Strategies for Success in 2024: Mastering IT Asset Management Essentials

As we head into the new year, the significance of having a robust and efficient IT Asset Management (ITAM) program cannot be overstated, as they play a pivotal role in the efficient functioning of modern organizations. The rapid pace of technological advancements, coupled with the ever-evolving landscape of digital business, necessitates that ITAM programs be ready to meet the challenges and opportunities that lie ahead.

It’s no mystery that IT ecosystems are becoming continuingly more complex. As organizations increasingly rely on diverse technologies, including cloud services, IoT devices, complex software solutions and licensing metrics, managing and optimizing these assets becomes a daunting task. A well-designed and managed ITAM program will be equipped to handle this complexity, ensuring that all digital assets are tracked, monitored, and utilized effectively, thereby minimizing risks and maximizing value.

Additionally, newer initiatives such as Green IT Asset Management, FinOps, and SaaS management affect ITAM programs in many ways, some known and others unknown. What is known for certain, however, is that ITAM programs can and should have a great impact on these new initiatives, and if they don’t, it’s possible that the ITAM practice may become irrelevant to the future of the organization.

Finally, we can’t forget the critical role that ITAM plays in protecting organizations from cyber attacks and data privacy concerns. As cyberattacks become more targeted and damaging, organizations must prioritize the security of their digital assets. ITAM programs, when well-prepared, can contribute to cybersecurity efforts by identifying vulnerabilities, managing software licenses to ensure the latest security patches are applied, and facilitating a rapid response to potential breaches. Credit Agency S&P Global Ratings have also warned that organizations that don’t pay adequate attention to their ITAM as a factor in cyber risk management will see a negative impact on their creditworthiness.

For these reasons and more, we have created this resource for you. These are our ITAM Essentials for 2024.

Elevate Your IT Asset Management in 2024

A strong foundational knowledge of IT Asset Management (ITAM) practices is indispensable for organizations aiming to optimize their IT infrastructure, enhance operational efficiency, and mitigate risks.

At the core of ITAM lies the ability to comprehensively understand, document, and manage an organization’s entire inventory of hardware, software, and digital assets. This foundational knowledge serves as the bedrock for strategic decision-making, regulatory compliance, and overall organizational resilience.

We have 2 educational pieces designed specifically to help teams and individual contributors strengthen their foundational ITAM knowledge. While these content pieces provide great benefits to those who are starting in the ITAM world, all ITAM professionals—no matter where they are in their ITAM journey—can gain value from these ITAM essentials.

This short course equips viewers with the essential knowledge needed to start their journey in SAM. The topics covered include:

• What is SAM & why is it important
• Understanding software entitlement
• Software discovery & inventory
• License management & the software asset lifecycle
• Characteristics of a successful SAM program

Elevate your ITAM program in 2024

Elevating your ITAM program to the next level is imperative if your organization aims to stay competitive and resilient in today’s ever-evolving digital landscape.

By advancing ITAM practices, your organization can gain of digital assets, optimize resource allocation, and identify opportunities to streamline operations. This, in turn, results in reduced operational costs, improved productivity, and fosters a more agile and adaptive business environment.

These next two ITAM essentials will help you elevate your ITAM program in 2024.

ITAM Essential #3:
A Best Practice Guide to ITAM Program Transformation

Implementing a robust IT Asset Management framework lays the foundation for overall corporate governance excellence. It ensures that your organization is protected from various corporate risks: commercial, legal, reputational, and security to name a few.

An efficient ITAM framework empowers organizations to make the switch from reactive to proactive and is instrumental in driving maximum value from all hardware, software, and cloud assets throughout their lifecycle.

In this guide, we have outlined the steps that our experts recommend to help clients drive strategic changes and build sustainable ITAM programs.

Exploring IT Asset Management Managed Service Providers in 2024

To fully achieve ITAM success, having the right team on board is one of the key ITAM essentials needed in your organization. That team can be completely internal, mostly external, or a hybrid option of internal and external resources. There’s no definitive answer to which approach is best because each organization will have unique requirements..

Deep publisher-specific licensing knowledge, a firm understanding and technical proficiency with major SAM technology solutions, and a pulse on the trends and direction of the industry are a few of the more important skills your ITAM team members will need to succeed—whether they be internal or external.

If your organization is considering bringing in a managed service provider, you may find these resources to be helpful.

ITAM Essential #5:
2023 Gartner Critical Capabilities Report for Software Asset Management Managed Services

This Critical Capabilities report is an essential companion to the 2023 Gartner Magic Quadrant for SAM Managed Services. With this report, you can dive deeper into Gartner’s analysis of the 12 qualifying SAM managed service providers.

The nine critical capabilities that the providers were graded on are:

• Process and transformation services
• Managed trustworthy data services
• Managed entitlements and use rights
• FinOps and cloud license management
• Governance and optimization actions
• Integrated life cycle management
• Continuous delivery platform
• Value realization
• Environmental sustainability services

Wrapping ITAM Essentials up

Wherever your organization is in its ITAM maturity, we invite you to resolve to improve in the upcoming year. We hope you find these ‘ITAM Essentials’ resources are helpful and please reach out if you have any questions.