Hardware Asset Management (HAM) is vital for keeping track of any businesses entire IT estate, from bulky equipment right down to computer accessories. It’s a core part of IT asset management and involves managing and tracking all pieces of IT hardware owned by the business. 

It doesn’t matter how large or small a company is, there will always be IT hardware to manage. If this is done regularly, then it can save the company both time and money in their IT budget. 

Let’s look at how regular Hardware Asset Management can save your company money. 

Stops Double Purchasing

If you’re not keeping an accurate track of your IT hardware, you can often end up buying equipment that you already own. When going through the HAM process, it’s essential to keep an accurate and up-to-date report on the location and end user of all the IT hardware your business owns.

That way, you know exactly where it is at all times, and you know what equipment is currently in storage and can be reused. 

It’ll save you time and money in the long run, as you won’t be buying new equipment for competitive prices when it’s already owned and only needs to be set up. 

Monitor Asset Depreciation

One excellent way Hardware Asset Management can help save your company money is by keeping up to date on the lifecycle of your hardware assets. If you have a report on every piece of hardware managed by your company, then you can prepare for updates, to keep the equipment performing at peak levels for as long as possible. 

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IT equipment depreciates over time, and technology is always advancing. Eventually you’ll need to purchase new hardware. Regular HAM reports mean you can plan for this and include it in the IT budget for that time period.

That means you can get the best deals when buying equipment because you can shop around instead of buying something in a panic because most of your equipment has gone down. 

Preventative Maintenance

Hardware asset management is the process of tracking and managing physical assets throughout their lifecycle. By monitoring the condition of your assets, you can ensure that they are properly maintained and repaired as needed. This can help to extend the life of your assets and prevent costly downtime. 

Hardware asset management software can also help you to keep track of your inventory levels and budget for future purchases. By keeping track of your assets, you can make sure that they are always in good working order. Hardware asset management can help you save money and prevent problems with your assets.

Prevents Theft

Unfortunately, theft happens in organisations. There have been common instances of former colleagues not returning their IT equipment. If you’re not keeping track of these belongings, then it’s easy for them to get lost. 

Replacing these items can be costly, but that’s not the only way your company loses money when a piece of equipment gets stolen. Work delays and decreased productivity while the item is replaced is also a factor. 

An accurate and up-to-date HAM report tells you exactly who is using what, so you know what to expect back when someone leaves the company. 

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Keeps Your Company Compliant

European companies are bound by GDPR rules, and not complying can cause hefty fines. Part of GDPR involves keeping track of all IT hardware that collects and stores personal data. If you run regular HAM, then you don’t need to worry about this. GDPR compliance is a breeze with a real-time report on the location and user of all your hardware assets. 

Hardware Asset Management Process

Hardware Asset Management (HAM) is the process of tracking and managing physical hardware assets throughout their lifecycle. This includes everything from acquisition and deployment to retirement and disposal. The goal of HAM is to optimise the use of hardware assets and minimise the total cost of ownership. 

The first step in any Hardware Asset Management process is to inventory all of the assets in your environment. This includes identifying each asset, its location, and its associated cost. 

Once all of the assets have been inventoried, you can begin to track and manage them using a variety of software tools. These tools help you to keep track of asset utilisation, maintenance schedules, and warranty information.

In addition, they can also help you to automate many of the tasks associated with Hardware Asset Management. By using a Hardware Asset Management tool, you can save time and money while ensuring that your hardware assets are always properly maintained.

A more efficient way would be to seek the services of Hardware Asset Management (HAM) service providers, as they already have the equipment and tools in place to keep track of your IT estate.