Managed Service Providers (MSPs) handle entire IT infrastructures for multiple clients, which means they need to stay on top of every detail and quickly adapt to changes. That’s where IT Asset Management software for MSPs comes into play, helping them streamline operations and deliver high-quality services.
Before diving into the specifics, it’s important to understand the core concepts of Asset Management and MSPs — especially if you’re new to this topic. Having a solid grasp of these fundamentals will clarify the connection between them and highlight the benefits MSPs can gain from effective it.
Why is this so crucial? According to Statista, the global MSP market was valued at $152.02 billion in 2020 and is projected to reach almost $274 billion by 2026. This leap underscores the growing demand for managed IT services.
With that in mind, let’s explore how IT Asset Management solutions enhance the efficiency of MSPs, and the must-have features to look for.
What is Asset Management?
Asset Management refers to the systematic process of developing, operating, maintaining, and selling assets in a cost-effective manner. There are many Asset Management processes, each with its own merits.
However, they all have something in common. They are all part of a vital strategy for organizations that aim to maximize asset utilization and operational efficiency.
What is IT Asset Management?
IT Asset Management (ITAM) is a subset of Asset Management focused on IT infrastructure, including both hardware and software. ITAM helps businesses manage their IT assets from procurement to disposal, ensuring the assets provide value throughout their lifecycle.
IT Asset Lifecycle Management: The 9 Stages to Manage Your IT Assets
What is IT Asset Management software?
IT Asset Management software plays a critical role in simplifying and automating ITAM processes. By providing a centralized platform to track assets, manage licenses, and generate reports, ITAM software helps MSPs maintain accuracy, compliance, and control over all IT assets.
Why should an MSP care about Asset Management?
As we mentioned above, MSPs manage entire IT infrastructures for many clients based on Service Level Agreements (SLAs). And given the size and variety of these infrastructures, the task would be extremely challenging without a robust Asset Management software.
1. Prevent hardware and software deterioration
Without careful management, all assets — both hardware and software – will deteriorate and can become too expensive to manage. And in the worst-case scenario, it can cause unexpected hardware failure and a service outage.
By carefully managing their client's assets, MSPs can avoid unexpected these type of failures. Keeping up-to-date data and monitoring the health of assets ensures smooth operations.
2. Increase security
Poor Asset Management can also affect the MSPs' and their clients' cybersecurity. For once, delayed software security updates and firmware updates can leave the IT infrastructure vulnerable. On the other hand, it's like a green light for rogue assets and shadow IT.
Finally, with an increasing number of mobile devices and network access points to manage, MSPs need robust ITAM tools to monitor and secure all assets. This reduces the risk of unpatched vulnerabilities and rogue devices within their clients' networks.
3. License Management
MSPs will also need to manage licenses for third-party software. This can add up quickly for MSPs who manage IT infrastructure for many clients. You may use more licenses than you've paid, resulting in failed software license audits.
Software Inventory Management is another key component. ITAM software helps MSPs keep track of software licenses, ensuring they aren't overspending or failing audits.
Software License Management: Everything You Need to Know
What are Managed Service Providers (MSPs)?
MSPs are external organizations that manage IT services on behalf of their clients. From cloud services to managing hardware and software assets, MSPs ensure that IT infrastructures run smoothly and efficiently.
Managed Service Providers services and responsibilities
MSPs are responsible for managing the IT environments of their clients. Their services typically include:
- Monitoring and maintaining network devices.
- Managing mobile devices and servers.
- Deploying and updating software.
- Ensuring cybersecurity across systems.
- Tracking assets and providing asset data insights.
MSPs also offer valuable strategic support to organizations, helping them align their IT infrastructure with business goals.
How can an ITAM tool improve the effectiveness of MSPs?
An ITAM tool can streamline the Asset Management process for managed service providers. Here’s how.
