There are a lot of things that go on in the backend during the decision-making process of ServiceNow Hardware Asset Management, including DDDM, which is short for Data-Driven Decision Making. It is done using metrics and data available to formulate strategic business decisions.

 

Organizations can better connect IT plans with overarching business goals by making informed decisions about infrastructure upgrades, technology refreshes, and asset investments with the use of accurate and current asset data. Global hardware asset management market thematic study suggests a potential compound annual growth rate (CAGR) of 11.9% between 2024 and 2034. By 2034, it is expected that the market will be valued at US$ 93,056.19 million. In 2023, the market experienced a 9.9% year-over-year rise.

 

Understanding Hardware Asset Management

 

ServiceNow Hardware Asset Management integrates asset tagging, ownership assignment, routine maintenance, and location tracking for security and theft prevention. To lessen loss or theft, hardware asset management offers the tracking of maintenance records, contracts, license agreements, and warranty paperwork.

 

Proactive maintenance, automated inventory control, and centralized asset tracking simplify IT operations and support data-driven decision-making. Organizations may optimize resource allocation, reduce risks, and synchronize IT strategy with business goals by utilizing thorough reporting insights.

Also, read about ServiceNow Hardware Asset Management: Your Path to Efficiency.

 

ServiceNow's Approach to Hardware Asset Management

 

Complete end-to-end asset visibility, precise insights to lower asset costs and risk, and automated asset processes are all included in the ServiceNow Hardware Asset Management solution, which guarantees an efficient hardware asset management lifecycle. Hardware Asset Management, which is included in the ServiceNow IT Asset Management toolkit, takes care of the intimidating complexity involved in monitoring and sustaining the equipment that businesses rely on.

 

Benefits of Data-driven Decision-Making

 

The utilization of data to inform decision-making has many advantages. Making decisions based on data is advantageous because it helps in the following suits:

 

  • Improved Resource Allocation: With data, companies can allocate resources more efficiently. By analyzing past performance and forecasting future needs, companies can ensure that resources are delivered where they are most needed.
  • Proactive Problem Solving: Data-driven decision-making enables proactive problem-solving. By constantly monitoring data, companies can identify potential problems before they escalate.
  • Greater Visibility and Control: With data, businesses have more visibility and control over their operations. Real-time data dashboards provide insight into every aspect of the company, from supply chain to customer interaction.
  • Optimized Procurement Processes: Data-driven techniques facilitate procurement processes by providing accurate demand forecasts and supplier performance data.

As you can see, there are many advantages that organizations may get from data-driven decision-making, and these advantages can have a significant impact on a wide range of business activities, including customer service, sales, growth, and expansion. Moreover, it is incredibly adaptable and may be used in almost any aspect of your company where you want to make improvements.

 

 

Key Features of ServiceNow Hardware Asset Management

 

ServiceNow Hardware Asset Management involves an IT Asset Management (ITAM) module. The two main sub-modules of ITAM are ITAM-HAM (Hardware Asset Management) and ITAM-SAM (Software Asset Management).

 

When combined, these modules give businesses many advantages. SAM guarantees optimal and regulated software spending, whereas HAM offers asset estate insight and streamlines the entire IT lifecycle, from acquisition to disposal. It cuts costs to a very significant level. This can be seen as it helps in

 

  • End-to-End Lifecycle Tracking: This allows organizations to monitor IT assets throughout their entire lifecycle. From acquisition to disposal, it ensures efficient use and management of resources.
  • Advanced Reporting and Analytics: Provides detailed insights and analytics on asset performance and utilization. It also helps businesses to make informed decisions and improve operational efficiency.
  • Automation of Asset Workflows: Automation streamlines IT processes by automating routine asset management tasks, reducing manual effort, and improving accuracy and efficiency in asset handling.
  • Risk Mitigation and Compliance: Ensures that all IT assets comply with industry regulations and standards, reducing the risk of non-compliance and associated penalties.
  • Cost Optimization: Helps organizations optimize their IT asset spending by identifying underutilized assets. It is also helpful in eliminating redundancies, and negotiating better contracts, ultimately reducing overall costs.

