This blog was originally published by Fruition Partners. Since then, Fruition Partners has become the ServiceNow practice within DXC Technology.

1) Understand the ITAM lifecycle

For many organizations, the lifecycle of an asset begins when it is received physically or digitally. Incorporating the request management process into the front end of the asset lifecycle allows to establish asset records through the procurement process. This advancement allows for the receiving process to be a check and balance in order to confirm that assets the organization issues financial payment for are received and utilized.

2) Trust but verify

The currency of IT Asset Management is data accuracy. Without accurate data, IT Asset Management loses the ability to report and forecast the organization’s IT usage/needs. Process as well as tool governance is needed in order to maintain data accuracy from IT Service Management actions that affect an organization’s IT assets. Regular audits of IT asset data as well as adherence to the related service management processes will validate current data quality levels and identify any areas of improvement needed.

3) Centralize IT asset data

IT Asset Managers are responsible to track the financial, contractual and inventory details of hardware and software during their lifecycles. Establish a “Source of Truth”- a centralized database of the organization’s asset data with direct ties to configuration item data as well. An IT Asset Management Database should include Hardware, Consumables, Software Licenses, Contracts and Purchase Orders as part of its minimal data set.

4) Work smarter, not harder

IT Asset Management is a Shared Services within an organization. Engage the many IT service teams (desktop, networking, datacenter, etc.) in order to maintain asset standards as well as visibility into emerging product advancements/evaluations. Maturity through integrated task-based workflow and automation can reduce the impact of administrative actions on IT such as license harvesting upon hardware or virtual device retirement or deploying a packaged software to an end user device.

5) Progress not perfection

Building a mature IT Asset Management program is a journey that involves process, people, tools and time. Identify a manageable scope, implement the full IT asset lifecycle process within the organization, and manage the data quality as an output of the program. Once IT Asset Management goals for data quality are reached and maintained, then it is time to expand the IT Asset Management scope to additional asset classes within the organization.