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A Guide to ServiceNow Asset Management: Maximizing Efficiency in IT Operations

The complexity and challenge of IT asset management increase with each new technology and asset added to the IT armory. An organization’s IT budget may be allocated between 18 and 20 percent to this one area alone. From a relevancy standpoint, using the ServiceNow IT asset management system is imperative. On the other side, if software expenses are not controlled, businesses run the danger of going over their IT budget!

Because of this, businesses want a reliable ServiceNow IT asset management system that not only supports their changing technological demands but also manages expenses. Here is where ServiceNow may assist. It is clear from these five advantages.

Reasons Why IT Companies Must Adopt ServiceNow Asset Management

Enhanced Visibility of IT Assets

Software asset visibility may be improved with the use of ServiceNow Software Asset Management (SAM). It entails satisfying compliance requirements, optimizing and reclaiming underutilized software rights, tracking, evaluating, and managing software licenses, among other things. 

Entire Dashboards

The management dashboards offered by Servicenow Asset Management provide yet another noteworthy benefit. These dashboards are capable of delivering timely and precise data regarding a certain company’s software usage. Publisher packs also allow businesses to view and manage complicated publisher-specific licensing and use.

Enhancement of Permits

SAM provides clear, real-time insights to assist minimize possible compliance issues. Businesses may easily and rapidly check the status of their licenses by using SAM’s licensing optimization strategies. If the relevant authorities discover licenses that are not in compliance, the License Workbench provides corrective actions that businesses may take to guarantee compliance.

Software Asset Management Architecture

ServiceNow Software Asset Management Architecture Because of Asset Management In Service Now‘s design, businesses may automate and integrate all operations related to the lifespan of an IT asset into a single record system. Additionally, it provides businesses with a dependable, singular source of information that helps them make better, more focused decisions.

Software Cost Monitoring

Every business wants to be at the forefront of IT while keeping expenditures under control. Businesses can monitor, evaluate, examine, and control software thanks to SAM’s software detection module. It facilitates the entry of financial data from businesses, providing an all-encompassing perspective of software costs.

What Is Hardware Asset Management?

The methodical procedure of hardware asset management (HAM) is devoted to the efficient administration of your IT hardware assets. It entails recording the lifespan of every piece of hardware, from the moment of purchase to the point of disposal. It involves being aware of the locations, configurations, states, and effects of your assets on the financial planning and overall productivity of your company. This covers desktop and laptop computers as well as servers and networking equipment. Every asset is painstakingly categorized and tracked to guarantee optimal efficiency and financial viability for your company.

Hardware asset management (HAM) significantly impacts business variables such as productivity, financial stability, and security. By effectively managing hardware assets, companies can focus resources where they are most needed, avoid under- or over-investment, and adapt to changing market conditions. HAM also increases asset longevity, reduces overhead costs, and streamlines procedures. It also enhances asset visibility and security, allowing constant monitoring of performance and usage. Overall, HAM helps teams achieve more while minimizing hardware-related obstacles and enhances asset visibility and security.

What is Software Asset Management?

Fundamentally, software asset management (SAM) is an organizational process that optimizes and manages the acquisition, implementation, upkeep, use, and disposal of software assets. Businesses may use SAM to monitor the software they own, find out where and how it’s being used, and make sure license agreements and other legal obligations are being followed. Organizations may view their software inventory, cut down on wasteful spending, and pinpoint opportunities for development with the help of SAM.

Software asset management is crucial in the era of cloud computing, mobile technologies, and remote work, as it helps cut costs, ensures licensing adherence, and boosts output. Effective inventory management is essential for informed decisions on purchases, uses, and disposals. Utilization optimization maximizes benefits while reducing costs, and procurement increases return on investment. Proper disposal of software assets is essential for safety and environmental responsibility.

IT Asset Management Best Practices

The IT asset lifecycle is managed and automated with its help. These resources may include non-IT resources including servers, routers, cables, cloud-based services, software, or hardware. Throughout every stage of an asset’s life cycle, including planning, requirement analysis, assessment, procurement, deployment, maintenance, retirement, and safe disposal, ITAM keeps an eye on all of these resources. In a nutshell, Servicenow Discovery brings all the IT assets under one roof onto a single platform, making the following comprehension possible:

  • Being aware of an organization’s assets
  • Which resources are being used, and by whom
  • Making use of resources
  • When the item was last maintained, how long has it been in use, and other details
  • Expense of every item, including warranties, software licensing, and more

The Difference Between CMDB & Asset Management In ServiceNow?

