Automated Asset Management

Automated Asset Management

Get assignment help for this at assignment4finance@gmail.com

 Please check the related post :

ACCT26000 Corporate Accounting

ACCT33400 Auditing and Assurance Services

Automated Asset Management is also termed as IT asset management. IT asset management (ITAM) is the set of business practices that join financial, contractual and inventory functions to support life cycle management and strategic decision making for the IT environment. Assets include all elements of software and hardware that are found in the business environment. IT asset management (also called IT inventory management) is an important part of an organization's strategy. It usually involves gathering detailed hardware and software inventory information which is then used to make decisions about hardware and software purchases and redistribution. IT inventory management helps organizations manage their systems more effectively and save time and money by eliminating unnecessary purchases and wasted resources. Hardware asset management entails the management of the physical components of computers and computer networks, from acquisition through disposal. Common business practices include request and approval process, procurement management, life cycle management, redeployment and disposal management. A key component is capturing the financial information about the hardware life cycle which aids the organization in making business decisions based on meaningful and measurable financial objectives. Software Asset Management is a similar process, focusing on software assets, including licenses, versions and installed endpoints. Role of IT asset management in an organization

The IT Asset Management function is the primary point of accountability for the life-cycle management of information technology assets throughout the organization. Included in this responsibility are development and maintenance of policies, standards, processes, systems and measurements that enable the organization to manage the IT Asset Portfolio with respect to risk, cost, control, IT Governance, compliance and business performance objectives as established by the business. IT Asset Management uses integrated software solutions that work with all departments that are involved in the procurement, deployment, management and expense reporting of IT assets. Goals of ITAM

ITAM business practices have a common set of goals:

* Uncover savings through process improvement and support for strategic decision making * Gain control of the inventory
* Increase accountability to ensure compliance
* Enhance performance of assets and the life cycle management 

* Improve Availability Time of the Business/Applications/Processes. 

acc 104 business finance Process

ITAM business practices are process-driven and matured through iterative and focused improvements. Most successful ITAM programs are invasive to the organization, involving everyone at some level, such as end users (educating on compliance), budget managers (redeployment as a choice), IT service departments (providing information on warranties), and finance (invoice reconciliation, updates for fixed asset inventories). IT asset management generally uses automation, including the use small "passive" RFID tags designed to fit all types of IT assets and smart software designed to track the RFID-tagged asset locations automatically, to manage the discovery of assets, so inventory can be compared to ownership information. Full business management of IT assets requires a repository of multiple types of information about the asset, as well as integration with other systems such as supply chain, help desk, procurement and HR systems. .