1. Keeping track of all assets
If you have too many assets, you must keep track of them. Mainly, you can do a manual inventory when all assets are in different locations. But that will take up a lot of resources, and you simply cannot afford to update it regularly – this is one of the reasons why an Excel sheet simply won’t work (scroll down for more on this).
In this sense, InvGate Asset Management simplifies and automates it to a large extent. It can find all the assets in your network and information like vendor details, last security patch, and more. It can also continually update this inventory with little intervention from your end.
Besides inventory, you can simplify how assets are assigned to employees, monitor the software license assets employees use, and ensure they don’t end up as shelf ware.
2. Monitoring and troubleshooting assets
An ITAM tool can give MSPs complete visibility into their assets, not only in terms of functionality but also in assessing the value of each asset.
Monitoring means tracking performance, condition, and depreciation, giving MSPs a clear picture of how each asset contributes to the overall infrastructure. This way, MSPs can make informed decisions regarding asset utilization and replacements.
It’s impossible for an MSP to manually oversee all their assets 24/7/365, but Asset Management tools provide monitoring features that ensure devices are functioning as required. They can check for malfunctions and raise alerts before issues escalate.
Organizations can also configure their IT asset policy within the ITAM tool, ensuring that the team is alerted if there are any deviations.
If an employee reports an issue with their device, the service desk can use the ITAM tool to remotely access and fix it — one of the many advantages of integrating ITSM and ITAM tools.
Asset Health Rules: The Evolution of IT Asset Monitoring Alerts
3. Securing an MSP and their client’s IT infrastructure
As discussed earlier, ITAM is essential to an organization’s cybersecurity strategy. It gives complete visibility into an organization’s assets. Using this, the cybersecurity team can assess the risks facing an organization and its assets and build its security strategy around it.
The IT team may struggle to contain a security breach without an IT Asset Management tool. They may find it challenging to identify the attack surface and the affected assets and mitigate the attack's impact. It can also slow down the cybersecurity team as every process has to be carried out manually.
4. Integrating their software deployment process
With an ITAM tool, IT teams don’t have to visit every workstation or server to deploy software physically. If a client requests a new software solution or migration to a different system, the MSP can execute this remotely to a large extent. It reduces the service teams' workload and the resources MSPs need to handle IT services.
MSPs can also automate software updates and security patches using an ITAM tool and ensure that all the devices get them on time. They can also manage software licenses and allocate them most efficiently.
5. Making better data-driven decisions
IT Asset Management tools are usually a treasure trove of valuable data and insights. For example, InvGate Asset Management can give extensive details on software usage and hardware status and help you determine the cost and ROI of each of your IT assets.
Based on this data, organizations can optimize their software and hardware procurement cycles, improve their profit margins, and ensure the end-users get the best experience.
An excel sheet won’t do well as an Asset Management solution
Asset Management is not just about keeping an inventory of assets. It’s about getting your assets to work for you, ensuring that they deliver the expected performance, are in the best conditions, and optimizing spending on them. And you cannot do this armed with an Excel sheet.
The solution won't be scalable if you manage your infrastructure with Excel. Hence, you’ll have to automate processes and checkboxes. A robust Asset Management solution can make this easier.
Excel for Asset Management: 10 Reasons to Ditch your Spreadsheet ASAP
Must-have features to look for in IT Asset Management software for MSPs
When choosing an ITAM tool, MSPs should look for state-of-the-art analytics. They’ll need a solution that can give them a complete financial picture of all of their assets and granular data on individual purchases. The ITAM tool should empower stakeholders and executives to make data-driven financial designs.
MSPs will also need a system that can monitor many diverse devices. Their customers will have various requirements, and the Asset Management solution must be able to monitor and keep track of different devices. The system should be able to remotely access these devices, schedule updates and patches, and troubleshoot them as necessary.
In short, an Asset Management tool for a managed service provider should be able to help manage their resources efficiently and, simultaneously, be capable of supporting large IT infrastructures.
