Are you looking for ways to optimize your IT procurement processes and maximize cost savings? These days organizations face a lot of pressure to deliver top-notch services while practicing cost savings. One practical approach to achieving cost savings in IT procurement is by implementing a comprehensive IT asset management (ITAM) tool like the ServiceNow IT Asset Management (ITAM).

A suitable asset management tool can help companies track, manage, and optimize their IT assets throughout their lifecycle, improving efficiency, reducing costs, and enhancing decision-making capabilities.

What is ITAM? 

IT Asset Management (ITAM) is the process of tracking and managing the IT assets of an organization throughout their lifecycle. IT assets of a company can be hardware, software, and cloud assets.

This might also include any information that is valued by the enterprise. This practice is essential to ensure that the employees have access to the technology needed to get their jobs done while utilizing the organization’s assets in such a way that no additional money is spent on unnecessary technology.

Understanding the Importance of IT Asset Management

Implementing IT asset management can turn out to be a tedious task, especially for small businesses. The time and expertise it requires can sometimes be seen as a financial burden by businesses.

However, effective IT asset management can help organizations save money in the long run by eliminating unnecessary resources and maintaining the health of crucial assets. IT asset management is essential for the following reasons:

Maintains Correct Records of IT Assets

As the use of IT grows within a business, it becomes challenging for teams to manage and control the software, hardware, and licenses. In this case, a correct and precise view of the assets and their location is needed by companies to make well-informed decisions about capacity, replacement, redeployment, and retirement of assets.

Prevents Needles IT Purchases

Companies generally buy more software than they need. Having a record and keeping track of what software is already installed and on which devices can help avoid this practice. After that, you can decide whether to reassign existing licenses or purchase new ones. This method makes the most of your assets while cutting costs that aren’t necessary.

Guarantees Compliance with License Agreements

Software license violations can result in monetary penalties for businesses. IT asset management can assist you in keeping track of your permits and ensuring that they are used in accordance with your agreement. This reduces the likelihood of non-compliance, which might result in financial penalties. Employees will be free from worrying about losing access to important resources if they keep track of their license renewal dates.

Boosts Employee Productivity

Ensuring employees’ access to reliable resources they need to do their jobs guarantees amplified productivity. On the other hand, employees compelled to work on slow, out-of-date devices are more likely to become dissatisfied, and those who have trouble accessing the applications and systems they require may experience a great amount of downtime.

Effective ITAM can help ensure the correct and efficient use of IT assets. It also dramatically reduces costs by extending the life of existing assets and lowering the number of assets in use. ServiceNow ITAM is a comprehensive platform that allows businesses to manage their IT assets from procurement to disposal. ServiceNow ITAM enables you to update and manage your hardware, software, and configuration database applications to help streamline your business operations.

ServiceNow ITAM Features and Benefits for Cost Savings in IT Procurement

IT asset management is fundamentally a data collection and analysis discipline. The expansion of IT within organizations has made it practically impossible to track IT assets in detail using a paper system. In the past, organizations may have kept paper records that detailed their inventory of hardware and software assets, costs for each asset, and other data.

Like ServiceNow ITOM and ServiceNow CSM, ServiceNow ITAM is used by leading IT companies. It is an essential tool to keep a current record of companies’ IT assets, which can be used to make important decisions about managing IT equipment.

Following are the features of ServiceNow ITAM that will help you maximize cost savings.

Improved Asset Visibility

ServiceNow ITAM provides real-time visibility into an organization’s IT asset inventory. This makes it possible for businesses to accurately track and manage their assets, lowering the possibility of assets being misplaced or lost. Organizations can also save money by retiring or repurposing underutilized or redundant assets with accurate inventory management.

Standardized IT Procurement

ServiceNow ITAM allows organizations to standardize their procurement processes by providing an integrated platform for managing purchase orders, vendor contracts, and service-level agreements. This can lead to better negotiations with vendors and purchasing regulations, resulting in cost savings.

Prevent Licenses Non-Compliance 

Organizations can conveniently track and manage vendor contracts and service-level agreements using ServiceNow ITAM. This can help them avoid costly penalties for non-compliance or contract violations.