The Netherlands-based Workwise unveiled its most recent IT HAM platform in March 2024. IT departments can effectively recover, handle, and utilize IT hardware for their worldwide workforce. The technology also aims to optimize manual labor, saving close to 40% of the time.

 

 

Get details on Explore Efficiency of ServiceNow Hardware Asset Management.

Case Study: Leading Tech Giant Automates Asset Lifecycle to Save Time and Costs

 

  • Objective: Leading tech giant automated asset control to store time, reduce fees, and enhance productivity.
  • Solution: Leading tech giant leveraged ServiceNow's IT Asset Management (ITAM) answers to streamline its asset management methods and acquire massive financial savings.

Implementation

  • Data Integration: They incorporated ServiceNow ITAM with its current systems to control 600,000 IT assets, along with laptops, desktops, and mobile gadgets.
  • Automation and Optimization: By imposing ServiceNow ITAM, they computerized 50% of manual responsibilities, eliminated functional resource duplication, and progressed asset visibility and control.
  • Predictive Insights: ServiceNow Hardware Asset Management supplied targeted insights into asset statuses and lifecycles, facilitating better choice-making for renovation, updates, and replacements.

Results

  • They executed a 50% reduction in guide obligations
  • Overall productiveness stepped forward by way of 25%
  • Annual financial savings of $1 million
  • Global Coverage

Best Practices for Implementing ServiceNow Hardware Asset Management

 

Implementing ServiceNow Hardware Asset Management (HAM) can dramatically enhance your IT asset management capabilities. Best practices to ensure proper implementation include:

  • Establishing Clear Objectives: When planning for HAM implementation, begin by outlining clear, doable goals for the implementation process. You may want to cut costs, enhance the utilization of your assets, or enhance compliance.
  • Comprehensive Asset Inventory: This is preferable for over-produced items as it allows viewing a complete list of all the firm’s hardware assets. This ranges from servers, laptops, and other IT equipment to peripherals and accessories.
  • Utilizing Automation: Advantages of automation to the enhancement of asset management procedures. HAM in ServiceNow has automated business workflows for tagging, renewal, and asset management.
  • Integrating with Other ITSM Processes: The ITSM systems, such as incidents, change, and crisis management, must be interfaced with HAM. Thus, there is a coherent approach to IT services, and good interaction between IT services is achieved.
  • Implementing Advanced Reporting and Analytics: Exploit advanced reports and analytics for crucial insight into the status of the hardware assets. ServiceNow HAM lets you track the usage of the assets at both utilization and status levels.
  • Regular Training and Support: Provide regular training and support for your IT team. Ensure that they are well-versed in using ServiceNow HAM and understand the importance of accurate asset management.
  • Monitoring and Review Performance: Go on to audit and confirm the effectiveness of the HAM systems you have put in place. Use Key Performance Indicators (KPIs) to measure success and make data-driven adjustments as needed.
  • Engaging Stakeholders: Engage all relevant stakeholders in the HAM implementation process. This includes IT staff, procurement teams, finance departments, and executives.

Future Trends in Hardware Asset Management

 

The swift transition to subscription-based total business models, which provide businesses flexibility and cost-effectiveness, is predicted to be a leading fashion. Another essential improvement is the growing use of blockchain generation for safe, transparent monitoring of hardware assets over time. Shortly, ITAM will see a growing fashion and upward thrust of the following gear:

  • A Greater Attention to Sustainability
  • Artificial Intelligence (AI) Integration
  • Internet of Things (IoT) adoption
  • Cloud-Based Management
  • Improved Real-Time Collection of Information
  • Blockchain for Openness
  • Asset Optimization
  • Integration with IT Service Management (ITSM)
  • Employee Experience

Conclusion

 

By effectively harnessing the strength of ServiceNow Hardware Asset Management and information-driven decision-making, companies can revolutionize their IT operations. Through inMorphis accurate asset tracking, streamlined workflows, and insightful analytics, groups can optimize aid allocation, lessen fees, and mitigate risks. Success stories from leading groups underscore the transformative effect of this approach.

Ready to harness the full potential of your hardware assets with ServiceNow? Take the first step towards transformative growth. Contact inMorphis today and let us embark on this journey together. Your optimized, future-ready infrastructure awaits. Do not wait; seize the opportunity now!