Audit asset management (AAM) is a growing business practice, as it is becoming imperative for an organization to document all the technology assets – hardware and software — they own, understand their nature, management and maintenance, and ensure they comply with industry standards.

Let’s talk a little more in detail about the audit asset management, its process, and why your organization needs to switch from manual audit to AAM.

What is Audit Asset Management?

Audit asset management is the documentation of all the IT assets of a company to understand how these are used, integrated, and maintained. With correct records and proper management of all company assets, the company can avoid technical issues. Therefore, moving from manual audits to audit asset management programs is key to streamline the process.

Audit Asset Management Process & Benefits

A well-defined audit program will allow the organization to know all the software and hardware it owns and operates. The process majorly consists of:

  • Asset discovery. This step entails capturing details about the asset such as type of software or hardware, specification, make or model, license number, and storage, among others
  • Tracking of asset. This specifies the exact location of each asset, especially helpful for companies with multiple locations. This task is particularly challenging with a manual audit process.
  • Lifecycle management. This entails managing an asset through its entire lifecycle from inception to engineering design, manufacture, service, and disposal. Part of the auditing process is also ensuring that the IT assets are licensed for proper use.
  • Reporting data. This automated report notifies the company of vital details about the assets, enabling them to make decisions.

In following these steps, the company can gain insight into the actual value of an asset, know when to upgrade, and meet ever-changing industry compliance standards.

AAM also reduces the chance of error or damage that could potentially cause problems with the IT infrastructure in the future. These reports are generated automatically and delivered with a complete and thorough understanding of all the features and management methods of assets.

Best Practices in August Asset Management

Once you have start implementing the audit asset management, here are some best practices to follow or remember:

  • Audit asset management is an ongoing process, not a temporary project. This means that you cannot only get your IT assets audited once and then leave it. You regularly need to keep a track of all the software and hardware maintain them for better business.
  • It is a must for any organization. Enterprises invest large amount of time and money. It is therefore imperative that get the most value out of the assets. It pays to stay ahead in this process to ensure that all IT assets are functioning properly and always maintained according to best practices.
  • All issues cannot be resolved at one time. The best way to manage issues is by having a clear, concise plan and having a starting point. For example, you can start with software licenses and move forward from there.
  • Stick to the plans that have worked in the past and rely on the automated audit asset management approach. The audit team will help you understand the reports of the audit and make the changes as needed.

NST owns and deploys industry-leading audit asset management technology that enables CFOs, finance managers, and IT managers the information they need to make decisions. NST will deliver a one-time audit, and on a regular basis for customers contractually engaged. Contact us today to learn how we can kickstart your audit asset management.