Optimizing Business Operations with IT Inventory Management
Most, if not all businesses rely on technology. And to stress just how big of a part technology plays in businesses, keep in mind that global IT spending is expected to reach over 5.7 trillion U.S. dollars in 2025, which indicates a nine percent increase from the previous year.
Remember how challenging it was to sort thousands of papers in separate folders? Technology has fixed this. But now businesses invest in all kinds of hardware and software, which again, require sorting. More importantly, they must know how well they perform and if they’re worth it.
Recognize yourself? Then, let’s see how IT inventory management can help you.
How IT inventory management helps
To use something, you must first understand what it is, right? Well, considering most are familiar with what inventory management is, IT inventory management isn’t that hard to get. It’s the art of managing your IT resources, both hardware and software, instead of just tracking physical items like stock or supplies. It tracks not only where they are but also how they work.
That said, IT inventory management helps you:
Track your tech
It might come as a surprise but tech also needs to be tracked. If you have no records of what hardware and software your business uses, you’ll have a hard time getting any business operation done. And we all know that there’s hardware and software for anything these days.
Let’s say for example something as urgent as having to fight a cyber attack happens. You need to think quickly. Which of your systems are most likely to suffer? Is your security tool up to date and ready to use? The last thing you want is to waste precious minutes on updating software.
The same goes for physical assets. If one of your servers suddenly fails, you might have to spend hours going around the building before you finally put two and two together.
IT inventory management will keep this record for you, including information about each tech you own – where it’s located, and how you make use of it. You won’t have to open each software separately or run around trying to locate a server. All this information will be in one place.
Understand when to replace or upgrade equipment
If only our equipment could last forever. I mean, we’re sad even when our favorite sneakers get torn. Not to mention, equipment that helps optimize your business operations. And we can all agree that these things happen when they’re least welcomed; when you least expect them.
Well, if you, like us, don’t like the element of surprise in business, you should consider investing in IT inventory management software. This software watches over your tech. It notices when a subscription is about to expire, as well as when hardware is getting old and needs maintenance.
Put simply:
- IT inventory management gives you a heads-up when some of your equipment is about to wear down, that is before it starts causing you problems.
- It reminds you when it’s time to service your equipment, which let’s be honest, is a chore we all tend to put off. But after a few reminders, you might even get yourself to do it.
Since we can’t make our resources last forever, we might at least try to get the most out of them. IT inventory management can keep your systems as efficient as possible so that you don’t have to worry about them breaking down unexpectedly and disrupting your business operations.
Support your business’s growth
There’s hardly a business out there whose goal isn’t to grow. But with no organization and no smart use of your tech assets, your business is more likely to stagnate than to grow.
That said, IT inventory management supports your business’s growth by:
- Planning ahead: When you’re aware of how many software you’re paying for and what each of these does, you can easily spot what’s missing and plan this upgrade in advance.
- Spending smarter: Not every piece of equipment you’ll invest in will be a good decision. This is okay. What’s not okay is not knowing what’s working and what’s not, as knowing this can help you allocate your resources to what could actually benefit your business.
When your business grows, your tech needs will grow along with it. And IT inventory management is extremely helpful in such times due to its talent to keep you up to date with the latest trends in tech so that you can switch to new tools and stay a worthy competitor.
Save money
Even if your business is doing better than ever, there’s no need to waste money on an asset you’re not using. But since businesses started implementing software, this has happened quite a lot. They forget where they’ve subscribed and are using advanced plans with no purpose.
If we were to talk about private life, have you ever tried out a free trial and then just forgot you were subscribed and ended up paying for something you didn’t even need?
Well, when you run a business, this is an even bigger problem, as you might end up paying for multiple subscriptions that no one in your company is using. In fact, almost half (49.96% to be exact) of the software licenses are unused by employees. Believe it or not, this costs companies much more than you might think, resulting in losses of more than half a billion U.S. dollars.
As for unused hardware, there’s nothing to it except wasting space you could use for something, well, useful. It will literally just sit there collecting dust not being able to fulfil its purpose.
IT inventory management software helps you spot such inefficiencies and saves you from throwing money and wasting space on things you don’t need for your business operations.
Stay on the right side of the law
As a business owner, you know how important it is to have a clean face in front of the law. I mean, this is the last thing you want to mess with, as not only could you end up paying additional fees but you could also tarnish your business reputation to the point of no return.
And while it might take time to do it, staying compliant with the industry regulations isn’t hard at all. Especially when you rely on IT inventory management. Here’s how it helps with this:
- Tracking licenses: Although already mentioned, tracking your licenses with IT inventory management software is also beneficial when it comes to complying with regulations, as you’ll know which ones are used properly and if all the necessary ones are up to date.
- Maintaining records: Thanks to your assets being recorded regularly and in one place, you’ll be ready for any audit or inspection at all times.
- Protecting data: This software makes sure that your business follows data protection rules by keeping track of where your important data is stored and whether your security tools are up to date. Not only that, but this also helps with preventing leaks or hacks.
What businesses should keep in mind is that complying with industry regulations isn’t something they should do for the sake of not paying additional fees. This is a MUST because it helps keep their own, their employees’ and their customers’ private information safe and secure.
From managing your tech to simplifying business operations
Yes, investing time and effort in business operations will get them done. But organization and management of your resources are equally as important if you value efficiency above all.
For example, you could search for equipment around the building for hours and while you will find it eventually you won’t have done this efficiently, meaning you have just wasted time on a task that could’ve been handled within minutes with the help of IT management software.
This software is a godsend for times when businesses rely on technology for almost any part of their business. It keeps a record of all the hardware and software you use, including information about where it’s located, how often you use it, and how beneficial it is. It informs you when a license is about to expire, as well as when a piece of equipment is about to wear down.
And when you look at the bigger picture, you’ll come to the conclusion that IT inventory management helps you spend smarter, stay safe, and grow your business faster.
