What are the types of Asset Management?

Asset management, as is the case with SAP asset management, is the systematic process of planning, tracking and administering the acquisition, operation, maintenance and disposal of organizational assets. It aims to improve asset performance and minimize related costs and risks.

Asset management is important because it allows you to optimize your operational environment, ensuring that everything works as expected and nothing goes to waste. It also provides significant value in cost savings, compliance and security.

Here’s an overview of some of the most common types of asset management:

Software asset management

Software asset management (SAM) is an initiative that helps organizations maximize the value of their software investments and reduce risks and costs associated with software acquisition and usage. Applying SAM methodology means actively governing and automating systems to monitor and streamline the acquisition, installment, usage, maintenance and eventual retirement of software applications.

Hardware asset management

Hardware asset management (HAM) involves the discovery, inventory and management of hardware assets, such as routers, servers and workstations. It aims to ensure that all physical IT equipment performs efficiently and the organization doesn’t waste resources on underutilized assets.

Cloud asset management

Cloud asset management (CAM) tracks and oversees resources concerning the delivery of cloud services, including storage, servers and licenses. It focuses on improving the security of cloud-based assets, improving inventory accuracy and monitoring and making asset data more accessible. It’s highly valuable in businesses that rely heavily on cloud infrastructure, such as those in technology, e-commerce and media.

Network asset management

Network asset management (NAM) refers to the process of maintaining inventory of all network components, from routers to switches to modems, along with any device attached to a network. It ensures that these assets are up-to-date with software updates and licenses, plus it boosts the security of the entire network environment.

Organizations with complex networks, such as telecommunication businesses, universities and healthcare institutions, can greatly benefit from NAM.

Data center asset management

Data center asset management (DCAM) concerns the assets in an organization’s data center environment. This includes servers, storage, networks and other devices supporting data center operations (even including cooling systems!) A DCAM approach involves capacity planning, monitoring environmental conditions and optimizing space and resources.

Enterprise asset management

Enterprise asset management (EAM) revolves around the lifecycle of physical assets such as equipment and vehicles, making it highly useful for business in logistics, manufacturing and transportation, among others. It helps companies track, assess, manage and optimize performance and reliability.

IT asset management

IT asset management (ITAM) is similar to EAM, except it involves the IT assets of an organization. It’s concerned with the end-to-end tracking and management of asset lifecycles, from acquisition to disposal.

It’s a comprehensive approach, often encompassing other types of asset management methodologies, including SAM, HAM and NAM, as well as management processes related to finance, risk, compliance, security and performance.

Flexera offers software asset management tools that can help your company improve its operations, reduce costs and maximize usage and value. Speak to one of our experts to learn how we can help you manage your hybrid IT environment!