ServiceNow Asset Management - Why is it important for your enterprise?

February 17, 2021

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Manoj Verma

Senior Technical Lead

New businesses often struggle to reduce administrative costs, streamline services and improve client satisfaction. The solution to all these issues is quite simple – asset management. A sophisticated Software Asset Management (SAM) tool like ServiceNow automates your IT asset lifecycles with intuitive workflows so that you can make informed decisions about asset capacity, vendors, customers, and more.

With a proper asset management solution, you can track all your inventory details, financial records, hardware data, and other asset information throughout their lifecycle. Once you acquire and record a certain asset, the right asset management solution will help you with record maintenance of the activities that can guide the performance of regular audits until the time the asset retires.

ServiceNow Asset Management Solution - Track inventory details, financial records, hardware data through their life cycle

Why does your business need asset management?

IT asset management (ITAM) is an essential element of IT Service Management (ITSM). To get the maximum benefit out of your ITSM solutions, you must have accurate ITAM information. The asset data functions as a single source of knowledge and accurate IT asset management data for your teams.

Almost all incidents, problems, and change management processes rely on IT asset management information to determine the implication of the tickets logged by end-users, to help find underlying culpabilities, and to establish the potential impacts of the proposed changes.

Many technical support areas can also benefit from ITAM. For instance, it is often difficult for capacity management teams to suggest what additional or changed resources will be required unless they have a clear and accurate picture of the current resources. With access to the historical records that IT asset management maintains, they can easily determine the requirement and make decisions for the future.

How can ServiceNow Asset Management help your business?

The advantages of ITAM are endless. But for your asset management plan to be effective, it needs to be supported by an asset management system that has the capabilities to monitor and maintain things of value. A proper ITAM solution should be able to

  • Keep track of all your assets
  • Manage your assets from different locations
  • Define service levels
  • Present opportunities to plan against financial, operational, and legal risks
  • Improve time management
  • Organize asset portfolio
  • Promote the stability and growth of your company
  • Analyze and monitor lifecycle costs
  • Design an efficient operation with the option to track performance
ServiceNow Asset Management Solution and it’s benefits

According to a survey by Gartner, only 25% of enterprises will be satisfied that their Software Asset Management tool purchases align well with pre-purchase expectations of value. This simply means that to ensure their organization achieves desired results, sourcing and vendor management leaders will have to invest in SAM tools and develop the capabilities required to deliver expected benefits.

ServiceNow IT asset management solutions provide a single system of record, which can help enterprises identify opportunities to reduce costs, eliminate unused resources, improve compliance, mitigate security risks, and drive standardization.

ServiceNow ITAM received a near-perfect score of 9.7 out of 10 in a review conducted by the independent Silicon Valley B2B review service FinancesOnline. Here are some of the benefits offered by ServiceNow ITAM.

Comprehensive asset management

One of the most exhaustive tasks for most enterprises is keeping track of assets. With the features such as automation and centralized asset tracking in ServiceNow ITAM, it becomes easy for the teams to track the assets and pull out records when needed without having to dig through siloed systems.

Automated tracking of resources

Accurate data is everything in the business world today and therefore, companies cannot afford to have inconsistencies or lags in their data. Manual tracking of assets can often lead to inconsistencies due to human errors and lost or unreadable data. ServiceNow ITAM effectively automates the process and helps businesses maintain their relationships and keep an eye on an asset’s serviceability.

Keep compliance records up to date

With ServiceNow asset management solutions, you can rest assured that your assets will always be up to par with industry standards. With the help of the solution, your IT teams can conduct periodic tests to confirm that your resources are performing the way they are supposed to and remain compliant with the industry standards defined from time to time.

Optimized costs

Investment in hardware always involves a huge chunk of an enterprise’s financial resources. This makes optimization of the existing hardware crucial for cost control. With ServiceNow asset management solutions, enterprises can optimize their existing resources and decide when and how to upgrade or replace an asset for maximum impact. As more businesses shift to cloud-based software solutions, they will run the risk of paying for unused and underutilized software as a result of having inadequate ITAM controls. ServiceNow asset management solutions automate asset lifecycle processes to minimize wasted resources and lowering costs.

Choosing ServiceNow for ITAM

Without adequate IT asset management, enterprises will find it hard to survive and impossible to earn profits. ServiceNow helps companies maximize the use of their existing resources and completely exhaust a resource until its expiration by keeping track of your resources and cuts costs by avoiding unwanted purchases.

Achieving and maintaining the necessary level of IT asset data coverage and data accuracy becomes easier with ServiceNow as it keeps your IT teams informed about where an asset is in its lifecycle and renew contracts and replace hardware when it’s the right time.

Enterprises that use ServiceNow have rapidly enhanced their self-service capabilities for all users (employees, vendors, and customers) and achieved improved proficiencies in service operations.

Planning to implement ServiceNow asset management for your company? Look no further than NOUS Infosystems. Talk to us about your requirements and we’ll help you with asset management for your business and more.

References:

1. ‘Prepare Your IT Asset Management for 2020’ Gartner.
2. 'ServiceNow Asset Management Review' FinancesOnline.

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