As per Gartner’s projections, the worldwide expenditure on enterprise application software is anticipated to surpass US$10 trillion in the year 2025. Even as cloud technologies and Infrastructure as a Service (IaaS) advancements continue to reshape industries swiftly, the ability of organizations to effectively manage these diverse and emerging facets of ServiceNow IT Asset Management has displayed consistent stability.
But why?
Why do Organizations need ITAM?
Given the finite lifespan of IT assets, it becomes imperative for organizations to maximize their utility for an extended duration. Achieving this goal necessitates the presence of a robust ServiceNow IT Asset Management (ITAM) system. This system is essential to enable organizations to extract optimal value from their assets over time.
Lacking sufficient IT Asset Management (ITAM) controls, organizations expose themselves to the potential of incurring expenses for IT assets that are either unused or not fully utilized. Moreover, ITAM systems constructed on outdated frameworks and applications are characterized by cumbersome, arduous, and time-consuming processes that demand significant financial and temporal investments. Furthermore, these processes divert attention from more impactful endeavors that could directly enhance the organization’s expansion and overall profitability.
Hence, IT Asset Management (ITAM) holds pivotal importance for organizations. It entails the optimal supervision, maintenance, security, and responsible disposal of IT assets throughout their complete lifecycle. Absent a centralized repository containing current IT asset information and immediate access to such data, as facilitated by a proficient ITAM system, the potential for unseen gaps and unexpected costs persists. These situations can result in regulatory audit fines and non-compliance issues.
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Why choose ServiceNow ITAM?
Having gained insight into the essentiality of IT Asset Management (ITAM) for contemporary organizations, let’s delve into the reasons behind opting for ServiceNow ITAM.
ServiceNow ITAM automatically divides IT assets into 3 classes –
- Hardware IT assets
- Software IT assets
- Consumables (low IT cost accessories)
This empowers IT asset managers to systematically monitor and collect various pertinent details as per the default classification of IT assets. Consequently, this not only enhances the comprehensiveness of IT asset data visibility—encompassing financial, contractual, performance, and physical aspects—but also improves the monitoring of an IT asset’s net value. Additionally, it aids in estimating depreciation, amortization, and salvage values, facilitating more streamlined decision-making concerning upgrades, maintenance, repairs, write-offs, and disposals.
Furthermore, ServiceNow IT Asset Management, constructed upon the Now platform, expands harmoniously alongside your organization. In straightforward terms, it furnishes the capacity to swiftly and seamlessly automate workflows on a large scale. This is complemented by its robust performance analytics functionalities, facilitating the foresight of trends, resource prioritization, and the enhancement of services.
Additionally, the Now platform incorporates Edge Encryption, which automatically enciphers all data before transmission to the ServiceNow cloud. This assures the safeguarding of your data from unauthorized access and potential breaches, all while maintaining seamless user operations.
Moreover, in the absence of a proficient ITAM arrangement, different departments within organizations often independently procure costly IT assets. Frequently, these acquisitions lack approval and remain undisclosed to the IT teams. These unofficial “shadow IT” assets give rise to heightened possibilities of data breaches, non-compliance, and financial obligations. The advised approach, thus, involves harnessing ITAM to implement systematic and consistent data security protocols throughout the entirety of the organization.
To underscore the significance of ServiceNow IT Asset Management, let’s delve into particular scenarios where it can generate a robust and favorable influence on your organization.
Use Cases for ServiceNow ITAM
1) Smart Workflows
ServiceNow IT Asset Management empowers organizations to collectively automate numerous processes by employing a visual workflow engine to replicate workflows.
As an example, ServiceNow IT Asset Management empowers the creation of more intelligent service catalogs through the establishment of intelligent workflows. These workflows have the potential to revolutionize the possibilities associated with service requests. Following the approval of a software request, the workflow can assess the availability of licenses and subsequently generate an entitlement record under the pertinent license to document the approval. This system also facilitates the grouping of multiple assets into order guides, thereby enhancing the user experience through streamlined processes.
Designing intelligent workflows encompasses tasks ranging from basic notifications to purchasing teams for restocking depleted inventory to more intricate functions such as detecting software infringements and providing guidance to rectify these violations.
