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Business Insights: Manage Your Assets Better Today

01/05/2021 by: The SunView Team

Business_Insights_Manage_Your_Assets_Better_Today

As we begin 2021, everyone is hopeful that COVID-19 will become a distant memory and life will return to “normal” again. However, we all know that returning to “normal” will never happen. The pandemic caused a seismic shift from conventional tried-and-true methods of doing business to a digital-driven economy that most companies were not (and still are not) properly equipped to handle.

The pandemic triggered a wave of change, pushing out the debris of well-established processes leaving an ocean of new opportunities in its wake—for those companies that know how to embrace change. It forced executives to question their limits and the future of their businesses in ways that stretched far above and beyond their physical market space. The pandemic paved the way for innovation, which is no longer a luxury but a necessity—and the key to survival in our “new norm.” Every company needs innovation to prosper, but many executives are still struggling to answer the basic question, “How can we be innovative when we don’t have a handle on our resources?”

Information Technology Asset Management (ITAM) plays a crucial role here. ITAM is a collection of processes, people, tools, and activities that help organizations ensure that their assets are properly account for, deployed, maintained, upgraded, and disposed of at the end of their useful life. It bridges the gap between operational and financial systems and processes to provide critical information that executives need to make the best business decisions possible. Since ITAM is a transformative process, change and adaptation are normal and expected to occur.

Today, we are witnessing the convergence of Digital Transformation and ITAM, as the power of technology is being applied to every aspect of our personal and business lives more than ever before. Many employees are bringing their office equipment home with them, while others are using their personal devices to conduct business in places far outside of their cubicle walls and away from their mahogany desks. Employees are also installing software on multiple personal devices and vice versa, leaving their IT departments with the enormous responsibility and dilemma of managing a wide variety of computing devices on different platforms, as well as facilitating flexible ways for employees to work-from-home. As more employees are pushing to continue their work-from-home arrangements, IT executives are left searching for better ways to help manage their company’s assets.

Digital Transformation is the process of using digital technologies to create new business processes, corporate cultures, and customer experiences—or modify existing ones. When ITAM and Digital Transformation intersect, disruption happens. And where there is disruption, innovation usually follows along with an increase in business value. According to Seng Sun, CEO of SunView Software:

“Successful Digital Transformation requires smarter IT Asset Management solutions that have the power to drive business value.”

While the proliferation of the work-from-home business model is making ITAM more important than ever, the consumerization of digital technology is also lowering the overall cost of running your IT department. This trend is forcing companies to reassess their rationale for managing assets in the first place. Businesses are now less concerned about the cost of their assets, and more interested in tracking the information that each asset contains—along with the access it provides to employees. Now more than ever, organizations are dependent on digital technology for almost everything they do. ITAM information is critical not just for running your IT department, but for helping executives in different departments make informed business decisions. Faced with similar challenges in his own organization, Mr. Sun pushed the boundaries of software development to create an application engrained with “true” cognitive artificial intelligence.

“We succeeded in making asset data management simpler,” Mr. Sun continued to explain. “Now, executives have on-demand access to the data and tools they need to quantify performance and manage assets across their entire organization—quickly and easily.”

The success of IT Asset Management now and in the future lies in the value it offers your business through its insights into all your technology investments.

 

Managing Your Company’s Digital Transformation

Organizations with relatively mature ITAM capabilities are using ITAM data to support their technology strategy, which in turn supports their business strategy. As stakeholders become more aware of the asset-related data that is available to them, they are more likely to use both the data and the insights it provides to help them make informed business decisions. However, according to Gartner’s IT Roadmap for Digital Business Transformation[1],

“Across industries, organizations are accelerating digital transformation processes for long-term growth and profitability.” Yet: “53% of the organizations surveyed remain untested in the face of digital challenge and their digital transformation readiness is therefore uncertain.”

By implementing SunView Software’s smart IT Asset Management solution, you can ensure that your organization is prepared to handle the digital challenges and transformations that await you. ChangeGear’s Asset Management module provides decision-makers in your organization transparency into your company’s tangible and intangible assets. Armed with this knowledge, executives will have the power to make smarter business decisions about the way they will use new and emerging technologies to drive value from their business assets.

 

Further Reading

For more information about ChangeGear’s new Asset Management module and its capabilities, please refer to our ChangeGear 8 IT Asset Management Datasheet.

 

[1] Gartner (2020). IT Roadmap for Digital Business Transformation. Retrieved from https://www.gartner.com/en/information-technology/trends/the-it-roadmap-for-digital-business-transformation-gb-pd

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