every rupee you save is a profit. Even if you are running a successful business, you don’t have to spend or waste your resources on mistakes.
We know Google Sheets are good and free but they are not efficient to track and maintain assets of any company compared to smart asset management tools such as ServiceNow ITAM or BMC ITAM. These are not just any regular tools, they help you grow your business strategically.
Avatu is a leading business transformation company having expertise and capabilities in tools like ServiceNow IT Asset Management and BMC IT Asset Management. Remember, your business deserves the best and Avatu should be your first choice.
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Frequently Asked Questions
Because unmanaged assets drain money quietly. Businesses often overspend on unused software, lost devices, or duplicate tools. IT Asset Management tools like ServiceNow and BMC can help track every asset, reduce waste assets, and ensure every rupee is invested in technology that delivers value.
Spreadsheets work for a handful of items, but as your business grows, manual tracking becomes messy, slow, and full of errors. ITAM tools automatically update your inventory, monitor usage, and prevent mistakes as a result you end up saving time, money, and stress in the long run.
ITAMs can show you which software licenses are unused, which devices are outdated, and where overlaps exist. By cancelling or reallocating those assets, your business can cut resource waste dramatically. It’s like turning hidden costs into visible savings every month.
Absolutely. Automation can help you save time by eliminating repetitive tasks such as sending follow-up emails or updating customer records. As a result your small team can focus on the bigger picture. Even simple automations can add hours of productivity every week.
