The Significance of Hardware Asset Management for your Organization

A lot of organizations struggle to keep track of their hardware systems and their validity. However, this issue can be resolved by utilizing ServiceNow’s Hardware Asset Management, which helps in improving hardware governance and speed time to insights and action. Let us take a closer look at what exactly a Hardware Asset Management is and how you could benefit from it.

IT Asset Management (ITAM)

IT Asset Management uses current software license packs and automated lifecycle management workflows that influence and upgrade your native IT asset database to reduce risk and perfect your business's enterprise software, hardware, and subscription costs. ServiceNow IT Asset Management (ITAM) helps you systematically manage your organization’s complete asset technology lifecycle to reduce costs and mitigate risk.

Hardware Asset Management (HAM)

Hardware asset management, a subcategory of IT management, is exclusively concerned with the actual hardware used in information technology. HAM begins as hardware is acquired, continues through the life of the hardware, and ends with the final disposal of the defunct component. Hardware asset managers take the lead in this task and are required to have a thorough understanding of all pertinent corporate hardware as well as the ability to collaborate effectively with departments and management at all organizational levels.

Hardware Asset

Any company’s physical technology asset, including those in use right now, those in storage, and support equipment, is referred to as a hardware asset.

In keeping with this description, hardware assets are typically divided into four main categories:

1. End-User Hardware

   End-user hardware is any corporate hardware that is directly used by workers in the course of their daily work. This includes computers, tablets, smartphones, SIM cards, and other devices. Personal computers and other mobile devices used by employees to do work are also considered hardware assets.

2. Telecom and Network Hardware

   Hardware for networks and telecommunications serve as a support system for analog and digital communication. This includes switches, load balancers, routers, as well as telephone and video conferencing systems.

3. Equipment for Data Centers

   All gear, including servers, utilities, and security devices, which enables data centers to operate efficiently is referred to as data center equipment.

4. Peripherals

   The important auxiliary equipment present in every area of the modern office setting is referred to as peripherals. Scanners, printers, monitors, keyboards, headsets, projectors, and even cables and adapters are examples of peripheral devices.

Benefits of Hardware Asset Management (HAM)

1. Enhanced Loss Prevention

   HAM offers a simple solution to track equipment and find missing hardware when there is an accurate inventory of all company gear, both in use and storage. Organizations can reduce risks related to incomplete asset knowledge via asset labeling, allocating ownership, and tracking the object's whereabouts. Additionally, it enables HAMs to pinpoint which assets are unused and therefore more likely to be the target of theft.

2. Improved Output

   Employees are frequently responsible for handling and keeping track of equipment, which could cause inefficient, ineffective, or time-consuming processes if there are no established Hardware Asset Managment policy. Not only does HAM ensures appropriate distribution and cataloging of necessary equipment, but good asset management allows your employees to use their time more effectively, foresee asset problems before they arise, and automate numerous asset management procedures.

3. Higher Security and Compliance

   Security personnel finds it challenging to keep what they do seem secure. Effective HAM offers an exhaustive inventory of all hardware assets along with relevant version details. In addition to identifying assets that might be exposed to emerging attacks, this enables security teams to develop comprehensive coverage strategies. Hardware asset management can also help ITAM identify unauthorized hardware assets and guarantee adherence to specified rules and regulations./p>

4. Enhanced Life Cycle Management

   The most significant benefit of HAM is probably that it allows organizations total insight and control over the asset lifespan. Asset managers have quick access to information about any piece of equipment, including its specifications, vendors, past usage, current ownership, tasks, and more. Using this information, HAMs may then make better-informed choices about vendor agreements, servicing, replacements, and other issues.

Capabilities of Hardware Asset Management (HAM)

1. Hardware Asset Workspace

   Hardware asset managers have historically used a variety of technologies and gathered data from many sources to manage a diverse asset estate. Service delivery timelines may be slowed, and resources may be diverted from priority projects due to the human labor needed to maintain vital asset management. Hardware Asset Workspace gives customers a centralized, single pane view of the hardware asset estate and directs users to key action items that influence HAM results.

2. Hardware Normalization

   IT assets are the backbone of every digital organization, providing the framework for earning income and enhancing the user experience for both employees and customers. The business needs to be aware of which assets are owned vs leased, how much they cost, where they are situated, who is using them and how frequently, when they are being configured, and the value they produce to pivot or develop resilience. Asset managers and other IT professionals frequently use a variety of unrelated products, which causes teams to work in data silos.

