The ultimate guide to IT hardware asset management

Table of Contents

• What is IT hardware asset management?
• Asset management vs IT hardware asset management
• IT hardware asset management vs software asset management
• Stages of the IT hardware asset management lifecycle
• Why is IT hardware asset management important to organizations?
• Best practices for effective IT hardware asset management
  • 1. Centralize asset information
  • 2. Manage the asset lifecycle
  • 3. Strengthen security measures
  • 4. Connect hardware to business services
  • 5. Optimize financial tracking
  • 6. Measure key performance indicators (KPIs)
• How the right asset management tools can solve IT hardware challenges
  • Lack of organization
  • Managing change and obsolescence
  • Poor budget planning
  • Manual inventory
  • Service and support
• Virima: A comprehensive IT hardware asset management solution
  • 1. Simplified IT asset discovery, inventory, and optimization
  • 2. Centralized inventory for streamlined operations
  • 3. Flexible discovery for multi-cloud and hybrid environments
  • 4. Optimized license management and cost savings
  • 5. Enhanced IT security with vulnerability management
  • Additional benefits of Virima
• Simplify IT hardware management and drive efficiency with Virima

Managing IT assets effectively is no longer optional—it’s essential. Yet, many IT hardware, and applications, operate in “shadows,” purchased and managed without oversight from the IT team. This lack of visibility can further lead to unnecessary costs, hidden risks, and inefficiencies. When you’re ready to take control, implementing a structured approach to IT hardware asset management becomes crucial. 

The first step is creating a detailed inventory of your IT hardware. Moreover, knowing what assets you have, where they are, and how much they cost is key. From there, you can track hardware lifecycles and also work with teams to optimize budgets.

Advanced asset management tools like Virima make hardware asset management even simpler. By automating routine tasks, IT teams save time and focus on strategic goals. In this guide, we’ll explain all you need to know about IT hardware asset management, its importance, tools, etc.

What is IT hardware asset management?

IT hardware asset management (HAM) involves tracking and managing physical IT devices such as laptops, servers, and routers. Moreover, it monitors these assets through their entire lifecycle, from purchase to disposal. HAM also provides IT teams with details about their inventory, asset lifecycle stages, and usage.

As part of the broader IT Asset Management (ITAM) framework, HAM works closely with other ITAM and ITIL processes. Tasks like ordering, deploying, maintaining, and retiring devices become much faster.

Asset management vs IT hardware asset management

IT asset management process takes a broader view when compared to hardware asset management. It oversees all IT assets, including hardware, software, cloud resources, and data. Like IT hardware asset management, ITAM also focuses on tracking and maintaining inventory. However, ITAM tool ensures every IT asset delivers maximum value to the organization.

In short, HAM is a critical part of ITAM. It also simplifies hardware tracking and helps businesses optimize IT processes. 

IT hardware asset management vs software asset management

Hardware and software asset management are both parts of ITAM. The key difference is their focus. HAM manages hardware like computers and servers. 

On the other hand, Software asset management tracks software assets, including virtual and on-premise applications. SAM also ensures that all software remains accounted for and is managed throughout its lifecycle.

Also read: The 7 best software asset management solutions in 2024

Stages of the IT hardware asset management lifecycle

The hardware asset lifecycle provides a clear structure for buying, tracking, maintaining, and retiring physical assets. Knowing where each asset is in its lifecycle also helps with planning and budgeting. The stages are:

• Request: Gather input from teams to identify needs and further analyze existing assets.
• Fulfill: Research vendors, negotiate contracts, and involve finance for budget approval.
• Deploy: Set up hardware, install software, configure security, and also ensure compatibility.
• Monitor: Track usage, performance, as well as security to prevent issues and downtime.
• Service: Perform regular maintenance to extend the asset’s life and ensure optimal performance.
• Retire: Properly retire assets when no longer useful, thereby following company policies and also updating inventory.

Why is IT hardware asset management important to organizations?

IT hardware asset management is more than just listing devices. Here are some benefits in detail:

• Minimize costs: Managing hardware reduces expenses, especially during the “service and monitor” phase, by avoiding unnecessary maintenance.
• Increase asset utilization: Accurate IT inventory tracking helps identify underused assets, ensuring optimal use and reducing new purchases.
• Enhance security and reduce risks: A strong asset management process highlights outdated hardware, thus, preventing security issues.
• Improve inventory control: Full visibility into hardware ensures accurate status updates and smooth verification for maintenance.
• Prevent loss: Tagging assets, tracking locations, and maintaining records help reduce theft and also loss while managing warranties.

Best practices for effective IT hardware asset management

By following best practices, organizations can ensure their assets are properly tracked, maintained, and utilized throughout their lifecycle. 

1. Centralize asset information

Maintain a single, accurate inventory of all hardware assets using automated asset discovery methods. These include:

• Agent-based as well as agentless scans for streamlined detection.
• Network and domain scans to find devices across environments.
• Barcode and RFID scanning for precise tracking.
  By centralizing data, organizations can further reduce inconsistencies and improve visibility across all hardware assets.

2. Manage the asset lifecycle

Track assets from acquisition to asset disposition with clear workflows. This involves:

• Documenting asset life cycles for different hardware types.
• Next, automating notifications for updates and asset status.
• Ensuring processes align with usage guidelines.

These workflows improve efficiency and maximize the return on investment (ROI) for hardware assets.

3. Strengthen security measures

Address vulnerabilities proactively by:

• Performing regular audits of hardware assets.
• Updating security patches and also enforcing secure configurations.
• Using strong access controls as well as encryption to protect sensitive data.

A complete and accurate inventory allows organizations to identify outdated or unmonitored devices, reducing the risk of breaches.