2) Powerful Analytics
The reporting engine within ServiceNow IT Asset Management simplifies the process of retrieving and scrutinizing any specific information for authorized individuals. In actuality, it grants them the capability to swiftly generate and tailor dashboards, as well as swiftly retrieve and distribute reports to pertinent personnel within mere seconds.
Consequently, this expedites the decision-making process, eliminating the need to sacrifice data quality, a scenario that previously required weeks when relying on spreadsheets and outdated ITAM systems.
3) Data “Discovery”
ServiceNow IT Asset Management empowers organizations to sidestep the complexities tied to employing numerous technologies, which demand extensive time and financial resources for continuous reconciliations, synchronizations, and duplications. This is achieved through the provision of a robust Discovery tool.
ServiceNow Discovery gathers configuration specifics and establishes connections within the Configuration Management Database (CMDB) directly. Consequently, once an IT asset is designated and categorized, the records remain synchronized automatically. The discovery proves effective at any point within the asset lifecycle, serving to streamline processes.
As an example, once an asset is unpacked, it can undergo an immediate scan and be logged into the IT asset repository. Similarly, when new software is installed, the initiation of discovery can serve to authenticate the installation on the intended machine.
4) Vendor Optimization
ServiceNow IT Asset Management equips your organization’s IT teams with vital vendor and IT asset utilization data, enabling them to ascertain the most advantageous assortment of vendors. This, in turn, aids in the consolidation of vendors through the identification of product overlaps across all IT asset categories, thereby eliminating redundant items and prioritizing procurement from a select group of vendors.
As a result, this would culminate in a substantial decrease in IT asset expenditures, facilitated by the ability to negotiate enhanced discounts and tailored product bundles (attributable to increased purchasing influence). Such actions have the potential to yield savings amounting to millions of dollars.
Use Cases for My Assets Built on Now™ Application
1) Asset Assignment
Upon assigning an IT asset to an employee, the asset management process prompts the user to acknowledge the receipt of the asset by either signing a physical or electronic form. Typically, these forms are stored in isolated file systems and are not commonly linked to the IT asset management system.
The My Asset application facilitates asset managers in sending automated notifications to employees via ServiceNow, prompting them to confirm the receipt of their assigned assets. Employees are guided to utilize the My Assets application for certifying their respective assets. The certification details are securely stored within the asset record in the ServiceNow system.
2) Automated Annual Asset Inventory
Asset management teams traditionally conducted annual inventory checks to ensure accurate counts of their managed IT hardware assets. However, since 2020, widespread remote work due to Covid restrictions made the conventional “wall-to-wall” inventory approach impractical. To adapt, ServiceNow IT asset management teams resorted to utilizing email communication to engage with employees regarding their asset statuses and to update the inventory database accordingly.
3) Centralized view of asset historical data
Asset management teams possess a consolidated perspective encompassing all IT hardware assets and their individual assignment and certification histories. This consolidated view empowers asset managers to assert authoritative control over IT assets with confidence.
Conclusion:
These illustrative scenarios offer a brief insight into how organizations leverage ServiceNow IT Asset Management to advance along their transformative paths concerning IT assets. The core truth remains that through the establishment of a unified, centralized system for IT asset records, automation of workflows, assurance of accountability, and attainment of resource efficiency become attainable objectives. ServiceNow ITAM indeed facilitates a genuinely transformative approach to IT Asset Management, dismantling silos and maximizing the potential outcomes of IT assets.
As an esteemed ServiceNow Certified Partner of the highest caliber, We, ASOFT, stand steadfastly beside you throughout every phase of implementing the transformative ServiceNow IT Asset Management (ITAM) solution. This encompasses furnishing meticulously crafted, role-specific training modules that unlock the precise value you seek. Our accomplished team possesses the acumen and track record to comprehend the intricacies intrinsic to managing a comprehensive, current compilation of diverse IT assets. This collective expertise ultimately fuels the modernization and automation of your ITAM workflows, yielding enhanced efficiency, substantial cost savings, and superior operational outcomes.
To know more about ASOFT Consulting LLC and our IT asset management services, please feel free to contact us and schedule a consultation(click)