Six Tips to Improve Organizational Inventory Management

Keeping track of your organization’s technology can actually be more difficult than you may think. First of all, most businesses aren’t that worried about their technology as long as it works as designed. Secondly, technology tends to move in and out of an organization pretty fast. In this month’s newsletter, we are going to go into some steps you need to take to get a handle on your technology inventory.

Asset Visibility

The first step in building a strong IT inventory strategy is by gaining complete visibility into the technology your organization has. This includes documenting hardware such as servers, computers, networking equipment, and peripherals, as well as software licenses and applications. Conduct periodic assessments to ensure that all applications on your network are documented and accounted for.

Document Everything

Doing your best to meticulously document your business’ technology is the most important part of effective inventory management. In order to do this, you first need to create a centralized database that provides a record of specific variables such as make, model, serial numbers, configurations, and assigned users or departments. You’ll want to regularly update this database as technology is moved in and out. 

Categorize Your IT

Organize your inventory logically by categorizing assets based on type, location, department, or function. This strategy promotes better decision-making and enables you to quickly locate specific assets when needed. Additionally, you’ll want to classify assets by their importance to prioritize maintenance and upgrade schedules. 

Lifecycle Management

One of the more in-depth things you can do is implement a comprehensive lifecycle management strategy that allows you to track technology from purchase to disposal. This strategy means that you need to monitor warranties, leases, and maintenance contracts to ensure that your business is getting the timely renewals or replacements it needs to maintain security. Proactively planning for upgrades is a great way to ensure that your business gets the security coverage and productivity features offered with new solutions. 

Security and Compliance

Security should be ingrained in every aspect of IT inventory management. To improve your compliance initiatives, you’ll want to regularly assess security risks associated with your assets and implement appropriate measures. Every business needs a solution to encrypt sensitive data that allows them to maintain compliance with regulatory requirements.

Regular Audits and Reviews

Finally, you will want to conduct regular audits and reviews of your IT inventory. You should schedule these periodically to ensure that your digital records completely represent your business’ situation. Having up-to-date information can go a long way when it comes to upgrading and repurposing your technology.

At XFER, we help Michigan businesses manage their technology. If you would like more information about managing your IT inventory or any other technology-related issue, give us a call today at 734-927-6666 / 800-GET-XFER.