Windward Insights

Multiple Teams Benefit from the use of ServiceNow Asset Management

Published Sep. 21, 2020
Written by Vikki Fraser

Asset Management

Keeping track of a company’s assets used to be time consuming and tedious. The days of tracking physical assets in spreadsheets on a singular machine can finally be gone. With ServiceNow’s Asset Management module you can now have full control of your assets and access them anywhere with ServiceNow’s Mobile IT Asset Management.

The needs for asset management and provisioning have skyrocketed as remote work has taken over in 2020. This information is essential for the IT team, the finance team, the purchasing team, the accounting team and even the recruiting team. Cross-collaboration of asset management has become critical across the enterprise. With ServiceNow each team can get the information they need to purchase provision, upgrade, replace or depreciate assets all in one workspace.

ServiceNow’s IT Asset Management (ITAM) module covers the entire product lifecycle from purchase to decommissioning. Purchase history, inventory and assigned assets are right at your fingertips allowing you to provision out hardware to new hires and upgrade assets for existing employees quickly and easily.

Best practices for asset management include:

  • counting and controlling current inventory, purchases, and usage;
  • keeping track of gaps and overlaps in inventory;
  • cost management of acquisition and management of assets;
  • sourcing appropriate tools for managing assets;
  • managing the asset life cycle;
  • compliance with relevant standards and regulations; and
  • best end-user experience

Asset Management and the Configuration Management Database (CMDB) are related, but have different goals. Asset Management focuses on the financial tracking of company property. Configuration management focuses on building and maintaining elements that create an available network of services. – ServiceNow

Source

Now® Mobile and Agent apps allow you to manage your assets on the go! Through the use of QR codes asset managers can easily scan assets with the mobile interface. You can also track incidents against an asset and identify purchase sources by scanning a QR code.

Assets can be classified inside ServiceNow as hardware, software license, or consumable with the capability to create unique classes so they will suit your business model. Configuration item management allows you to set asset states and substates for each asset to better understand its role.

The Finance team can set fixed asset groups to manage bundled assets and map the consumable life cycle to depreciate these assets as a group for financial purposes.

All assets can be searched by their state, substate and other data such as model number, software version and any other identifiable information for help in identifying and sourcing outdated assets.

The Inventory team can manage procurement, contracts and vendors in the contact management function of the software. When assets are assigned a stockroom and transfer order can be initiated to move assets between stockrooms or move assets into production for use.

The ServiceNow Asset Management interface makes it easy to add, remove or update users, stockrooms and assets. You can assign user roles to control access to various domains in the system to ensure user visibility is only what is needed for their role.

If you would like to learn more about ServiceNow asset management and the ServiceNow ITSM product feel free to contact us.