IT Asset Management - Group 3 - PDF

IT ASSET MANAGEMENT D. CABUSLAY J. FULONG V. BONITO W. PEREZ  LEARNING OBJECTIVES Explain IT Asset Management Identify IT Asset and its importance Explain how ITAM process works Describe each IT asset lifecycle management Explain the various types of I...

IT ASSET MANAGEMENT D. CABUSLAY J. FULONG V. BONITO W. PEREZ  LEARNING OBJECTIVES Explain IT Asset Management Identify IT Asset and its importance Explain how ITAM process works Describe each IT asset lifecycle management Explain the various types of ITAM Discuss the benefits of ITAM Identify various ITAM Controls What is IT Asset Management? IT asset management (also known as ITAM) is the process of ensuring an organization’s assets are accounted for, deployed, maintained, upgraded, and disposed of when the time comes. Put simply, it’s making sure that the valuable items, tangible and intangible, in your organization are tracked and being used.  An IT asset is classified as any company-owned information, system or hardware used in business activities. The IT asset management process typically involves gathering a detailed inventory of an organization's hardware, software and network assets and then making informed business decisions about IT-related purchases and redistribution. Importance of ITAM ITAM is about more than creating an asset inventory. It's about continually using the captured asset data to maximize returns, minimize risk and drive increased business value. By avoiding unnecessary asset purchases and making the best use of current resources, IT asset managers can cut software licensing and support costs, eliminate waste and improve efficiency. How does an ITAM process work? 1. Asset identification: The first step in IT asset management is to create a detailed inventory of all IT assets. 2. Tracking: This involves using an ITAM tool or system to continuously monitor IT assets. 3. Maintenance: IT assets are maintained according to their lifecycle stage.  Every IT asset has a finite lifecycle. IT asset management (ITAM) is about managing an asset’s lifecycle to ensure maximum productivity. While each organization may define unique lifecycle stages, an IT asset lifecycle generally includes the following stages: 1. Planning: This involves making decisions about assets needed by an organization, their intended use and how to acquire them. Organizations also consider competitive alternatives and carry out cost-benefit and TCO (total cost of ownership) analyses of all possible options while planning for asset acquisition. 2. Procurement/Acquisition: Assets may be acquired by buying (including Software-as-a-Service), building, licensing or leasing. 3. Deployment: Asset deployment may involve installation, integration with other tools, providing user access and providing technical support. 4. Maintenance: Once the assets have been deployed, provisions should be made for regular maintenance, upgrades and repairs to optimize their use and maximize value. This will prolong their lifespan, minimize costs and mitigate risks. 5. Retirement: An asset is retired when depreciation sets in and maintenance is no longer feasible. That is, an IT asset reaches the end of its lifecycle when maintenance becomes more frequent and the organization spends more resources on it than it used to. An organization can also decide to retire an asset if there are better alternatives in the market. Asset retirement involves disposing of old assets, updating asset information, terminating support and license agreements and making plans to transition to new assets. What are the types of IT asset management? The four primary types of ITAM purchase options include the following: 1. In hardware and software asset management, IT has a platform that focuses solely on delivering the management of IT hardware such as endpoint devices, mobile devices, servers, workstations and any software in use. 2. A cloud asset management tool focuses on supporting the management of cloud asset services from Amazon, Microsoft, Google or other cloud service providers. What are the types of IT asset management? 3. In digital asset management tools are mainly used by organizations that manage digital content to track licensing, formats, metadata and other attributes. These tools provide features and functionality not found in other products. 4. Fixed asset management tools track assets including desks, printers, networking cabinets, server room AC units and any other fixed IT assets within the environment.  Benefits of IT asset management Efficient IT asset management (ITAM) can help an organization make better business decisions. Some of the key benefits include the following: Centralized asset database/inventory: Assets are difficult to manage when they are tracked in different places. Inaccuracy and disorder may set in, leading to inefficiency and poor business decisions. Having a single source of truth makes asset tracking easier and more efficient. The organization can see in one place what assets need to be discarded, upgraded or optimized for maximum productivity. Optimized asset use: IT asset management leads to efficient use of resources, mitigates risk, minimizes waste and reduces cost. By establishing an ITAM process, an organization gets real-time data on the state of all its assets and can make informed decisions about asset use.  Benefits of IT Asset Management Software license compliance: Organizations that license third-party software often must undergo software audits by software providers who want to be sure these organizations comply with the license terms and conditions. Defaulting on the agreements can lead to serious fines. Thus, organizations use ITAM software to automatically monitor all software installed on all computers on their networks and ensure they comply with the relevant license agreements. Informed decision-making: ITAM data helps with the evaluation of previous purchases and deployments, which then informs subsequent actions. ITAM can improve IT asset purchase and business processes. Physical Security Controls Something you can physically touch, such as a hardware lock, a fence, an identification badge, and a security camera. Physical security access controls attempt to control entry and exits, and organizations commonly implement different controls at different boundaries. Environmental controls Environmental security controls protect assets from accidental, intentional, and natural events, including fire and water damage or power disruption. Logical Access Controls Logical access controls tools are used for credentials, validation, authorization, and accountability in an infrastructure and the systems within. These components enforce access control measures for systems, applications, processes, and information. This type of access control can also be embedded inside an application, operating system, database, or infrastructure administrative system. Network Security Controls Network Security Controls are used to ensure the confidentiality, integrity, and availability of the network services. These security controls are either technical or administrative safeguards implemented to minimize the security risk. To reduce the risk of a network being compromised, an adequate network security requires implementing a proper combination of network security controls.