11 IT Asset Management Best Practices

Correctly managing IT assets helps enterprises reduce costs, increase productivity, and extract more value from hardware and software investments. This strategic approach cuts down on waste and improves system performance. The closer your organization follows IT asset management best practices, the better your results in every department where your business employs technology.

WHY ARE IT ASSET MANAGEMENT BEST PRACTICES IMPORTANT FOR ENTERPRISES?

Worldwide, organizations spent $5.2 trillion on IT in 2024. A recent Gartner report found that over 40% of IT budgets go toward infrastructure, including software, devices (e.g., laptops), and data center hardware. On average, businesses spend nearly 3.5% of all revenue on IT. In banking, that number is closer to 7.5%.

To put this into concrete figures, Verizon’s annual tech spend would be $4.8 billion, and JPMorgan Chase would have an average budget of nearly $13 billion. Even if ITAM best practices only reduced those costs by 10% to 20%, the total savings would easily surpass $1 billion annually.

WHAT ITAM BEST PRACTICES SHOULD YOUR ORGANIZATION FOLLOW IN 2025?

Equipment lifecycle management is a key part of ITAM. With a strategic framework for acquisition, deployment, maintenance, and decommissioning, your organization can streamline processes, make data-driven decisions, and eliminate redundant tasks. Where should you start?

1. Give IT Asset Management the Importance It Deserves

As cybersecurity risks increase, it’s only natural for organizations to invest in IT services like network security, vulnerability testing, vendor risk management, and system monitoring. But even though these services are important, they’re only part of the solution.

Keeping track of your IT assets is vital for effective cybersecurity. You can only safeguard software and equipment that you know about. ITAM strengthens your protection against data breaches, malware, and insider threats.

2. Create a Comprehensive Inventory of IT Assets

Effective ITAM relies on accurate data about the technology resources your organization uses:

• Hardware: Laptops, computers, mobile devices, servers, routers, and other network equipment
• Cloud infrastructure: Cloud-based computing platforms (e.g., AWS and Azure), storage, and virtual machines
• IoT devices: Security cameras, sensors, inventory tracking systems, etc.
• Software: Operating systems, CRM applications, productivity software (e.g., Microsoft 365 Enterprise), and custom SaaS platforms
• Data: Secure backups, databases, and file repositories
• Physical infrastructure: Data center power systems and HVAC components

Break down broad categories into granular insights. Include expenditures for common replacement parts, such as fiber optic cables, hard drives, and GPUs.

3. Map Asset Relationships

Map connections between parts, systems, and equipment.

The goal is to understand how each asset impacts your operations as a whole. That way, you can identify the weakest links and implement efficient solutions. It doesn’t make sense to let devastating system crashes happen because a few inexpensive components fail.

4. Go Beyond Spreadsheets With Real-Time Insights

Spreadsheets were useful for asset management back when networks consisted mainly of computers and a few servers. Now that enterprises have to manage hundreds or thousands of individual components, automated tools are essential.

Today’s ITAM software can track performance and trends in real-time. Not only does this help your team identify the optimal schedule for system maintenance, but it also draws attention to abnormal issues for immediate action.

5. Set Up Precise Reporting

Along with outlining detailed asset categories, your IT systems management program should have a list of data points to gather for each area. Key performance indicators help oversight teams make faster decisions based on solid data. Common ITAM KPIs include:

• Asset utilization ratio
• Average age of assets
• Total cost of ownership
• Lifetime cost and ROI
• License compliance rate
• Mean time between failures

Get feedback from stakeholders to determine which KPIs to prioritize on dashboards. Reports should display priority targets at a glance.

6. Prioritize Preventive Maintenance Over Reactive Maintenance

Too many organizations follow a reactive approach to maintenance, waiting until components fail before taking action. This drives up long-term costs significantly. Building a program with proactive vs. reactive maintenance can reduce downtime and extend the lifespan of network hardware.

7. Connect ITAM Processes to Organizational Objectives

Not all organizations have the same needs when it comes to regulatory compliance, remote employees, e-commerce, and data processing. This means that data center hardware, cloud resources, and software packages can be more valuable for some companies than others. Mapping ITAM to your short- and long-term objectives helps you prioritize the right assets for investment.

8. Centralize Inventory Tracking

When each department or business location handles its own inventory management, waste is practically a given. Misplaced resources, excess parts, and equipment devaluation are especially costly at the enterprise level.

That said, some level of parts redundancy is good for ITAM. To find a good balance, your organization needs a centralized inventory of all IT assets. Monitoring helps make sure ordering habits line up with utilization.

9. Choose ITAM Tools That Integrate With All Endpoints

Personnel use a wide range of devices for work tasks, from laptops and tablets to scanners and smartphones. ITAM platforms must be OS-agnostic, compatible with Android, iOS, Windows 11, and industry-specific platforms for healthcare, manufacturing, and finance. Otherwise, tracking problems can get in the way of productivity gains. 

10. Audit Software Adoption Rates and Usage

Software inefficiencies can have several causes. Are adoption rates low because workers find the tools confusing? Or are the use cases simply not relevant for your business? ITAM data helps you pinpoint the answers and make decisions that truly improve operations.

11. Set Realistic Efficiency Targets

Your asset management program should have specific targets to aim for. That way, outliers raise red flags.

Take premature equipment failures. Sometimes, the underlying cause is inadequate maintenance. Other failures happen because of poorly designed components. These problems have different solutions, and asset management helps you know which to implement.

The same system works for auditing HVAC systems, data center designs, third-party software agreements, cloud computing packages, and other investments.

SHOULD YOU OUTSOURCE IT ASSET MANAGEMENT?

Some enterprises coordinate procurement and IT asset management best practices in-house. Other companies achieve greater efficiency and cost savings by outsourcing ITAM and preventive maintenance. At TSP, we support your organization with customized IT solutions. Learn how we can streamline onsite and remote network management today.