How to handle your business' IT asset management for seamless operations

Cover photo from Marvin Meyer on Unsplash

Reading time: 7 mins

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Even for the biggest technophiles, IT inventory management is probably at the bottom of their to-do list. That’s because IT asset management is a monotonous and time-consuming task that has to be repeated and updated on a regular basis. And hey, what’s even the point of logging your IT inventory?

As it turns out, there are many reasons. And some of them are pretty convincing.

Having a well-maintained IT inventory is crucial for seamless business operations. Accurate and comprehensive IT inventory management not only helps in managing resources efficiently but also plays a vital role in minimising downtime, reducing costs, and enhancing security.  

Here we’ll explore the essential components of IT inventory management, IT inventory management software to try and how it contributes to the smooth functioning of your business.

And no, your Excel sheet that was last updated by anyone who had a couple of minutes spare isn’t going to cut it.  

Problems of unorganised or non-existent IT asset management

1. Inefficient resource management

• Underutilisation or over-purchasing: Without a clear understanding of what IT assets are available, businesses may underutilise existing resources or purchase unnecessary equipment and software when there are already devices available. Conversely, they may give a broken laptop to a new joiner because it wasn't logged as defect, delaying the onboarding process.

• Poor budgeting: Lack of inventory records makes it difficult to plan and budget for future IT needs, potentially leading to unexpected expenses and financial strain. For example, if you recorded the cost of added IT inventory for your last expansion, it becomes 10x easier and faster to calculate for further expansion.

2. Increased security risks

• Unpatched vulnerabilities: Patches are necessary updates to software, for example containing fixes for security vulnerabilities. Without an inventory, it’s challenging to track which systems and software require updates and patches, which leaves your organisation vulnerable to cyberattacks.

• Uncontrolled access: If you have no record of who has access to what, then you can’t stop them from accessing that “what”. Difficulty in managing user access and permissions can lead to unauthorised access to sensitive data. Proving you manage user access and permissions is also a crucial requirement for achieving security certifications like ISO27001.

3. Regulatory non-compliance

• Audit challenges: Many industries require compliance management via accurate tracking of IT assets. Failure to maintain an inventory can then lead to fines, penalties, and legal issues.

• Data protection failures: Inadequate tracking of where and how data is stored can result in non-compliance with data protection regulations like GDPR or HIPAA, exposing your organization to legal risks and reputational damage. Plus, there are hefty fines for non-compliance: in a GDPR breach, it’s up to 10 million euros, or 2% of the company’s entire global turnover from the preceding year – whichever is higher. Ouch. This is another important obligation for certifications like ISO27001, TISAX, and SOC2, by the way.

4. Ineffective troubleshooting and support

• Slow problem resolution: When issues arise, the lack of asset tracking can slow down the troubleshooting process, leading to prolonged downtime and reduced productivity.

• Inconsistent support: Without a clear understanding of your IT environment, support teams may struggle to provide consistent and effective service, leading to frustrated users and decreased operational efficiency.  

5. Poor disaster recovery and business continuity

• Prolonged downtime: In the event of an incident such as a cyberattack or natural disaster, the absence of an IT inventory can delay recovery efforts, resulting in extended downtime and significant service disruption. That’s bad news for your company’s bottom line.

• Data loss: Inadequate documentation of backup systems and procedures can lead to incomplete or failed data recovery, causing permanent data loss.  ‍

6. Operational inefficiencies

• Disorganised operations: Lack of inventory management can lead to disorganised IT operations, making it difficult to manage day-to-day tasks effectively. This is the IT-inventory-logged-on-an-Excel-sheet brand of chaos.

• Inadequate maintenance: Without a clear record of IT assets, scheduling and performing preventive maintenance becomes challenging, increasing the likelihood of unexpected failures.

Steps and best software to turn IT asset management into a dream

The easiest and most reliable way to manage your business’ IT inventory is through IT inventory management software such as deeploi. If, however, you decide to do this task manually, here are the steps and elements to consider:

1. Hardware inventory

Servers: Keep a detailed record of all servers, including types, locations, specifications, and their purposes. This helps in monitoring performance and planning for upgrades or replacements.

Computers and laptops: Document each device’s brand, model, specifications, assigned user, and any special configurations. This ensures that you can quickly address issues or deploy updates across similar devices.

