What is an IT asset management policy and why you need one

Table of Contents

• Why do you need an IT asset management policy template?
  • Enhanced visibility
  • Improved security
  • Compliance with regulations
  • Streamlined operations
  • Reduced costs
• What should your IT asset management policy template include?
  • Asset classification
  • Acquisition and procurement procedures
  • Software license management
  • Hardware asset management
  • Inventory management
  • Security protocols
  • User responsibilities
  • Compliance requirements
  • Policy review and updates
• What’s the best way to write an IT asset management policy for IT?
• Beyond policy: The Virima advantage
• Take control of your IT assets with IT asset management policy template

This is where an IT asset management policy comes into play. It acts as a guiding light, ensuring visibility, control, and security over your valuable IT assets.

But before diving into the specifics of an IT asset management policy, let’s take a step back. What exactly is IT asset lifecycle management?

An IT asset lifecycle encompasses the entire journey of an IT asset, from its initial acquisition to its eventual disposal. This lifecycle typically involves several stages:

• Acquisition: This stage involves purchasing, leasing, or developing new IT assets.
• Deployment: Assets are configured and deployed within the IT environment.
• Operation and management: Assets are used, maintained, and monitored throughout their lifecycle.
• Maintenance and upgrades: Assets are regularly maintained and upgraded to ensure optimal performance.
• Disposal: Assets are retired or disposed of responsibly at the end of their lifecycle.

An effective IT asset management framework helps organizations manage each stage of the IT asset lifecycle efficiently. This framework establishes best practices, procedures, and tools to ensure optimal asset utilization, security, and compliance.

Here’s where an IT asset management policy becomes essential. It serves as a cornerstone of your IT asset management framework, outlining the specific rules and guidelines for managing your IT assets.

Why do you need an IT asset management policy template?

Think of an IT asset management policy template as a roadmap for navigating the complexities of your IT environment. Here are some compelling reasons why you need one:

Enhanced visibility

An IT asset management policy ensures you have a comprehensive inventory of all your IT assets, including hardware, software, and cloud resources. This transparency empowers informed decision-making about asset allocation, budgeting, and resource optimization.

Improved security

A well-defined IT asset management policy establishes clear guidelines for securing your IT assets. This includes measures for access control, vulnerability management, and data protection. By following these guidelines, you can significantly reduce the risk of security breaches and data loss.

Compliance with regulations

Many industries have specific regulations regarding IT asset management. An IT asset management policy helps ensure your organization adheres to these regulations, avoiding potential legal and financial repercussions.

Streamlined operations

A clear IT asset management policy defines roles and responsibilities for managing IT assets. This fosters accountability and streamlines workflows within your IT team.

Reduced costs

By optimizing asset utilization and preventing unnecessary software licenses, an IT asset management policy can help you save money on IT expenditures.

What should your IT asset management policy template include?

While the specifics of your IT asset management policy framework will vary depending on your organization’s size and industry, some core elements should be included:

Asset classification

Define different categories of IT assets based on their value, criticality, and security risk.

Acquisition and procurement procedures

Establish clear guidelines for acquiring new IT assets, including budget approvals and vendor selection processes.

Software license management

Outline procedures for managing software licenses, including tracking usage, ensuring IT regulatory compliance, and optimizing license costs.

Hardware asset management

Define processes for tracking hardware assets, including deployment, maintenance, and IT asset disposal process.

Inventory management

Establish procedures for maintaining an accurate and up-to-date inventory of all IT assets.

Security protocols

Outline security measures for protecting IT assets, such as access controls, data encryption, and vulnerability management practices.

User responsibilities

Define user responsibilities for handling IT assets, including proper usage, reporting security incidents, and following data security protocols.

Compliance requirements

Identify relevant industry regulations and outline procedures for ensuring compliance.

Policy review and updates

Schedule regular reviews of your IT asset management policy to ensure it remains aligned with your evolving IT environment and industry best practices.

What’s the best way to write an IT asset management policy for IT?

Crafting an effective IT asset management policy doesn’t have to be a daunting task. Here are some practical steps to guide you:

1. Align with business goals: Ensure your IT asset management policy aligns with your organization’s overall business goals and objectives.
2. Assemble a team: Involve key stakeholders from IT, finance, legal, and security departments to create a comprehensive policy.
3. Research industry standards: Familiarize yourself with relevant industry regulations and best practices for ITAM.
4. Start with a template: Utilize a readily available IT asset management policy template as a starting point, customizing it to fit your specific needs.
5. Clearly define roles and responsibilities: Outline the specific responsibilities of each department and individual involved in the IT asset management process.
6. Implement change management procedures: Establish a formal change management process for all modifications to IT assets, ensuring proper approvals and documentation.
7. Conduct regular audits: Conduct regular audits to ensure compliance with the ITAM policy and identify areas for improvement.
8. Provide ongoing training: Provide regular training to employees on the importance of IT asset management and their responsibilities under the policy.

By following these steps and implementing a robust IT asset management solution like Virima, you can create a strong foundation for managing your IT assets effectively.

Beyond policy: The Virima advantage

An effective IT asset management policy framework is a crucial first step, but it’s just the beginning. Implementing a robust IT asset management solution like Virima can significantly enhance your IT asset management capabilities.

Virima goes beyond the limitations of traditional IT asset management tools by offering a comprehensive suite of features designed to streamline every aspect of the IT asset lifecycle:

• Automated discovery and inventory: Virima’s automated IT discovery capabilities efficiently identify and track all your IT assets, including hardware, software, and cloud resources. This eliminates the need for manual tracking, saving you time and effort.
• Advanced service mapping with ViVID: Virima’s service mapping, along with Virima Visual Impact Display (ViVID) overlays, provides visually appealing service maps with filterable and shareable views. These maps highlight dependencies and relationships between assets, allowing you to make informed decisions about resource allocation, capacity planning, and change management.

• ITSM and vulnerability overlays: ViVID seamlessly integrates with popular ITSM tools like ServiceNow and Jira, providing vulnerability overlays alongside service maps. This empowers IT teams to understand the impact of vulnerabilities on critical services and prioritize remediation efforts.
• Complete portability: Unlike some IT asset management software, Virima offers complete portability to other ITSM platforms. This ensures your valuable asset data remains accessible if you choose to switch platforms in the future.
• Autonomic Social Discovery: Virima’s Autonomic Social Discovery leverages a crowdsourcing approach to continuously improve CMDB and IT asset management data integrity. This ensures your IT asset data remains accurate and up-to-date.
• Vulnerability management: Virima identifies and prioritizes vulnerabilities within your IT infrastructure, providing a proactive approach to security. This helps mitigate security risks and potential breaches.
• Faster time to value: Virima is designed for ease of use and faster time to value. Compared to complex asset management tools, Virima offers a smoother implementation process, allowing you to reap the benefits of improved IT asset management quicker.

Take control of your IT assets with IT asset management policy template

An effective IT asset management policy is the foundation for a successful IT asset management program. By implementing a robust solution like Virima, you can gain a comprehensive understanding of your IT assets, optimize resource utilization, and enhance your overall IT operations.

Ready to take control of your IT assets? Schedule a demo with Virima today and experience the difference.