IT Asset Management Concepts

Asset Lifecycle Status

The Asset Lifecycle Status provides a dynamic framework for categorizing and tracking the progression of assets through various key statuses, each signifying a distinct phase in their lifecycle.

The following list provides details about the various Asset Lifecycle statuses and their significance:

• 🏬 In Store
  The status In Store is assigned to an asset when it is physically present and stored at a specific location within the organization.
  
  
• 👤Allocated
  An asset attains the Allocated status when it is designated for use by a specific user, location, or department within the organization.
  
  
• 🔨 In Repair
  Assets undergoing maintenance, whether for hardware or software issues, are categorized as In Repair.
  
  
• ⛔ In Active
  Assets deemed irreparable due to factors such as high cost, extensive damage, or loss are classified as In Active.
  
  
• ✈️ In Transit
  Assets in transit are captured under the status In Transit, indicating that the process of asset relocation or transfer has been initiated.

Asset Type

Asset type refers to the specific classifications or categorizations of assets within the IT infrastructure. It helps distinguish between different kinds of assets based on their characteristics, usage, and management requirements.

Below are the four Asset Types:

• 💻 Fixed Assets
  Fixed Assets refer to the long-term assets that an organization acquires and utilizes within its information technology infrastructure. These assets are critical for the functioning of the IT environment and play a key role in supporting various business operations. 
  They contain two main categories: IT Assets and Non-IT Assets.
  
  IT Assets: These assets possess an IP address and can be detected by Asset Management using either agent-based or agentless methods.
  Example: Laptops, Desktops, Servers, Switches, routers, and similar devices.
  
  Non-IT Assets: These assets are manually added to the inventory and tracked accordingly.
  Example: Machinery, Furniture, Electrical equipment, and related items.
  
  
• 🎧 Accessories
  Accessories refer to the supplementary items or components that accompany primary IT assets or equipment. They enhance the functionality, usability, or convenience of the main IT assets and are often managed alongside them in the ITAM system.
  Example: Mouse, Laptop bag, Headphones, Data cards, Security Cameras, and related items.
  
  
• ✏️ Consumables
  Consumables refer to items that are regularly used and depleted during normal operations within an organization. These items are not considered fixed assets like computers or servers, but they are essential for maintaining day-to-day activities. They have to be replaced regularly in an organization as they can be spent, wasted, and dissipated.
  Example: Printer cartridges, CDs, Stationary items, and related items.
  
  
• 🪪 Software
  Software that is purchased and used by an organization is defined as Software Assets.
  Example: Adobe Photoshop, Microsoft Office, Microsoft Visual Studio, and so on.

Asset Categories

Asset Categories typically refer to classifications or groupings of IT assets based on various criteria such as their function, type, lifecycle stage, or ownership. The specific categories may vary depending on the organization and its IT infrastructure and the selected Asset Type.

• Fixed Asset Categories
  Laptop, Desktop, Tools and Hardware, Router, Firewall, Manufacturing Equipment, Server etc.
• Accessories Categories
  Monitor, Mouse, Keyboard, Microphones, Flashdrives etc.
• Consumable Categories
  Cleaning Supplies, Office Supplies, Batteries, Cables and Connectors etc.
• Software
  
  Note

  For Software, the categorization is done based on Publisher and License Details.

Asset Actions

Asset Actions refer to the various processes and operations carried out during the lifecycle of an IT asset. These actions are crucial for maintaining an organized, secure, and efficient IT environment. Here are brief explanations for some key Asset Actions: