IT asset management is an essential practice for modern businesses. By strategically organizing finances, resources, and human capital, organizations can control costs and mitigate waste. 

For optimized solutions, business leaders can rely on an IT asset management framework designed to maximize value by tracking products throughout their lifecycle.

Finding, maintaining, and securing important digital assets is an ongoing process that can quickly become too complex for smaller teams or businesses operating on a budget. With the proper framework, decision-makers can leverage the value of their assets while improving the reliability of their product or service.

What Is an Asset Management Framework?

Manually tracking inventories can take a lot of time and energy. An IT asset management system framework is designed to help businesses keep track of their technological and digital resources. 

This framework includes comprehensive features that allow users to quickly build powerful physical and cloud-based infrastructure without the added complexity. For businesses that want an all-in-one solution to their asset management needs, an IT asset management framework is simple, cost-effective, and widely supported. 

Decision-makers who need to account for technology assets from purchase to disposal use this framework to clearly define governance and operations procedures for all users across the organization. This coverture allows businesses to reinforce their reporting, monitoring, and security solutions.

How Do You Build an IT Asset Management Framework?

With the right asset management framework, enterprise organizations can maintain their strategic vision even as the number of physical and digital assets they rely on continues to increase. This setup allows them to scale effectively while investing in long-term growth.

Building an effective IT asset management procedure involves looking at existing inventory and associated lifecycle costs, considering use-cases, and refining governance from start to finish.

1. Assess Inventory and Cost

Good asset management requires a clear picture of what’s available and what value it has. This insight ensures asset managers can make good decisions with the resources they have available.

When building an asset management system framework, businesses must first account for their existing inventory. This accounting means creating processes for tracking shipments, doing audits, and managing costs. 

2. Define What’s Important

As inventories become too crowded, it can be difficult for businesses to properly leverage their available resources. This difficulty could lead to inefficiencies, overstocks, and a lack of needed goods.

With the right IT asset management framework in place, asset managers are equipped to deal with even the largest inventories. This setup makes it easier to deal with increases or decreases in demands, supply-chain shortages, and other potential operational disruptions.

3. Improve Management Processes

Governance strategies can only be maintained if they provide some value to the organization. To ensure your IT assets are well taken care of, you should consider your long-term goals and develop management strategies that make sense for those goals.

IT asset management requires an understanding of the organization’s stated vision and a proper strategy for getting there. This reality makes it essential to look at existing asset management solutions and consider their strengths and weaknesses so that you can improve upon them.

What Should Be Included in an IT Asset Management Framework?

Technology asset management is a core component of any IT asset management strategy. The best asset management systems will take stock of how much each asset is used and how often. This analysis makes it easy to prioritize which assets — both digital and physical — are most important to the core business model.

Another thing a framework like this should look at is all assets and their lifecycle from start to finish. Is there a correlation behind the typical lifecycle for an asset? Does it change if you’re considering APIs, security protocols, communication services, or user-level devices? Generally, any IT asset management framework should be looking at all of these types of assets.

By purchasing, upgrading, supporting, and disposing of IT assets, your business can remain competitive while preventing end users from becoming inefficient when trying to find key assets.

Build Your Asset Management Framework with Yorktel 

Are you having trouble keeping track of your IT assets? At Yorktel, we give businesses the support they need to care for their digital and physical IT assets. Our strategic IT consulting services will quickly demonstrate the power of collaboration. We’ll keep you ahead of the competition with our managed IT services.

At Yorktel, we understand the importance of IT assets. With the right IT asset management framework in place, you can support your entire workforce without concern for outdated practices, security breaches, or costly equipment. We’ll work with you to deploy the best asset management framework across the enterprise. 

Don’t waste time managing your own IT assets. Contact us today!