Networking equipment: Track routers, switches, firewalls, and access points, including their locations, configurations, and firmware versions. This is crucial for network management and troubleshooting.

Peripherals: Include all peripheral devices such as printers, scanners, and monitors. Knowing what peripherals are available and their locations helps resource allocation.

Mobile devices: List all tablets, smartphones, and other mobile devices used in your business. Include details on configurations and security measures to ensure they are properly managed and protected.

Alternatively, it can be a great idea to instead handle IT inventory management with software like deeploi. deeploi automatically keeps a record of your computer and mobile devices and who they are allocated to, including all the fun stuff like IP addresses.  

2. Software inventory

Operating systems: Record the versions and update statuses of your operating systems. This is essential for maintaining security and compatibility across your IT environment.

Business applications: Maintain a list of all licensed software, their versions, and update statuses. Keeping software up to date is vital for security and performance. deeploi shows you what software is loaded on which devices and automatically checks for and installs updates every 24 hours.

Security software: Document antivirus, anti-malware, and firewall configurations. Regularly review and update these to protect against the latest threats. The WithSecure integration in deeploi can also take on this task for you.

Utility software: Track backup solutions, system monitoring tools, and productivity software. This helps ensure that all necessary tools are available and functioning correctly.

3. Network infrastructure

Network topology: Create a diagram of your network setup, including connections and configurations. This visual representation aids in troubleshooting.

IP address management: Document static and dynamic IP addresses assigned within your network. Proper IP management is crucial for network organization and security.

VLANs and subnets: Include details of VLAN configurations and subnet divisions. This information is important for managing network traffic and enhancing security.

4. Data storage

Local storage: Keep records of all internal and external storage devices, their capacities, and usage. This helps in monitoring storage utilisation and planning for expansions.

Cloud storage: List all cloud storage services used, including storage capacities and data synchronisation settings. Managing cloud storage effectively ensures data availability and security.

Backup solutions: Detail the types, schedules, and storage locations for data backups. Regular and reliable backups are essential for data recovery in case of disasters. deeploi can automatically perform backups for you on a weekly basis.

5. User accounts and permissions

Employee accounts: Maintain a list of all user accounts, their roles, and associated permissions. Proper account management ensures that employees have appropriate access levels. deeploi can set up all user accounts for you and ensure correct access based on what group your employee is assigned to.

Access controls: Document permissions and access levels for different systems and data. This is crucial for maintaining data security and compliance.

Third-party access: Include details of external access granted to vendors or partners. Monitoring third-party access helps in safeguarding sensitive information. Even those employed outside your organization, for example accountants or legal advisers, can be logged in deeploi via a HR tool integration like Personio.

6. Vendor and warranty information

Hardware vendors: Record contact details, purchase dates, and warranty periods for all hardware, which is useful for support and replacement planning. If you get your hardware from topi, deeploi provides these specs for you. Get more info on device procurement here.

Software vendors: Maintain licensing details, renewal dates, and support contacts for all software. Keeping track of licenses helps in compliance and budgeting.

Service agreements: Document the details of service level agreements (SLAs) with IT service providers. Knowing the terms of your SLAs helps in managing expectations and ensuring service quality.

7. Documentation and policies

IT policies: Include security policies, acceptable use policies, and compliance requirements. Clear policies help in enforcing best practice.

Procedures: Document standard operating procedures for IT maintenance and support. Having defined procedures ensures consistency and efficiency.

Disaster recovery plans: Detail the steps and resources required for IT recovery in case of disasters. A robust disaster recovery plan is essential for minimising downtime and data loss.

To wrap it up...

Maintaining comprehensive IT inventory management is not just about tracking assets, like kids counting marbles in the playground. It’s about ensuring that your business can operate smoothly and efficiently. Regularly updating your IT inventory and reviewing it against your business needs will help in minimising disruptions and optimising resource use, which equals costs saved.  

Logging IT assets is too complex and time consuming for you? Let an IT inventory management software like deeploi handle a large chunk of this task for you, from logging devices, to checking for software updates or ensuring security compliance.  

Find out why Workist is one of many companies using deeploi to handle their IT asset management (and loads more administrative IT tasks).

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