Written by Afsa AshrafContent Writer
Gartner estimates that global spending on enterprise application software would top $4 trillion in 2022. While cloud technologies and IaaS are revolutionizing sectors, an organization's ability to manage these new and different types of ServiceNow IT asset management has remained constant.
Every IT asset has a finite life cycle. As a result, it is in companies' best interests to guarantee that they continue to get the most out of them for as long as feasible. However, without an effective Software IT asset management (ITAM) system, this is not achievable. Organizations risk paying for underutilized or under-used IT assets due to insufficient ITAM management. Furthermore, ITAM that is built on outdated frameworks and applications is full of boring, difficult, and time-consuming procedures that take a long time to accomplish and cost a lot of money. Not to mention that they divert attention away from higher-impact duties that could have had a direct impact on the company's growth and profitability.
As a result, ITAM is vital to enterprises. ITAM simply refers to the most efficient monitoring, upgrading, safeguarding, and disposal of IT assets during their entire existence. There is always the potential of blind spots and surprise expenses, which lead to audit penalties and non-compliance, without a central repository of up-to-date IT asset data and real-time visibility, which an efficient ITAM system should give. IT asset management (ITAM) software lets you control software asset management and hardware asset management in your network from a laptop or mobile device at any time.
Now that we know why ITAM is so important in today's world, let's look at why you should use ServiceNow ITAM. IT assets in ServiceNow ITAM are automatically classified into three categories:
Hardware assets management
Software assets management
Consumables (low IT cost accessories)
By default, this allows IT asset managers to track and collect various sorts of relevant information depending on IT asset classification. This not only improves the visibility of IT asset data (financial, contractual, performance, and physical), but it also better tracks the IT asset's net worth, estimated depreciation/amortization, and salvage values, allowing for more efficient upgrades, maintenance, repairs, write-offs, and disposals.
Furthermore, because ServiceNow IT Asset Management is built on the Now Platform, it scales with your business. Simply said, it allows you to quickly and effortlessly automate workflows and run them at scale – not to mention its sophisticated performance analytics features, which allow you to forecast patterns, allocate resources, and drive service. Edge Encryption is a feature of the Now platform that automatically encrypts all data before it is sent to the ServiceNow cloud. This ensures that your data is safe from illegal access and data breaches while not interfering with user activities.
Furthermore, without an adequate ITAM system in place, individual departments within firms are more likely to make direct acquisitions of costly IT assets. These are frequently not approved nor known by IT departments. Data breaches, non-compliance, and financial obligations are all risks associated with "shadow IT" assets. As a result, leveraging ITAM to provide coordinated, uniform data security measures throughout the entire enterprise is advised.
Let's take a look at some specific use cases where ServiceNow ITAM can have a big, beneficial impact on your company.
Organizations can use ServiceNow ITAM to automate various processes by utilizing a graphical workflow engine to replicate workflows. For example, ServiceNow ITAM allows you to design better service catalogs by letting you create smart workflows that can radically change what you can do with a service request. Following the approval of a software request, the process can check for available licenses and then generate an entitlement record under that license to record the approval. To improve the user experience, many materials can be organized into order guides.
Creating smart workflows can be as basic as notifying a purchasing group to refill low inventory or as complex as discovering a software violation and providing guidance on how to rectify the violation.
By providing a sophisticated Discovery tool, ServiceNow ITAM enables enterprises to avoid the problems associated with employing several technologies, which demand a lot of time and money for constant reconciliations, synchronizations, and replications. Directly in the Configuration Management Database (CMDB), ServiceNow Discovery captures configuration details and maps relationships. As a result, once the IT asset has been specified and categorized, the records are kept in sync automatically. Discovery can be utilized to streamline a process at any point in the asset lifetime.
For example, if an asset is unboxed, it can be scanned and entered into the IT asset repository right away. Following the installation of new software, discovery can be used to verify the installation on the target machine.
ServiceNow ITAM provides crucial vendor & IT asset utilization statistics to your organization's IT, staff, allowing them to select the best vendor mix. This will aid in vendor consolidation by discovering overlap of similar goods across all IT asset categories, removing redundant items, & focusing on purchasing from fewer vendors.
This would result in a substantial decrease in IT asset expenses by assisting you in negotiating bigger discounts and customized product bundles (due to increased purchasing power), which might save you millions of dollars.
Any authorized individual can easily access and evaluate any piece of information using the ServiceNow ITAM reporting engine. In fact, it allows users to develop and personalize dashboards in seconds, as well as receive and share reports with necessary staff.
This means that decisions can be made much more quickly without compromising the quality of the data available, which used to take weeks with spreadsheets and legacy ITAM systems.
The fact remains that workflows can be automated, accountability can be ensured, and resource efficiency can be attained by having a single, central system of IT asset records. ServiceNow ITAM allows for a genuinely revolutionary ITAM that breaks down silos and lets you maximize ServiceNow investment.
We at Royal Cyber are with you every step of the way as you install the transformative ServiceNow ITAM solution, including providing pre-built, role-by-role training to help you get the most out of it. Our team has the knowledge and experience to comprehend the challenges of maintaining an accurate and up-to-date inventory of a wide range of IT assets (hardware & software assets), all of which contribute to the modernization and automation of your ITAM processes for improved efficiency, cost savings, and operational outcomes. To know more, contact us at [email protected] or visit www.royalcyber.com.