The Complete IT Asset Management Checklist

Perhaps it’s time for an IT asset management checklist, or perhaps you are eager to take better control of your IT asset management with software designed for that purpose. No matter why you are planning a close inspection of your IT assets, you can use a bit of guidance and help.

We have created this asset management checklist to help you better understand IT asset management best practices that will help you make the best use of your assets. Remember that the best IT asset management software is only as good as the data you give it. So it’s important to get this audit right.

What is IT Asset Management?

IT Asset Management (ITAM) is the comprehensive process of managing an organization’s IT assets, which include hardware, software, networks, and related technology. It involves tracking these assets throughout their entire lifecycle—from procurement and deployment, through maintenance and utilization, to eventual disposal.

The main goals of IT Asset Management are to optimize asset use, ensure compliance with licensing and regulatory requirements, reduce costs, and improve overall IT efficiency. By maintaining an accurate inventory and understanding the performance and value of IT assets, organizations can make informed decisions, mitigate risks, and align their IT resources with business objectives.

Key Aspects of IT Asset Management:

• Inventory Management: Keeping a detailed record of all IT assets.
• Lifecycle Management: Overseeing assets from acquisition to disposal.
• Compliance: Ensuring all software licenses and regulations are adhered to.
• Cost Control: Reducing costs through efficient asset utilization and avoiding unnecessary purchases.
• Risk Management: Identifying and mitigating risks related to IT assets.
• Strategic Planning: Aligning IT asset management with business goals and strategy.

IT Asset Management Checklist

Before your audit

IT asset management is all about planning. This goes for before your IT asset audit as well. Before you begin, you will want to address the following:

Set goals for the audit

Decide what you want your audit to accomplish. Even if the process of auditing IT assets is fairly standard, the outcome may miss something vital without a clear end objective. Are you poised for growth and trying to determine what new equipment you will need? Are your assets nearing the end of their lifecycle and you are preparing a budget and strategy for replacement?

Let these goals guide your IT asset management audit checklist from this point forward.

Understand what assets will be inventoried

Depending on the goals you established, you may focus on a small subset of assets (laptops, for example), or a full systematic audit. Your plan might include inventorying:

• Computers (desktops, laptops, tablets)
• Peripheral devices (keyboards, mice, projectors)
• Servers
• Network devices (routers, switches)
• Printers
• Storage devices
• Security devices
• Cameras
• Software (including subscriptions and licenses)

Then, determine which information will be gathered for each set of assets. You might collect data on:

• Price
• Purchase date
• Condition
• Location
• Expected asset life cycle
• Remaining lifespan
• Replacement cost
• Salvage value

It is generally a good idea to gather the same data set for each asset.

Determine who is responsible for each task

Next, determine who will be responsible for each task.

1. Individual departments or users are expected to assess and report on the assets in their possession.
2. Do IT team be making visits to each area and managing the audit themselves?
3. Have you involved an outside consultant?
4. Be specific and strategic.

During your audit

The next step in the IT asset management (ITAM) process is the physical inventory itself. And this is a good time for IT asset management platforms to get involved. You want somewhere to put, store, and manage the data you are collecting as you go. Select the best IT asset management software for your needs.

Scan the network

Your asset management system may have the capability to scan your network devices and import data. This can make part of your process easier, but don’t forget about devices that are not connected to the network. As CIO Magazine explains, ITAM best practices suggest that

Each individual IT asset must be identified located, and placed in an asset management system that makes it easy to quickly find any IT assets so they can be called up as needed.

It is often a good idea for some members of your audit team to get their eyes on each asset in person if possible.

Physical inventory

The physical inventory should plan to locate and assess assets that are not on the network. This will help with asset tracking and with license management as well as providing for peripherals and other devices and assets.

Asset Tracking

During this process, evaluate your asset tracking protocols. Are you using QR codes to scan assets as you procure and deploy them? Is that practice universal? Use your ITAM tools to help assess your current practices, and your inventory process to correct oversites.

After the Audit

The last stage in the IT asset management checklist is the processing and analysis of the data you have collected. And this is where a strong Enterprise Asset Management tool can pay off. The best IT asset management software can visualize the data you’ve input and guide investment decisions with actionable intelligence.

Frequently Asked Questions

1. What should be included in IT Asset Management?

   In IT Asset Management, your checklist should encompass:

   • Strategic Planning: Crafting a robust strategy to align with organizational goals.
   • Tool Implementation: Deploying the right tools for effective asset tracking and management.
   • Audit Preparation: Ensuring regular audits to maintain accuracy and compliance.
   • Continuous Improvement: Ongoing refinement of processes for enhanced efficiency and effectiveness.

2. What are the processes involved in IT Asset Management?

   IT Asset Management involves various processes, including:

   • Hardware Asset Management: Managing the lifecycle of physical hardware.
   • Software Asset Management: Overseeing software licenses and compliance.
   • Fixed Asset Management: Tracking and managing long-term physical assets.
   • Risk Asset Management: Identifying and mitigating risks related to IT assets.
   • Work Order Management: Handling maintenance and service requests efficiently.
   • Maintenance Management: Ensuring assets are maintained for optimal performance.
   • Utility Asset Management: Managing utilities and infrastructure assets.

3. What are the three main deliverables of ITAM?

   The three core deliverables of IT Asset Management are:

   • Management: Ensuring that all IT assets are effectively managed throughout their lifecycle.
   • Control: Maintaining control over asset usage, deployment, and compliance.
   • Protection: Safeguarding IT assets from risks and ensuring their security.

4. What are the 4 general phases of Asset Management?

   The four essential phases of Asset Management include:

   • Planning: Strategizing the acquisition and management of assets.
   • Acquisition: Procuring assets based on identified needs.
   • Operation: Effectively utilizing and maintaining assets.
   • Disposal: Properly retiring assets at the end of their lifecycle.