Executive not monitored and managed carefully. It can

Executive
Summary

 

Information Technolgy Asset
Management (ITAM) helps you plan for technology trends that can put your
company’s security at risk if not monitored and managed carefully. It can help
identify when employees are using their own devices in the workplace and
downloading unauthorized applications.

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It also helps you identify
legacy software that is no longer supported, when security patches need to be
applied and identify IT assets that are not required, ensuring that you are
only paying for licenses that you are using.

 

ITAM
is a robust technical and business process designed to manage the lifecycle of
technology and the effectiveness of the investment in the company.  A good program gives insight into technical
and human risk. It helps lower costs and improves productivity so the company
can be more valuable.

 

In
today’s new business environment, technology is a primary driver of innovation.
The creation of new products and services could represent an initial cost,
however, having a management plan can create a high ROI if managed well. It can
also be one of the most significant risks an organization has to maintain.
Making the most of your IT assets is a cooperative job between senior
technology management and business leadership.

 

As companies become more digitized,
business processes more streamlined, shared IT services become an economical
option, and in many cases are managed elsewhere. Technology is also exposed to
an increasing number of cybersecurity threats due to so many changes in software
and hardware.

 

The Business Value

The
business value of ITAM stretches from decreased cost to stronger efficiencies,
such as maximizing the organization’s investment in technology. Through ITAM, organizations
can identify old software applications, assess the value, move to reduce the
number of inefficient apps, and replace them with more robust platforms. For
hardware, ITAM gives the ability to identify and potentially block unknown
devices that are trying to access the network or identify devices that need
updating. With the knowledge of the hardware and software comes scrutiny of
security and business value.

 

 

 

 

 

 

 

Another
benefit that ITAM brings is a map of what technologies are used in different
business units and teams. And that creates value for the customer. This
understanding ties IT and elements of the business even closer together.

 

Executives
can support success in their ITAM plan by sponsoring the following activities:

Prioritizing the
resources needed to develop the ITAM program. An enterprise
strategy that supports the scope, value and roles and responsibilitiesA dedicated team responsible
for identifying each IT asset across the organization and maintaining the
inventory.An ITAM inventory
database that combines business and technical requirements for each technical
asset. A management and
reporting function so that program updates, priorities and issues can be communicated
to the stakeholder team. Change management
processes that ensure information is added to the inventory database as assets
migrate to production statusITAM tools and
solutions that are tied to each business units budget priorities and risk
management plan.   Organization ITAM and Enterprise Risk
Management Managing
IT costs and reduces your security risks. 
 As
your business grows, the IT costs can increase at double or triple the original
money spent both on hardware and software. This includes the hours of assessing,
purchasing, installing, integrating, monitoring and updating costs, not only in
hard expenses but also in the human resource time the IT team needs to manage
all the technology.
Along
with reducing costs with an ITAM, corporations can identify overly used systems
and undermanned and seldom touched platforms. This helps manage the license fees
that vendors charge. It also enables companies to identify where their data
sits and how it’s used in the business.