Acquiring tech and IT assets as a large or even small industry is a necessary first step without which nothing can unfold further, however, being a large investment, a lot of thought goes into the process. If you are considering tech and IT investments for your organization, you’ll need to be very mindful of the acquisition process of tech hardware and software from the beginning because this decision will last you a very long time. Thus, with the process set under IT asset management, you can avoid overspending on tech, while maintaining their potential for a longer time.

Now, let us understand why it is the large corporations that need ITAM the most and how they can implement the practice.

IT asset management

What is IT Asset Management for Large Corporations?

ITAM, short for IT asset management, is the process of tracking, managing, and disposing of IT assets of an organization, starting with their accumulation and ending with their disposal. This process of disposal is also named, i.e. IT Asset Disposal (ITAD), which makes sure that all this waste is properly and safely disposed of. All these were implemented to reduce the quantity of electronic waste produced and improperly discarded by organizations and big companies.

The ITAM process is based on the utilization of inventory, contractual, and financial information to assist businesses and organizations in making calculated and sustainable decisions regarding technological investments, and the main emphasis is on the removal of risks and unnecessary expenses.

The Need For ITAM In Large Corporations and Companies

As large companies and corporations require tech and IT assets the most, it also makes them prone to either spending too much on it, or being unable to utilize the investment, and in some cases a compromise of data safety if not disposed of properly. Thus, these factors and more as listed below that make it necessary for companies and corporations to implement ITAM and proper data destruction:

1. Cost Control and Optimization

When you make only necessary purchases and reclaim unused software licenses while renewing the existing hardware, you save up a lot on what it would’ve cost to own everything new and unnecessary.

2. Risk Management and Compliance

When you agree to and uphold all the software licensing agreements and security policies, you choose to simply avoid any security loopholes, legal penalties, and fines against improper usage.

3. Operational Ease

Having a single, centralized and reliable source of IT data will also allow you to manage errors and issues quickly, allowing for a boost in productivity instead of having to track down and fix every single system.

4. Strategic decision Making

For large corporations, investing in tech and IT is a huge decision, which needs to be backed by data, insights, and asset performance checks to ensure every single component of the IT investment fully aligns with business goals as well as fund allocation for them.

What Can I Do to Practice IT Asset Management in my Organization?

To implement ITAM in your organization with full force, there are several methods to do so that are based on making smart decisions regarding the procurement and distribution of tech, its maintenance and optimization to last long, and finally, its safe disposal or local electronic recycling. The specific steps to practice ITAM in their order will be as follows:

1. Planned Acquiring