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Not to sound like a broken record, but IT Asset Management (ITAM) is something every organization should invest in. Between Sarbanes Oxley and vendor audits, the costs associated with non-compliance are great, and far too much of a risk for IT Managers. Here are some key reasons why ITAM is a must:

Cost Savings: better management of your IT assets creates better investment decisions and reduces the risk of unnecessary spending.

Security: proper asset management allows companies to keep track of inventory, when it’s been moved and even what programs are installed on each device, which cuts down on unauthorized applications being installed and used.

Business Performance: change, whether it’s a merger or a seasonal influx of work, can be a burden to any IT department. An organized repository of IT assets can prepare IT for these changes, creating a more fluid process.

Productivity: an efficient IT department means more employees with functioning technology and less downtime. Crashes and even routine maintenance can be a time drain- ITAM will reduce these problems before they affect productivity of employees. ITAM enables help desks to proactive address issues as they arise. By having a hands-on, proactive approach leveraging the intelligence garnered from the asset management program, IT can significantly reduce problems and eliminate downtime.

Compliance: ITAM prepares organizations for vendor audits and SOX compliance requirements. Non-compliance is costly and can even lead to jail time.

Since the introduction of RFID for asset tracking, many IT managers ask us - which is best for IT Asset Management, RFID or bar coding? For several reasons, our answer to that question is RFID by far, not just because of our own offerings through RF Code, but because it truly gives organizations visibility into its IT Assets and makes tracking easier. The downside of using RFID for tracking is, of course, cost. Using standard bar codes or serial numbers in an Excel sheet doesn’t incur additional costs like implementing passive and active RFID tags and readers. The downside of the “old fashioned method” of tracking bar codes is the time investment and of course the chance for human error and resulting non-compliance. According to the Aberdeen Group, more than 67% of companies consume at least 5-10% of their revenue in asset management operations (both AM & ITAM), with more than 50% of these companies still relying on manual asset management processes to effectively track and maintain their assets.

In addition to real time reporting, using RFID tags offers organizations increased security, which comes with added value.  According to Gartner, there has been an 80% increase in the number of companies reporting stolen laptops containing sensitive information between 2006 and 2008. In addition to laptops, most companies have a majority of employees with cell phones and PDAs that need to be accounted for. RFID tags will alert you when an asset is being moved, used improperly or has been tampered with.

The added value of using RFID is certainly worth the extra cost. Bottom line is that the old method of tracking in an excel sheet, as we mention to our clients constantly, leaves too much room for error. Don’t take the risk - invest in RFID for tracking assets.

Sarbanes Oxley (SOX) compliance is always on the minds of IT Managers. SOX 404 has been introduced to improve financial control of internal reporting. Many organizations use simple, or complex, Excel spreadsheets to track data within the scope of an assessment of IT controls. These can sometimes be very difficult to control, and therefore pose some risk in remaining compliant with SOX. More often than not, organizations utilize spreadsheets or databases to provide critical data or calculations within SOX 404. Although spreadsheets can support complex calculations and offer flexibility, they often leave a lot of room for error.

Controls can be implemented to insure that your spreadsheets don’t get you in trouble and leave you out of compliance:

• Run a risk-based analysis to identify spreadsheet logic errors. There are automated tools that will help with this.
• Baseline your spreadsheet calculations
• Ensure changes to key calculations are properly approved

Also, automate or eliminate manual steps wherever possible to avoid human error.  Another tip is to reduce the number of controls your company needs to monitor and test by creating higher level controls. Often, especially within large operations, you will find that there is more than one way to perform the same function.  Simplify as much as possible to reduce the risk of error.

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