What Is ServiceNow IT Asset Management?

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Overview

Information Technology Asset Management (ITAM) is a set of business practices and tools for optimally supporting lifecycle management of IT assets and strategic planning for the IT environment. The goal of ITAM is to help organizations manage their hardware and software inventory more effectively and avoid unnecessary asset purchases. ITAM encompasses:

  • Asset provisioning
  • Inventory management
  • Contract/SLA (Service Level Agreement) management
  • Change Management
  • Asset governance control and compliance
  • Asset audit management

Why Businesses Need ITAM

The research firm Gartner has estimated that global spending on enterprise application software will hit $201 billion by 2019. Although advances in cloud-based technology are changing this industry, an organization’s ability to manage these assets is not going away. To the contrary, modern application software is fundamentally changing the definition of a technology asset, requiring ITAM leaders to step up their game:

  • Businesses will need mature ITAM practices to extract maximum value from their software assets. However, Gartner has estimated that by 2020, only 25% of businesses will be satisfied with the value they’re deriving from their software assets, primarily because they have not created proper alignment between the assets and their pre-purchase expectations for these assets.
  • As businesses shift to cloud-based software solutions, businesses will increasingly risk paying for unused and underutilized software as a result of having inadequate ITAM controls in place. Gartner has predicted that by 2020, 80% of vendors will offer subscription-based business models, which are common with cloud-based software. Continuous and rigorous ITAM monitoring will be essential to combat over-provisioning of software.
  • Individual business units are increasingly making purchases of cloud-based software that are neither sanctioned by IT nor known to IT. Gartner reported in 2016 that these “shadow IT” assets are driving increased risks of data breaches and financial liabilities, and recommended that businesses use ITAM to implement coordinated, consistent data security measures.

2016 Gartner study found that organizations can cut spending on software assets by as much as 30% by implementing the following ITAM best practices:

  • Looking for savings in how software is configured
  • Identifying all opportunities to recycle software licenses instead of making new purchases
  • Using an ITAM platform to automate, accelerate, and improve manual processes

Why Businesses Choose ServiceNow for ITAM

ServiceNow’s ITAM platform provides a single system of record upon which to identify opportunities to reduce costs, eliminate wasted resources, improve compliance, mitigate security risks, and drive standardization. ITAM also is nested with the greater ServiceNow ecosystem, allowing it to integrate optimally with:

  • ServiceNow IT Service Management (ITSM)
  • ServiceNow IT Business Management (ITBM)
  • ServiceNow IT Asset Repository and Configuration Management Database (CMDB)
  • IT governance, risk, and compliance management

ServiceNow ITAM was reviewed by the independent Silicon Valley B2B review service FinancesOnline. ServiceNow ITAM received a near-perfect score of 9.7 out of 10, making it FinancesOnline’s No. 1 top-ranked ITAM software product.

FinancesOnline’s reviewers identified the following as key benefits of ServiceNow ITAM:

  • Helps companies maximize the use of their resources and completely exhaust a resource until its expiration
  • Helps companies maximize replacements of resources that are no longer functioning
  • Helps businesses automate the process of establishing relationships among resources
  • Informs IT teams where an asset is in its lifecycle
  • Centralizes asset tracking
  • Enables IT teams to renew contracts and replace hardware at the exact moment they’re needed
  • Helps prevent an asset’s serviceability needs from causing workflow problems

Where ITAM Is Headed

Businesses’ growing need to manage the lifecycle of assets and ensure compliance readiness will drive the growth of the ITAM market in the coming years. The analyst firms MarketsandMarketsResearch and Markets, and ReportLinker have all estimated that software asset management is expected to grow into a $2.3 billion industry by 2022, at a compound annual growth rate of 14.8%.

ServiceNow Products

Businesses that use ServiceNow are able to rapidly achieve improved self-service capabilities for all users (both employees and customers) and elevated efficiencies in service operations.

ITSM

Information Technology Service Management

ServiceNow IT Service Management (ITSM) helps you accelerate your digital transformation by enabling services for your end-users wherever they are, whenever they need it, and from any device they have.

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ITBM

Information Technology Business Management

Information Technology Business Management (ITBM) is a set of workflows and tools for optimally developing, delivering, and managing business services through an IT-focused lens.

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CSM

Customer Service Management

Customer Service Management (CSM) is a set of workflows and tools for optimally overseeing and tracking all interactions with a business’s customers with the goal to comprehensively manage the customer experience (CX).

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ITOM

Information Technology Operations Management

IT Operations Management (ITOM) is a set of services, processes, and best practices for optimizing the availability, efficiency, and performance of an organization’s IT operations. Through IT Operations Management, the organization reduces infrastructure spending, improves utilization of existing resources, and reduces risks due to human error.

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SAM

Software Asset Management

Software Asset Management (SAM) is a set of business practices and strategies for optimally managing acquisition, usage, and lifecycle maintenance of software that enables organizations to create an accurate system of record for all software assets.

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HRSD

Human Resource Service Delivery

HR Service Delivery (HRSD), also known as HR Service Delivery, is a best-practices approach for automating and standardizing HR processes within your organization that enables organizations to provide engaging, holistic HR services to employees.

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THE BUSINESS CASE FOR SERVICENOW

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Business Case

According to Forrester Consulting’s 2017 The Total Economic Impact of ServiceNow report, ServiceNow customers benefit from a 20% increase in IT productivity and enjoy, on average, a 195% ROI and payback in less than nine months.

While Forrester provides numerous benefits and statistics quantifying ServiceNow’s ROI, businesses should also develop a customized business case for their own organization. Crossfuze can create a detailed ServiceNow business case for any qualified organization that requests one.

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