As technology develops, organizations are increasingly dependent upon their IT assets to deliver services to their customers. Historically, asset management consisted of employees walking around with their clipboards writing down model numbers to be inputted into a centralized database. As a result, organizations got very basic information on their assets making it difficult to refer to a complete record of an asset throughout its lifecycle. Moreover, this rudimentary information didn’t contain warranty information, service history, or a clear indication of when it was time to retire that asset. Many organizations found themselves in situations in which they had some employees using legacy hardware because their records were inaccurate and incomplete. Many organizations found that an audit of IT assets would take a considerable amount of time and human resources to collect this very basic information surrounding their assets.
When we look at these challenges within the scope of the entire organization’s success, it was clear that there was a demand for IT Asset Management software development. The toolsets on the market today are markedly more efficient; redefining best practices for organizations conducting IT asset management. Some ITAM tools have an automated discovery component that can discover all your IT assets connected to your network. With the advent of machine learning, these toolsets can use references to other devices on connected devices to include these machines in the IT asset management process. By utilizing the latest in IT asset management software, an organization can reduce the time it takes to conduct an audit from months and weeks to days and hours.
Reduction in audit times and being able to automatically discover IT assets aren’t the only advancements in asset management technology. Current ITAM tools are also able to manage your assets throughout their lifecycles. In addition to maintaining an organized, centralized location for all your asset data, modern toolsets can also manage the applications and patching on your devices. This is immensely significant for those who are on the IT Security side. Over 80% of all cyber-attacks utilize known vulnerabilities that could easily have been prevented by conducting proper ITAM practices. Considering today’s cybersecurity landscape, it’s imperative that organizations start ensuring that their devices and software are all up to date with the latest patches and security fixes. Current ITAM toolsets allow organizations to automatically maintain their patching throughout their IT assets to safeguard themselves from actors utilizing known vulnerabilities to gain access.
In this way, IT asset management isn’t only a means of maintaining financial stability by having complete records and whereabouts of all their IT assets, but also a means to shore up their risk of attack. I’m sure you’ve heard of the Equifax hack that resulted in 143 million Americans information being put at significant risk. Now, Equifax has to answer to congressional inquiries and faces considerable legal repercussions that could’ve been avoided if they conducted more vigilant ITAM/Patch management practices. This case study is still developing; however, Equifax is likely looking at a class action lawsuit in excess of $68 billion excluding the fines and penalties. As a result, Equifax shares are plummeting, and the organization has been thrown into a tailspin. This case demonstrates the cruciality of utilizing IT asset management software and best practices within your organization. Don’t be Equifax; Check your patch.