Efficient Asset Utilization

By providing real-time data on asset availability and usage, ServiceNow ITAM can assist businesses in optimizing asset utilization. This allows employers and teams to make well-informed decisions regarding asset deployment and retirement, resulting in cost savings and increased efficiency.

Software License Management

ServiceNow ITAM lets companies keep track of and manage their software licenses. This aids organizations in saving a lot of money by avoiding buying unnecessary software licenses and ensuring compliance with agreements.

Streamlined Maintenance

ServiceNow provides real-time data on asset health and maintenance requirements to help organizations ensure streamlined maintenance processes. As a result, downtime and maintenance expenses are lowered when an unexpected failure occurs.

ServiceNow ITAM is an effective asset management software, which is why it is currently leading in the industry. However, choosing an authentic and reliable ServiceNow consultant is equally important to get the perfect services for your company and enjoy the fruitful benefits of solutions tailored to your business needs.

Best Practices for Maximizing Cost Savings with ServiceNow ITAM

ServiceNow is a robust platform to track and manage IT assets throughout their lifecycle. It helps you handle everything from acquisition to disposal. To maximize the benefits of ServiceNow ITAM and achieve optimal results, organizations should follow the practices below to ensure effective management of IT assets. These will also tell you how to improve the asset lifecycle in an organization.

Establish Clear Policies

Clear policies and procedures are essential for consistency and accuracy in IT asset management. Everything from asset acquisition, deployment, upkeep, and retirement to disposal should be covered by the organization’s policies. Regulating such processes can help reduce errors and ensure compliance with regulatory requirements.

Conduct Regular Audits

Organizations can find underutilized or redundant IT assets and ensure compliance with vendor agreements and regulatory requirements by conducting regular audits of their assets. In order to guarantee that asset data is accurate and up to date, audits should be carried out on a regular basis. ServiceNow ITAM provides a comprehensive platform for conducting these audits and tracking the results.

Standardize All Asset Management Procedures

Standardizing asset management processes allows organizations to track and manage their assets more effectively while reducing costs. Effective ITAM simplifies businesses to standardize their asset management procedures by providing a centralized platform for managing asset data, contracts, and workflows.

Implement Automation

Implementing automation can help companies streamline IT asset management processes and reduce manual effort, leading to cost savings. With ServiceNow ITAM’s automation capabilities, routine tasks like licensing compliance management and asset data collection can be automated to reduce errors and increase productivity.

Apply A Self-Service Portal

Businesses can save money on support and requests for IT assets by implementing a self-service portal. End-users can request IT assets and support services through a self-service portal provided by ServiceNow ITAM, which reduces the workload of IT staff and speeds up response times.

Real-life Examples of Cost Savings With ITAM

Several organizations have achieved significant cost savings through the implementation of ServiceNow ITAM. For example, a global pharmaceutical company reduced IT procurement costs by implementing ServiceNow ITAM. The company achieved these cost savings by optimizing its procurement processes, reducing unnecessary software license purchases, and retiring assets that were no longer needed.

Moreover, ServiceNow was able to reclaim $1 Million in two years from its internal software budget by implementing the ServiceNow ITAM solution. The solution saved the company hundreds of hours per year and helped detections that would otherwise have taken months if done manually.

A lot of big names and huge brands are associated with the ServiceNow platform, and they attest that it helped them boost their business. It is not uncommon for organizations to save on high costs by introducing ServiceNow ITAM to their teams due to its ability to optimize asset management processes.

Moch. IT’s ServiceNow ITAM: Your Path to Efficient and Cost-effective IT Procurement

Organizations can expect significant cost savings and improved IT procurement by ServiceNow ITAM. ServiceNow ITAM provides all the tools needed for effective asset management procedures. It also improves operational efficiency and lets you focus more on your organization’s strategic planning and business goals.

Moch.IT is an experienced and trustable ServiceNow partner that provides all the services your organization requires making it a one-stop-shop for all your business needs. Whether you need a ServiceNow ITAM solution or want help with other services for your business, Moch.IT has it all!