The Future of IT Asset Management: 9 ITAM Trends For 2024

The Future of IT Asset Management: 9 ITAM Trends For 2024

Your IT Asset Management (ITAM) practice is not immune from the current corporate focus on IT optimization, that includes both asset utilization and ITAM operations. This, along with increasing technology complexities on the radar, are influencing many of the ITAM trends for 2024.?

So, where is everything heading towards? To help you navigate this landscape and stay on top of your game, this blog shares insights into nine of the key ITAM trends IT professionals need to be aware of and potentially focus on in 2024.?

  1. Getting the ITAM “basics” right
  2. Understanding how IT complexity impacts ITAM complexity
  3. An emphasis on Cloud Asset Management
  4. An increase in software vendor audits?
  5. A laser focus on asset optimization
  6. Increased use of AI-enabled ITAM capabilities
  7. Employee experience can’t be ignored
  8. Meeting Enterprise Service Management needs
  9. Make sure ITAM plays its part in corporate sustainability initiatives

Hold on tight as we delve in!

ITAM Trend #1 – Getting the ITAM “basics” right

For 2023, the focus was on formalizing ITAM practices. In 2024, there’s a need for organizations to ensure that, on the back of the formalization, they are also getting the ITAM “basics” right. But what do we mean by “basics”?

There are multiple dimensions to this point, including people, processes, and technology. It starts with having the right people to undertake ITAM tasks. This isn’t simply having the right skills and training; it’s also having the availability to give ITAM the attention it needs (and deserves).

From a process and technology perspective, there are general and specific “must-haves” that can’t be overlooked.

The general “must-haves” include having formalized and documented processes that are enabled by technology, perhaps even artificial intelligence (AI) -based capabilities.

In terms of the specifics, there are the core capabilities that every ITAM practice needs to execute against its responsibilities. These capabilities include:

It’s important to note that being great in just one or two of these areas is not “getting the basics right.” Your organization needs to focus on strengthening its baseline across all of them.

"We are still finding organizations with a relatively low ITAM maturity level. Not having basic processes, policies, and controls in place means some organizations have no visibility of their ITAM estate nor effective ways of working for IT/Tech teams and the end-user. They use a “fly-by-the-seat-of-your-pants” methodology, which won’t fly moving forward. When this is the case, organizations should focus on getting even the most basic ITAM processes and controls in place. They do not have to be amazing or mature. Still, as long as they are documented and communicated and promote a steer toward ITAM best practice, it is a great start." David Foxen , Founder & Principal SAM Beast Consulting Ltd

ITAM Trend #2 – Understanding how IT complexity impacts ITAM complexity

For many organizations, ITAM has always been a complex IT Management discipline, especially without access to fit-for-purpose ITAM tools . Increased business and technology complexity and changes across the workplace scenario also add to this equation.?

For example, business policies related to third-party services and employee personal device use (BYOD ), especially when coupled with remote working, make both Hardware and Software Asset Management harder. Or the use of cloud environments and cloud-delivered IT services make for a more complicated canvas.

Ben Strickland , Senior Director of ITAM Product Management at RAY · ALLEN, Inc. , points out that organizations often focus too much on the assets the end-user interacts with directly (that is, those connected to the network), and can forget about monitoring the network itself. He says, “IT organizations spend almost as much on wireless, routing/ switching, security services, etc., as they do on endpoints for both hardware and licenses. But instead of costing $2000 apiece, they cost $250,000 apiece. And they get misplaced or used ineffectively for the same reasons.

These complexities don’t only have to be considered and incorporated to the ITAM strategy , but they also make the use of fit-for-purpose ITAM tools even more vital, including the ability to see a consolidated view of assets and the corporate position in a single view.

ITAM Trend #3 – An emphasis on Cloud Asset Management

While this ITAM trend is part of ITAM trend #3, it’s worth considering the impact of Cloud Management as a separate area to focus on.?In relation to this, David Foxen comments that “we are seeing an increase in the adoption of thin clients coupled with cloud environments so that users can work remotely and more effectively, rather than having to go into the office all the time to fulfill their tasks. This means less focus on physical assets and more on those cloud instances.”

For example, there might be an ITAM need related to discovering, cataloging, and classifying cloud assets. There will likely be the need for specific Financial Management and optimization related to cloud, with auto-scaling not the only way to optimize cloud spend.?

This includes Cloud Financial Operations or FinOps – a cultural practice and operating model that brings financial accountability and Cost Management to the variable spending model of cloud computing. It helps organizations align and synchronize their IT, Finance, and Business teams to enable better control and optimization of cloud costs.

ITAM Trend #4 – An increase in software vendor audits?

The added complexity of ITAM and the continued post-pandemic financial uncertainty being felt by many organizations, including the software vendors themselves, will continue to increase the volume of software vendor audits .

Your organization can best protect itself from any adverse consequences of software vendor audits by:

  • Getting the Software Asset Management “basics” right – from discovery through to Compliance Management .
  • Running and documenting regular internal audits.
  • Maintaining open communications with key software vendors.
  • Understanding audit clauses in vendor agreements.
  • Adequately preparing for software vendor audits, including audit response plans-
  • Educating staff on the need for software compliance .

"With the rise in SaaS, organizations are underestimating the audit threat, and software vendors will take advantage of them having their guards down. It’s important to not only be in compliance on entitlement counts but also ensure that usage is applied correctly and within contractual obligations.?2024 and 2025 will see an onslaught of audit letters as recession and US election year uncertainties continue." Anne Watson , ITAM Solutions Architect at SHI International Corp.

ITAM Trend #5 – A laser focus on asset optimization

Compliance is only part of the Software Asset Management need and opportunity. The other is asset optimization, with this also relevant to different asset types . This is the strategic management and planning of physical or digital assets to improve their efficiency, reduce costs, enhance performance, and extend their useful life.?

The need for asset optimization was the number one driver for ITAM in the Deloitte 2022-23 ITAM Survey , where the top three drivers were:

  1. Cost optimization (cost reduction and avoidance) – 83%?
  2. Reducing financial exposure from vendor audits – 60%
  3. Enabling greater visibility to ensure cost-effective and efficient management of IT assets – 54%.

While asset optimization might primarily focus on costs, it involves a systematic approach to evaluating, monitoring, and maintaining assets to ensure that they’re utilized effectively and deliver maximum value to your organization.?


Read the complete article on our blog!


Don Champlin

ITAM / ITSM Consultant / Advisor / Management & Compliance

11 个月

Good article. There are three inputs which should be added. IT Asset Management and the life cycle management is by definition begins with recognition of need and ends with disposition that defines the reuirements for a transition to new hardware and software or disposal and compliant removal.. This recognition and disposition defines an ongoing strategic process governance that drives sustainability that ensures customer experience, loyalty and market leadership. Secondly, contract negotiation to ensure compliance capabilitie, third party embedded services protection within contracts and set vendor support requirements related to services must be diligently achieved. Thirdly, iTAM CIs must be identified and tied to Service definitions such that Incident and change management process governance can capture financial impacts as well as business impacts of events to permit proper review and evaluation of business disruption and impact. Without such review, corrective go forwards to improve response is nonexistant. I am one of the original founders of the ITAM maturity model and documenters of the lifecycle management process and governance.

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