As an aspiring businessperson, one has many goals that they would like to achieve as an entrepreneur or as an employee in the organization they have been employed. Leading a business requires excellent leadership skills that will create an ambiance environment for successful business activities. Additionally, people have different career goals that they wish to obtain in the future, which drive them to work hard each day. These goals can be achieved in various ways, but the one that outshines all of them is Information Technology Asset Management (ITAM). ITAM is a common word in IT and any field that employs technology in the application in business. Information Technology Asset Management is defined as a set of business practices as well as strategies that intend to manage and optimize all the company-owned IT systems, including hardware, processes, and data. In other words, it is known for combining financial, inventory, and contractual activities and functions of the company to optimize spending as well as proper decision-making skills within the IT environment.
The project under consideration aims at analyzing the importance of Information Technology Asset Management. With this kind of project, one should not get confused with managing all elements of software as well as hardware surrounding the entire business environment since the project has a unique way of managing and utilizing them. On some occasions, some people refer to ITAM as IT inventory management because of its ability to gather data about hardware and software to facilitate crucial decision-making processes on business purchases and how assets are used (Ajdari et al., 2017). It would be essential to make meaningful decisions regarding the company's assets in terms of purchases and their application, which can be successfully done using ITAM.
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The reason for choosing this particular project is because it is relevant to my working place, which is driven by excellent decision-making skills. It means that with this project, the company will be able to avoid unnecessary asset purchases by utilizing what is currently available. Additionally, this project also incorporates one of my business goals or career goals, which are to have a better understanding of running a business and acquire skillset of leading a business in the process (Ajdari et al., 2017). Nowadays, companies and many other organizations usually store and process their data electronically, which is another good reason why the ITAM project is essential and a relevant topic of choice. This project uses metadata as well as electronic records in tracking and categorizing the company's assets.
As much as this tool is vital to the well-being of the company and its assets, some challenges are associated with its implementation. Like for instance, it is clear that implementing this project in the company will cost a lot of money and time, primarily if it is implemented as a conventional project. One aspect in which a business person should be careful is where and how funds are spent in the company since funds can cause the success and failure of the business (de Mesa et al., 2014). Therefore, since implementing ITAM is expensive, it would be wise to consider where the funds will come from to fund the project and whether it is worth investing in. First of all, the project will work better if operated in a conventional way to achieve satisfying results. Cost should not be an issue if the project will benefit the company. Thus it would be recommendable to obtain funds legally from the administration to fund the project entirely. Therefore, money should not be an excuse for missing out on the many advantages that can flood a company with a successful implementation of ITAM (Alonzo, Yee, & Apte, 2018). Another barrier is the lack of complex licensing modes, which will be a significant limitation for big companies.
To overcome the barriers and implement a fruitful project, one will be required to formulate an asset management plan that will act as a baseline for an effective asset management system. With this as the first strategy, the teams in charge and fellow employees are provided with a road map that will be used in understanding the objectives and requirements of running a long-term asset management strategy. The first step in ensuring that all the barriers are tackled is completing an asset inventory procedure that will record every asset available in the company and what the company lacks. The next strategy is calculating life-cycle costs, which will enable the planner to be as accurate as possible (Yee et al., 2013). In other words, this strategy determines the accuracy of the entire management plan, especially in terms of cost and budgeting. The program should also include well-analyzed levels of service with the aim of outlining the overall quality, function, capacity, and safety at all levels of services provided by the assets (Witt, 2019). These crucial but straightforward strategies will ensure that all potential barriers are eliminated in every possible way.
In conclusion, ITAM is useful in many ways, such as installations as well as updates of systems and programmes in addition to the purchase of software and hardware. Every member of the IT department that works in collaboration with other departments and teams also forms part of ITAM. Some of these departments include purchasing, accounts, and customer support teams. One of the primary disadvantages of Information Technology Asset Management is the high cost and need for extra time and attention. This is because this project requires proper investment always to keep documentation updated. However, the most important things are that its importance overcomes the disadvantage, especially if well-implemented.
References
Ajdari, J., Abdullai, A., Zenuni, X., Raufi, B., & Ismaili, F. (2017). Definition and implementation of procedures for IT assets managing. Research Journal of Business and Management, 4 (2), 221-226.
Alonzo, J. A., Yee, J. L., & Apte, U. M. (2018). U.S. Patent No. 10,007,951 . Washington, DC: U.S. Patent and Trademark Office.
de Mesa, L. D., Fleras, A. M., Pagdato, K. P., & Yu, M. R. B. (2014). Design and development of an intranet-based IT asset management system with mobile application. International Journal of Innovation, Management and Technology, 5 (6), 460.
Witt, A. J. (2019). ITAM in the ascendency: Strategic stakeholder management . https://www.itassetmanagement.net/wp-content/uploads/2019/09/ServiceNow-Strategic-Stakeholder-Engagement.pdf
Yee, J. L., Alonzo, J. A., Apte, U. M., & Scullion, A. C. (2013). U.S. Patent No. 8,407,669 . Washington, DC: U.S. Patent and Trademark Office.
