The Role of ITAM in the Financial Industry

The Role of ITAM in the Financial Industry

Financial institutions have long been ahead of the curve when it comes to automation and innovation. It’s no surprise that banks, credit unions, and federal agencies find value in implementing asset tracking systems and RFID tagging technology to manage, maintain, and assess a wide variety of assets, including servers, laptops, hard drives, furniture, and files.  

RFID and other tracking technologies provide the financial service industry with automation capabilities for asset tracking, the mitigation of human error risks, and increased accuracy for inventory control – while reducing or eliminating the time staff spends managing IT assets and allowing them to focus on supporting business initiatives. Organizations are recognizing several ways the efficiency and security that an asset management program provides, from managing the lifecycle of your IT hardware down to the ability to locate physical assets such as office chairs quickly.

Empowering Your Fintech Stack with Asset Tracking

Asset tracking as part of an IT asset management (ITAM) program is essential to the financial sector to ensure data integrity, maintain compliance, and avoid budget oversights. At Asset Vue, we’ve helped clients solve the challenge of tracking physical assets for tax purposes, manage maintenance contracts for their hardware inventory, and ensure that decommissioned assets with sensitive data are properly tracked and managed.  

Asset tracking refers to the method of tracking your physical assets, either by scanning barcode labels adhered to the assets or through tags using GPS or RFID technology to broadcast their location. Beyond just tracking a physical location, a comprehensive tracking program, such as Asset Vue’s Inventory Management System, allows you immediate status updates of the item’s current state – whether active, inactive, decommissioned, or in need of repairs.

The additional benefits of adding an ITAM program to your fintech stack include:

  • Hardware asset management: managing and optimizing company devices (workstations, laptops, servers, and more)
  • Energy conservation: know what assets are needlessly consuming power. For example, data centers are famous for consuming power with inactive servers, costing corporations in unnecessary expenses
  • Record maintenance: avoid paying for maintenance contracts for assets no longer in service with a streamlined approach to managing all stages of an asset’s lifecycle

An efficient and cost-effective ITAM strategy can allow organizations in any industry to accurately account for assets throughout their enterprise, even down to a single office chair.

Solving for the Unique Challenges of the Financial Industry

An efficient asset tracking system creates an automated governance program to identify and mitigate the risk to operational, compliance and inventory functions. This is especially important in the financial industry, which often includes multiple branches, a mix of remote and on-site employees, corporate and B2C functions, and high-traffic retail spaces.

One example of how an ITAM program with tracking hardware can solve the financial industry’s unique challenges is increased security capabilities. RFID tags as part of an ITAM program can monitor the movement of equipment while also providing 24/7 real-time updates and system maintenance. ITAM can also play a significant role in inventory control through automated workflows that identify unused or damaged hardware and manage the costs to replace or retire decommissioned assets.

Empowering Better Business Decisions with ITAM

Technology and its assets play a significant role in the financial industry regarding overall operational performance. Often, the role of the IT department includes the implementation, tracking, maintenance, and assessment of all equipment, but asset tracking doesn’t have to be limited to hardware and software. Many organizations have thought outside of the box to track equipment and other inventoried items. A holistic ITAM strategy, including tracking and monitoring, can assist in delivering better insights to key stakeholders, ensuring that all aspects of asset management and inventory control continue to complement business goals.

IT asset management can help the financial industry:

  • Reduce costs
  • Improve operational efficiency
  • Manage inventory
  • Develop processes and accountability
  • Make better business decisions backed by accurate cost information

Asset Vue’s Inventory Management System provides real-time visibility of a wide range of assets, including data centers, software, hardware, networks, workstations, and even down to office furniture. We’ll work with your team to develop an ITAM strategy that spans multiple locations, physical or virtual assets, and compliance and privacy concerns. Beyond maximizing the value of your technology investments, an ITAM program provides more organization to your inventory management, creates accurate cost controls, and mitigates the time and energy wasted on manually tracking assets, resulting in more control over lifecycle costs and risks.