What are the 3 main Asset Management types?

Asset management is a key part of today’s hybrid work environments. As organizations integrate software and cloud components with their on-premise resources, there is a need to manage all assets to ensure seamless operations. 

There are three main asset management types: hardware asset management, software asset management and cloud asset management. In this article, we’ll break down each of these and discuss how they can work to improve your business.

Asset management is a strategic approach that involves balancing the opportunities, risks and costs of the performance of an organization’s assets to reach its business goals and objectives. It focuses on managing assets throughout their lifecycle to ensure that their value is maximized and they efficiently work for their intended purposes.

Proper asset management enables companies to boost productivity, reduce errors, minimize issues, decrease costs and enhance security, among other benefits.

There are several types of asset management as it concerns the various elements that make an organization run. That said, the three main types include hardware asset management, software asset management and cloud asset management. Here’s an overview of each:

Hardware asset management

Hardware asset management (HAM) is concerned with the lifecycle of physical assets used in the everyday operation of an entity. These include computers, equipment, laptops, drivers, modems, etc. With a HAM approach, organizations can track how their tangible assets perform based on their capacity and can determine when adjustments need to be made to cut costs or increase efficiency. HAM software can help you stay on top of hardware maintenance and tell you when it’s time to acquire new equipment or dispose of non-functional assets.

Software asset management

Software asset management (SAM) is similar to HAM, although it concerns software assets–the applications themselves, their software license agreements, the hardware they run on and the data they generate.

SAM methodology allows organizations to keep software licenses up-to-date and compliant, stay audit-ready and optimize software assets for maximum performance. It allows businesses to make the most out of their software investments, giving them a look into what’s working and what’s not, cutting unnecessary usage and spending when needed.

Cloud asset management

Cloud asset management (CAM) deals with assets that are in the cloud. Many companies today have moved from traditional on-premise applications to cloud resources to reduce costs and save storage. Through CAM, companies can keep track of all of these elements, ensuring that they integrate seamlessly into their physical systems and that usage is compliant and effective.

Today’s hybrid IT environments require a mix of different asset management approaches. To determine what your business needs, it’s best to assess your current infrastructure, noting pain points and opportunities. Then, you can scout for the offers and features of asset management tools like Flexera to find the one that best works for your objectives. In many cases, you may need more than one type of asset management. Combining methodologies could be your best bet toward smooth-sailing workflows and maximized assets.

Flexera’s software asset management tools are ready to help you govern your hybrid IT infrastructure. Our resources can help you map out your asset lifecycles, remain compliant with your licenses, stay updated on required maintenance and be ready for audits, effectively enhancing productivity, reducing spending and preparing you for growth. Speak to one of our experts to learn how Flexera software management can help your business!