IT Asset Management Applications for Finance

IT asset management (ITAM) is a practice that allows professionals to make smart decisions about hardware, software and inventory information. ITAM is growing more important for businesses each year. Due to regular advancements in information technology, humans interact with a complex web of hardware and software assets for business, finance and leisure. These diverse resources offer a wide range of benefits for profit-seeking businesses. However, IT assets must be managed properly to keep costs low.

The Purpose of ITAM

Without a proper system of asset management, IT professionals and business-owners cannot adequately ensure that the systems are optimized for real business challenges. With an ITAM strategy, people can quickly make decisions based on the status of their hardware and software inventories.

While ITAM is useful for many professional disciplines, it is necessary for financial firms, for instance. From large investment banks to small financial advising firms, many organizations that deal with large data sets can benefit from ITAM applications. These financial firms require accurate data sets to make rapid decisions, so numerous information technology resources are required. With an effective ITAM strategy, professionals are able to manage financial modelling systems, statistical analysis software, and security infrastructures. ITAM software centralizes information about these inventories for simple decision-making.

ITAM also allows finance professionals to maximize the utility of current resources. They can understand the strengths and weaknesses of their assets to meet the IT demands of the company. This is a significant improvement over the outdated methods of manually checking each component of the IT inventory. With automated processes, companies can save time and financial resources.

It is clear that IT asset management systems can improve inventory decisions. However, ITAM can also be used to address modern challenges in the field of finance. Security vulnerabilities, resource efficiency and asset control can all be addressed with IT asset management applications.

Improve Security Practices

The modern age of finance requires a wide range of Internet-based systems. From Cloud computing solutions to online transactions, firms interact with people across the globe via the Internet. These practices offer lower costs and more opportunities for growth but firms must also prepare for security vulnerabilities.

Security threats are among the standard issues that firms with IT infrastructures must face in the current world of business. This is a serious concern for firms in the financial sector. Finance companies have a wide array of high-stakes data on servers. This includes social security numbers, financial histories and monetary assets. This information can be stolen through hacking attempts, scripting and other risks. In addition to the inherent risks of using the Internet, firms must face higher odds of being compromised as they incorporate products from the Internet of Things.

The Internet of Things allows almost anything to access the Web. DVR devices, smart lighting systems and dedicated financial tools can all be used with the Internet. Many of these devices do not have the security features provided in conventional IT systems. To protect the wide selection of software on these devices, users must ensure that all devices are updated with the most-recent patches and bug fixes. Obsolete software is a common entry point for hackers and viruses.

Unfortunately, the cyber-security threats cannot be avoided. The recent Wannacry and HBO hacks have indicated that even massive corporations that spend large portions of their budgets on security are at risk. To stay ahead of these security risks, firms need to stay informed about new vulnerabilities while updating systems. ITAM applications are well-suited for this task.

With services like SysAid’s IT asset management, finance professionals can avoid cyber-security attacks that compromise sensitive data. For example, ITAM solutions can eliminate obsolete programs. Many ITAM systems use automatic patch updates. This ensures that recent innovations in hacking technologies do not exploit old versions of software. ITAM applications can also mitigate the risks associated with software. ITAM provides a great platform for software audits. Users can easily check all software for the compliance standards that are necessary for security and stability.

Increase Efficiency

The world of finance is about minimizing costs while maximizing returns. To follow this strategy with IT solutions, finance professionals must ensure that their system does not waste resources. Therefore, software and hardware resources must be updated, retired or replaced. ITAM allows professionals to make these critical decisions. ITAM can also help people ensure that the current IT infrastructure complements the demands of the firm.

Consider the demands of financial modeling. To process and analyze large data sets, a great amount of processing power is needed for simulations. By automating background processes with strategies developed with ITAM, users can save resources for demanding Python models.

ITAM can also make current strategies more efficient through accurate cost-benefit analyses. People can easily predict the effects of updating or retiring certain components of the inventory.

Improve Control Methods

Some ITAM applications offer visualization tools that are useful for meetings and decision-making processes. With mapping features, decision-makers can see all data center resources. This allows people to understand the relationship between physical finance resources and IT inventories. ITAM seamlessly integrates IT resources with other aspects of the firm.

Author: Kar

Dr. Kar is in the Information Systems & Management area in one of the top QS Ranked universities of Asia/world. He has extensive experience in teaching, training, consultancy and research in Indian Institutes. He has published over 75 high impact research papers with hundreds of citations as per Google Scholar. He has also authored/edited a number of books. He is the Editor and Founder of Business Fundas.
Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.