Asset Management tools: 5 key features to look for
When selecting IT Asset Management software, MSPs need to consider features that will help them manage complex infrastructures efficiently.
1. Automated asset discovery and tracking
MSPs need the ability to automatically track and manage assets, including network devices, mobile devices, and servers, across different locations. Automated tracking ensures real-time asset data and up-to-date reporting.
2. Software inventory and License Management
An ITAM tool should include features for managing the entire software inventory, including license tracking and compliance. This prevents license waste and ensures proper utilization across all clients.
3. Centralized reporting and valuable insights
MSPs need comprehensive reporting capabilities to generate detailed reports on asset utilization, compliance, and performance. Access to valuable insights allows MSPs to make informed decisions and optimize operations.
4. Cloud-based solutions with intuitive interfaces
A cloud-based ITAM solution with an intuitive interface provides MSPs with the flexibility to manage assets remotely and ensure compliance across their clients' infrastructures.
Cloud Asset Management: Streamline Your IT Resources
5. Security monitoring and compliance
MSPs should also look for tools that offer compliance monitoring and cybersecurity features to safeguard their clients’ assets. ITAM software should include features to track warranty information, prevent human error, and enforce security policies.
Final thoughts
In conclusion, leveraging IT Asset Management software is essential for Managed Service Providers aiming to deliver exceptional IT services.
By optimizing asset tracking, monitoring, and management, these solutions enable MSPs to enhance operational efficiency, improve security, and maintain compliance across diverse client infrastructures.
With the ability to automate processes and gain valuable insights into asset performance, MSPs can make informed decisions that drive business growth and elevate client satisfaction.
As the demand for managed IT services continues to soar, investing in robust ITAM tools becomes not just beneficial but crucial for MSPs. These tools empower service providers to navigate complexities and challenges, ensuring they can meet and exceed client expectations.
With the right IT Asset Management software in place, MSPs can confidently focus on their core mission — delivering top-notch IT services while maximizing the value of their assets.
Frequently Asked Questions
1. What is SAM MSP or SAM Service Provider?
A software Asset Management managed service provider takes care of a client's Asset Management needs using their skills, software, and resources. It is a sub-category of MSPs or a niche MSP function in which a client pays an MSP to take care of their IT service needs (software Asset Management in this case).
2. Does an MSP need an Asset Management solution?
Yes. MSPs or managed service providers manage massive infrastructures for multiple clients, and they should get an Asset Management tool to streamline this. Without an ITAM tool, they can face asset loss, unexpected downtime, cyberattacks, and their IT expenditure can go out of control.
3. What is an RMM or a Remote Monitoring and Management solution?
An RMM or Remote Monitoring and Management is software used for remotely monitoring or controlling devices. They're used for remotely troubleshooting appliances, installing software or a software patch, and watching them for any malfunctions.
4. What is mobile device management software, and how does it fit into IT Asset Management?
Mobile Device Management (MDM) software helps MSPs monitor and control mobile devices remotely. It plays a critical role in ITAM by providing visibility into all mobile devices and ensuring they comply with security policies.
5. Why is up-to-date asset data important for MSPs?
Accurate and up-to-date data is essential for MSPs to track asset performance, detect potential failures, and avoid service disruptions. It also helps ensure operational efficiency and cost-effective resource utilization.
6. How does ITAM software enhance operational efficiency?
ITAM software automates asset tracking, reporting, and license management. It reduces manual work, improves asset visibility, and ensures efficient use of resources, leading to better operational efficiency.
7. What role does ITAM play in cybersecurity for MSPs?
ITAM is crucial in maintaining a secure IT environment by tracking all assets, monitoring for vulnerabilities, and ensuring that software updates are applied promptly.
8. How can MSP software streamline software deployment processes?
MSP software can automate software installations, updates, and patches across multiple devices, reducing the need for manual intervention and minimizing downtime.