3. Return Merchandise Authorization (RMA)

   Organizations can repair, replace, or return goods if they arrive damaged or defective, do not live up to expectations, or if hardware fails in the field during the warranty term with the use of a return merchandise authorization (RMA).

   Utilize automated, prescriptive workflows from ServiceNow Hardware Asset Management (HAM) to support your RMA procedures and lessen the manual effort involved in keeping track of assets that are being repaired or returned to the field.

4. Asset Reservations and Loaner Asset Requests

   We will eventually need to replace the technology assets we employ, and end-of-life data helps asset teams’ budget for asset replacements. Assets need to be replaced or repaired because they malfunction before their useful lives are up or when temporary employees join the teams for a set period or short-term projects call for more resources. Temporary assets are frequently required to obtain, configure, deploy, maintain, and track their return to keep corporate operations running smoothly. With automated, prescriptive workflow, ServiceNow Hardware Asset Management (HAM) streamlines the request and management of loaner assets.

5. Asset Onboarding and Offboarding

   Asset teams are entrusted with managing the hardware and software associated with anyone moving, whether a new employee enters the company or an existing employee leaves. For remote workforces, asset teams must precisely track and receive assets going back to the firm to be evaluated for repurposing, disposal, or reallocation. New employees must be provided with the appropriate technology to be productive from day one. Device and software onboarding and offboarding have traditionally included a lot of manual labor and drawn-out procedures that span teams and departments. Productivity is impeded, assets might be lost or stolen, and asset acquisitions become reactive rather than strategic when teams and data are separated, and tools are fragmented. It takes too long to reclaim software and hardware for future use from departing workers, partners, contractors, or interns. It also takes too long to get new hires what they need to start being productive.

6. Asset Management Executive Dashboard and Success Tracking

   It can be difficult for an IT executive to gain a comprehensive understanding of the technology asset estate, in part because previous approaches relied on separate tools for collecting data on software, hardware, and cloud resources. This data would then need to be combined to provide a comprehensive picture of asset performance.

   However, by using the Assest Management Executive Dashboard, High-level stakeholders can manage KPIs to lower costs, reduce risk, and help ensure the technology asset estate is operating by business objectives. This unifies ServiceNow Software Asset Management, Hardware Asset Management, and Cloud Insights into a single dashboard.

7. Contract and Renewal Management

   Consistency in performance is essential when it comes to the assets we utilize to run our organizations. However, when you examine them across both software and physical assets, maintenance and renewal contracts are not always obvious. Even while managing lease renewals and renewal processes might be time-consuming and laborious, it is preferable to do so than risking fines or service interruptions. It is the responsibility of the asset management team to accurately manage contracts and renewals through all their stages, including renewal information, terms, conditions, rate cards, confirmations, approvals, purchase orders, achievements, or cancellations. Therefore, a single pane view of your assets under contract gives a methodical way to manage renewals and expirations.

8. Reduce Costs and Risks

   ServiceNow Hardware Asset Management (HAM) frequently reduces stockroom stocks and resource wastage early in the lifespan. After the lifespan, planning your hardware refreshes using useful end-of-life (EOL) and end-of-service (EOS) insights helps you reduce risks to crucial business systems relying on aging assets and save money through organized purchase processes. Additionally, it assists you in adhering to regulatory standards, environmental protection laws, and security rules for lost or stolen devices while disposing of assets.

Hardware Asset Management (HAM) Implementation

V-Soft Consulting, ServiceNow’s elite partner recently applied ServiceNow HAM and ServiceNow CMDB to help a leading global rail technology company providing equipment, systems, and digital solutions to freight and transportation companies. The company was facing poor asset governance and was not able to effectively manage asset details, such as location, user, cost, age status, etc., which resulted in unsuccessful onboarding and offboarding of hardware assets.

To maintain control over and achieve complete visibility into all hardware assets, V-Soft utilized ITIL and ServiceNow HAM best practices. By using policy-driven workflows, the team developed and oversaw asset lifecycle processes, enabled onboarding and offboarding workflows, implemented stockroom and depot inventory control, synchronized product catalogs with purchasing, established a central asset repository, and oversaw the asset disposal process to ensure legal compliance.