4. Connect hardware to business services

Link hardware assets to business-critical services with dependency maps. This approach provides:

• Better visibility into asset impact on service delivery.
• Almost real-time insights into performance as well as configurations.
• Integrating monitoring tools allows IT teams to respond faster to incidents and also maintain consistent services.

5. Optimize financial tracking

Track the financial details of hardware assets in one system. This includes:

• Purchase and operational costs.
• Total cost of ownership (TCO) and contract management.
• By centralizing this data, organizations can prevent overspending and budget strategically for IT investments.

6. Measure key performance indicators (KPIs)

Use dashboards and analytics to track performance metrics like:

• Mean time to repair (MTTR) and failure rates.
• Asset inventory compliance as well as distribution.
• Reviewing KPIs regularly further helps identify areas for improvement and supports data-driven decisions.

How the right asset management tools can solve IT hardware challenges

Effectively managing IT hardware assets can be challenging. However, the right tools make it easier to track, and control your assets throughout their lifecycle.

Lack of organization

Without a proper IT asset management process, organizations cannot track assets or maintain accountability. Simple spreadsheets often fail, leading to inefficiencies. Purpose-built IT asset management tools offer automated discovery and easier tracking.

Managing change and obsolescence

Hardware assets wear down over time, and software requires updates. Automated tools simplify asset upgrades, replacements, and support workflows, thus, ensuring nothing gets missed.

Poor budget planning

IT teams need accurate records to make smart decisions. Hardware asset management tools link financial data to usage, further helping avoid waste and unnecessary spending.

Manual inventory

Manual tracking is time-consuming and prone to errors. Automated tools also allow IT teams to discover and track assets efficiently, even across remote networks.

Service and support

Lack of asset history slows down service calls. With asset management tools, IT teams access asset data, configurations, and previous issues instantly. Subsequently, this speeds up support and improves productivity.

Virima: A comprehensive IT hardware asset management solution

Managing IT hardware assets comes with several challenges, as you have come across in the above section. Virima offers a comprehensive solution to overcome these hurdles. Here’s why organizations should choose Virima as their go-to IT asset management solution:

1. Simplified IT asset discovery, inventory, and optimization

Virima’s ITAM solution automatically discovers hardware, software, and network devices. Moreover, it builds an up-to-date inventory of hardware assets using agent-based and agentless discovery methods. Businesses can choose the approach that best fits their needs.

Furthermore, the discovery engine collects detailed data on hardware, installed software, and network components. This also gives organizations complete visibility into their IT environment. Near real-time updates ensure the inventory stays accurate. With this clarity, enterprises can make informed decisions to optimize IT assets.

2. Centralized inventory for streamlined operations

Virima centralizes asset data, including hardware, software, and configuration details, into a single, reliable repository. This also makes hardware asset information easy to access and manage.

Moreover, customizable tracking options let organizations monitor data specific to their needs. Virima’s reporting and analytics tools further offer valuable insights to drive better decisions. By streamlining operations and reducing errors, organizations boost efficiency and productivity.

3. Flexible discovery for multi-cloud and hybrid environments

IT discovery tool from Virima helps manage IT hardware assets by offering full visibility across on-premises and cloud (AWS, Azure, VMware, etc.) environments. Moreover, it integrates with tools like ServiceNow, Jira Service Management, HaloITSM, etc, improving hardware asset discovery. This integration ensures an accurate inventory and also supports a reliable CMDB. With Virima, IT hardware asset management becomes easier and more efficient.

4. Optimized license management and cost savings

Virima identifies unused licenses, helping organizations consolidate or redistribute them. It also sends alerts about potential compliance issues to avoid penalties. This proactive approach further ensures cost savings and effective license management.

5. Enhanced IT security with vulnerability management

Virima’s ITAM software improves security by identifying and addressing vulnerabilities in hardware assets. Its features include vulnerability lookup to the NIST National Vulnerability Database (NVD), enabling precise risk assessments. This capability further helps reduce risks such as data breaches, system downtime, and unauthorized access. 

Virima also supports compliance with regulations like GDPR, HIPAA, and PCI DSS while providing tools to mitigate risks and safeguard IT systems.

Additional benefits of Virima

• Near real-time asset tracking for remote work: Virima monitors all IT assets used by remote employees. Windows discovery agent also ensures visibility into devices, no matter where they are.
• Service mapping and Dependency Visibility with ViVID: Virima Visual Impact Display and service mapping features make IT asset relationships and dependencies clear. Consequently, this enhances IT infrastructure management and decision-making.
• Insightful reports and dashboards: Virima’s dashboards provide insights into asset performance, usage, and lifecycle. This data also supports better hardware management decisions.
• Simplified audit reporting: Virima automates compliance reporting for IT assets. This further saves time and ensures accuracy during audits.

• Software usage metering : Virima tracks software usage, helping organizations identify underused resources and further optimize them for better efficiency.
• Improved decision-making for ITSM and security: Virima provides asset configuration and relationship data. Later, ITSM and security teams use this data to improve processes and strengthen security.

Simplify IT hardware management and drive efficiency with Virima

Managing hardware assets is essential for an effective IT asset management process. It helps organizations control, track, and optimize their IT hardware.

A strong IT hardware asset management strategy streamlines the asset lifecycle—from purchase to disposal. It also reduces unnecessary costs and improves daily operations.

To make your IT hardware asset management strategy successful:

• Focus on managing the full asset lifecycle.
• Use a structured, team-driven approach to avoid gaps and mistakes.

The right hardware asset management tools simplify these processes and ensure success. Want to see how Virima’s IT asset management process can transform your IT asset management?

Explore the live demo or request more details today!