  • Asset management databases focus on the physical and financial characteristics of an organization’s assets, while CMDBs focus on the configuration and connectivity of CIs.
  • Asset management databases have more aggregated and static data on assets and their state, while CMDBs have more detailed and dynamic data about CIs and their relationships.
  • Configuration management oversees a CMDB, while asset management involves planning, acquiring, deploying, monitoring, and disposing of assets.
  • Integration and coordination of CMDB and asset management database can improve the IT environment and services, increase visibility and control, and improve service availability and quality.
  • It can also reduce costs and risks related to asset management throughout their existence.

Evaluating the Significance of the Asset Manager in ServiceNow Asset Management

Asset managers may save effort on ticket resolution and provide speedier services by assigning asset responsibilities to Incident, Change, and Work orders. Asset tasks reduce the possibility of data inaccuracy brought on by human entry by automatically updating CIs and asset records. Asset managers need to be well-versed in the many kinds of assets that may be managed with the use of ServiceNow’s service catalogs. They ought to know how to track assets, including their physical locations, their present state, warranty details, cost analysis tools, and so forth.

Businesses may manage the complete life cycle of their hardware assets, from acquisition to disposal, by using the Hardware Asset Management application. The Hardware Asset Management tool tracks the financial, contractual, and inventory aspects of your hardware assets, automating each stage of the asset life cycle. You may use asset tasks to retire, swap out, replace, or deploy your assets. The process’s daily operations are managed with assistance from the asset manager. Moreover, maintaining important connections with peer positions inside the company. Procurement representatives, Service Catalogue Managers, and Owners of Business Applications are included in this.

How Can You Properly Utilize Asset Management In ServiceNow?

  • By going to Configuration > Assets > Overview on the ServiceNow platform, you may access the Configuration Management Database (CMDB).  
  • Display a list of the assets together with the details that are related to them, including the kind, serial number, description, etc. Then, you may use this interface to create new assets or edit ones that already exist. 
  • You may examine the connections between various asset kinds and obtain insight into all associated parts for more efficient maintenance procedures right from this page.
  • You may utilize several capabilities provided by Servicenow Asset Management, including automated workflows for tracking change requests, issue resolution procedures, and more after your asset inventory is set up and structured. 
  • With these technologies in place, asset managers may save costs and increase efficiency throughout the IT infrastructure portfolio of a business, all while ensuring accuracy when working with complicated IT systems.  
  • Through the utilization of these potent solutions found on the ServiceNow ITSM platform, enterprises may enhance their ability to effectively and efficiently manage their extensive asset inventories.

Making the most of ServiceNow Asset Management to Maximize ROI

The Software Asset Management (SAM) program starts the process of normalizing software installation data inside your business when a discovery source is activated. To keep your found data current and accurate, we provide weekly updates for publisher names, product names, software life cycle dates, and other relevant information. Normalization rates can be improved even more by utilizing machine learning skills. Organizations can also choose to take part in the SAM material Service, which enables the safe and private submission of unnormalized material to ServiceNow for updates, validation, and research.

Here are a few tips to start with servicenow asset management:

  • Accurately estimate time and costs to ensure project feasibility.
  • Clearly define measurable objectives to guide the implementation process.
  • Build a competent, skilled team to manage the implementation effectively.
  • Conduct a thorough discovery phase to gather comprehensive asset data.
  • Prioritize essential requirements and customize only when necessary.
  • Implement the solution in phases to maintain control over the deployment process.
  • Ensure that all users receive comprehensive training for smooth adoption.
  • Perform rigorous testing to identify & resolve potential issues.
  • Establish strong governance to maintain compliance and control.
  • Plan for continuous improvement to optimize the system over time.

Why Choose Sotiotech for IT Asset Management Implementation?

For companies looking for a smooth and effective procedure, Sotiotech is the best option for IT asset management implementation. With Sotiotech’s round-the-clock support and rapid issue resolution, your company can always count on reliable help when problems emerge. Our managed support services reduce interruptions so that your operations may carry on uninterrupted.

Sotiotech is committed to fine-tuning, streamlining, and enhancing the platform to match your distinct workflows precisely. Our approach centers on automating repetitive procedures to enhance your organization’s flexibility in responding to dynamic market demands. This not only streamlines your operations but also lowers expenses dramatically.

Sotiotech uses Service Mapping Servicenow capabilities to give IT firms powerful tools for incident, issue, and change management. This results in an IT environment that is more dependable and efficient, guaranteeing the scalability and sustainability of your asset management deployment.

When you work with Sotiotech, you’re investing in a relationship that puts your company requirements first and provides unmatched support and innovation at every turn. You’re not just putting a solution into place.

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  • Share your ServiceNow objectives and requirements with us.
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