The old management mantra of, “If you can’t measure it, you can’t manage it,” changes with asset management to: “If you can’t find it, you can’t secure it.”
Improved asset management reduces costs and increases security. This underscores the need for effective tools to track and manage assets seamlessly. “Your spreadsheet isn’t as good as you think it is,” said Justin Lackey, president of Asset Panda, a cloud-based tracking platform. Manual tracking is difficult, so warm up your barcode printer, he added.
Flexible Tools Redefine IT Asset Management
Asset Panda tracks everything — even transplant organs at The Johns Hopkins Hospital. Early on, Asset Panda only defined assets that cost at least $250. But today, users can deem whatever they want an asset and Asset Panda will support them, Lackey shared.
Asset management plays a broader role in aligning IT operations, according to Christina Cravens, chief marketing and chief growth officer at cyber resilience platform provider Redjack. “MSP customers gain substantial advantages from asset tracking mapped to critical business functions,” Cravens explained. “It enables enhanced business continuity, improved risk management, and optimized resource allocation.”
Christina Cravens
Modern asset management tools are designed to simplify operations using existing technologies like bar codes and mobile scanning solutions. In fact, many products already come with bar codes, many of which can be imported by asset management software.
Several vendors have the option to use phones as scanners, often with an offline mode that’s surprisingly popular. For example, Lackey said his company works with ScanIt, and he believed the offline mode would be used mostly by offshore or remote customers. “Turns out U.S. users rely on it most,” he said.
Optimize IT Asset Lifecycles for MSP Success
Once assets are tracked efficiently, their lifecycle can be optimized for maximum value. Lackey shared that these tools can track dates of warranty coverage, past maintenance, OS updates — “Whatever other details you want,” he said. Cost savings through better maintenance helps clients, but the time savings often is more important, he added.
Aligning asset lifecycles with security considerations results in better value for service providers and their customers, Cravens emphasized. Asset control also facilitates regulatory compliance and simplifies auditing processes.
“MSPs enable their clients to maintain a robust security posture while optimizing costs and improving service quality,” she said. “You can build the foundation necessary to modernize or adapt disaster recovery and business continuity planning with the most up-to-date asset information.”
Integrate with Your PSA to Maximize ROI
Justin Lackey
To maximize lifecycle management benefits, seamless integration with your professional services automation (PSA) tool is essential.
As assets move, tracking should move with them, Lackey recommended. Take construction firms, which often do this as their equipment moves from job site to job site. “When you transfer a [physical] asset, just scan it, put it on the truck, then scan it when it gets to the work site,” Lackey explained.
This is also critical for tech assets, Cravens insisted. “When undergoing a cloud migration, data center move, or network divestiture, prioritize comprehensive asset discovery and mapping before the transition. Understanding the dependencies between your systems, applications, and data is essential for a smooth migration.”
Practical Tips for MSPs
With the complexities of modern IT environments, practical strategies guarantee that asset management is a transformational practice. “If you doubled your customer base, where would the gaps be? Asset management would be one of those gaps,” Lackey said.
That said, getting clients on board and running within the program is not a one-person job. The process must be transparent and include accountability for those managing the assets, Cravens noted. This is especially true because of the trend of moving to the cloud while supporting an on-prem footprint as well as the evolution in the cybersecurity market, she added. “The complexity has never been so high.”
Every physical change that affects hardware creates the possibility of critical technology disappearing or being left unprotected. Understanding the dependencies between your systems, applications, and data is essential for a smooth migration. Reliable asset management clarifies those connections.
Peace of Mind and Profits
Asset management provides customers and MSPs peace of mind, said Lackey. It’s also a profitable value-add service to your client base. “How many pieces of equipment do you not have eyes on right now? It’s terrible to get a call from a client asking where a laptop is if you don’t know,” he said.
With effective asset management, MSPs can streamline operations and deliver unmatched value to their clients. It’s a great time to invest in robust asset tracking practices.
Featured image: DALL-E
