How IT Asset Management Helps You Save Money

As businesses everywhere seek new ways to cut costs, IT Asset Management (ITAM) solutions are increasingly being implemented to deliver simplicity, security, and massive ROI. So, how can ITAM help you save money?

The pressure your organization faces to reduce operational costs has never been greater – even if your IT budget continues to grow.

Nobody really knows when (or if) business will get back to normal. And that unfortunate truth is causing pretty much every business to re-evaluate its investment priorities. But eliminating an expensive IT project isn’t necessarily the best way to save money. Because making a strategically bad move can cost you far more in the long run than just a few inefficiently spent dollars now.

For many organizations, implementing an IT Asset Management (ITAM) solution to control the entire software and hardware inventory is an investment that delivers an overwhelmingly impressive ROI. While the specific benefits delivered may be different from one business to the next, any enterprise that leverages ITAM can achieve cost savings through three distinct advantages: sourcing and procurement, modernized IT management, and more efficient inventory controls.

Streamlined Sourcing and Procurement

ITAM makes any IT professional’s life simpler by giving you one place to go to for any piece of asset information desired. And that means you’ll be able to keep a granular view on every device, service, or piece of software your organization uses – making it easier to save money and reduce wasteful spending on unnecessary purchases wherever possible.

With ITAM in place, you’ll be able to assess your sourcing and procurement needs with far more accuracy than before. You’ll know precisely when to discontinue an inactive service or device to prevent charges, as well as when to hand over an unused spare device to an employee instead of buying a brand-new one.

And this applies to the increasingly problematic expense of software licensing, too. All too often, businesses spend too much on software licenses because they don’t (or can’t) keep track of how many they need. Some overbuy and end up wasting IT spend, while others don’t buy enough and have to go out of contract to purchase new ones at a higher rate. ITAM prevents this by giving you the tools to pay attention to not only who has a license, but who really needs and uses them too.

Plus, ITAM makes software license sourcing and procurement a proactive experience. Rather than letting a license expire or risk heavy fines by using them too long, ITAM can help you take measures to renew them on time. Today, many companies are even using ITAM to conduct periodic audits just to be sure these products aren’t being misused in a manner that potentially puts the organization in danger.

A Modernized IT Management Approach

Done right, ITAM can modernize the IT management approach – delivering somewhere between an eight to 15 percent total annual savings figure back to the business. And that doesn’t include any cost reductions that come in the form of a lower initial purchase price, either. It comes as a result of the lower management costs a modernized IT approach creates.

Accumulating information like purchase details, configuration, operational status, warranty details, serial numbers, equipment model, serial numbers, usage history, etc. is extremely beneficial to tracking the continuous change you’re responsible for as an IT expert. By centralizing this wealth of data, you’re able to find the details you need in seconds – so you can spend more of your time (and resources) ensuring the safety of your device ecosystem.

After all, time is money. And if you’re able to eliminate inefficient systems that rely on spreadsheets and swivel-chairing between multiple software platforms, your organization can keep its expenses under control. Not to mention complete work faster and inspire new levels of innovation, too.

Reduce Waste With Software License Management

Technology is great, but insight is the most valuable IT resource out there. And ITAM gives you the knowledge to understand who is consuming what at any time – effectively curbing the risks that come with shadow IT. You’ll be able to find any license, service, or device in your portfolio that shouldn’t be there.

As well as the ones not being used. Did you know that the average value of unused software per employee at any given company is $224? Added up across thousands of employees, these wasted costs add up quickly. Unless you’re using ITAM to ensure you’re only buying what you’ll eventually use.

If your organization has a large sum of technical debt, ITAM can offer additional advantages. For an enterprise running legacy applications via outdated or heavily customized systems, ITAM makes it possible to pinpoint cheap potential upgrade points that pay off big-time in the long run.

ITAM is your key to increasing the impact and efficiency of every dollar spent. If implemented strategically, it’s a tool that can help your team cut costs up to 50%. If you want to learn more about ITAM and how FileWave’s device management solution can help your business save money, schedule your engineer-led demo now.

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