TechExcel                              White Paper

Asset Management
TechExcel                          White Paper

Asset management – why now?                                            ...
TechExcel                           White Paper

These other types of assets are generally critical to mission objectiv...
TechExcel                           White Paper

vehicles, production equipment, or even furniture and land. Since the ...
TechExcel                           White Paper

information from another, that data would take a significant amount   ...
TechExcel                           White Paper

utilization metrics and usage, are recorded in its central repository ...
TechExcel                            White Paper

Current and future regulations                                       ...
TechExcel                           White Paper

There are two security levels in an asset management system. The datab...
TechExcel                           White Paper

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Asset Management

  1. 1. TechExcel White Paper Asset Management The new wave Introduction many cases, companies use legacy and paper-based methods to try to get a handle on the plethora of asset and analytical To run a business within a business, IT Service and Support information that is available in the multitude of siloed data requires firm control over its assets and services. Moreover, systems. Often, companies only view one portion of their fully understanding the location, health and performance of all complement of assets, which in many cases, is not where the enterprise assets has a direct impact on the organization’s overall majority of their asset base lies. There are many instances corporate financial performance. To proactively manage assets where organizations struggle with the burden of vast amounts over their entire lifecycle, firms must strive for enterprise-wide of un-used assets, simply because they are not visible to the visibility and context into utilization, service accounts and departments that need them. historical records. The role of Service Management solutions is to provide this view, and automate and support the processes Companies can no longer rely on outdated systems and that enable the enterprise to maximize ROI, improve service processes to manage the strategic initiative of holistic asset levels, streamline service delivery and reduce total costs. management. The challenge ahead is to integrate disparate software and tracking technologies, processes AND people Additionally, the adoption of the Sarbanes-Oxley Act of 2002 across organizations and channels to optimize the business as a best business practice has provided the catalyst to deploy process as well as the life of each asset throughout its lifecycle. applications that provide transparency and visibility, financial controls, communications, and fraud prevention. This includes This whitepaper examines different types of asset management business performance management and business intelligence, and their advantages and disadvantages. We will then discuss tightening up processes, and focusing on data quality. Further, best practices that all enterprises should consider and conclude to effectively comply with SOX Sections 404 and 409, firms with solutions that can enable executive management to become will need IT support for solutions that can address asset 100% confident in enterprise asset information but also achieve management, as well as the processes used to attain corporate fiscal accountability and effectively mitigate risk. accountability. Most enterprises, however, do not have adequate strategies and infrastructure to optimally deal with their enterprise assets. In 1 Asset Management - The New Wave
  2. 2. TechExcel White Paper Asset management – why now? Types of asset management As an initiative, strategic asset management has risen to a high level of Asset management can be categorized into four main areas; fixed asset importance within the enterprise and has moved from a purely tactical management, enterprise asset management (EAM)/computer maintenance function into and under the guidance of IT Service and Support. As management systems (CMMS), IT asset management, and life-cycle service and support departments transform from cost centers to a business asset management. Let’s examine the definitions of each, as well as their unit capable of delivering competitive advantage, corporate assets have advantages and disadvantages. dramatically increased in importance. Clearly, firms recognize the untapped value within their asset base as a means to increase productivity, expand on Fixed Asset Management/Accounting fiscal responsibility, and reduce personal property taxes. They are, however, unable to access and deliver this value because they still rely on manual, Fixed asset management/accounting is the process of accounting for asset data-starved processes. that is capitalized onto the organization’s balance sheet. A fixed asset is any asset that costs more to acquire than a defined value, which is called the Further, the regulations and frameworks that have emerged over the capitalization threshold. Only those assets whose acquisition cost exceeds last few years mark asset management as one of the areas to increase this value qualify for capitalization. These assets can include items such as accountability and mitigate risk. These include the ITIL framework, the buildings and equipment and have typically been housed and managed oft-mentioned Sarbanes-Oxley Act of 2002, Basel II, and the Health through fixed asset modules in a financial accounting application. Insurance Portability and Accountability Act of 1996 (HIPAA), as well as a host of other regulations dealing with corporate and IT governance. Advantages For federal agencies and government contractors (those companies Fixed asset management tools are a good choice if an enterprise is only that do business with the federal government), there are still more and interested in tracking assets to be depreciated. In general, most large increasingly complex regulations. The Federal Acquisition Regulation Enterprise Resource Planning (ERP) systems contain a fixed assets (FAR) is just one of many that has been revised and significantly impacts accounting module so at the very least, companies could have the bare government contractors. The Joint Financial Management Improvement bones of an asset management solution. Program ( JFMIP) is another set of regulations that governs what type of systems federal agencies must use in order to be more accountable for their Disadvantages actions. Others include Government Accounting Standards Board (GASB) Fixed asset management breaks down when one examines the definition regulations 34/35 which governs how state and local government agencies of a fixed asset. Described above, this definition completely ignores every establish and improve standards in accounting and financial reporting. other type of asset – including IT assets - which ironically enough, are the greatest number of assets an organization typically possesses. Fixed What does this mean for asset management as a whole? Asset management asset modules, whether they are embedded in an enterprise system or is now being seen as having a direct impact on corporate financial implemented as a stand-alone application, generally do not optimize the performance, rather than just a tactical “inventory” of what assets an asset management process, properly identify configuration functions, enterprise possesses. This requires a real-time, business process-centric integrate with the CMDB, or permit the capture of data relevant to all view on assets. Providing this perspective is the priority and function of other assets. The ability to capture and manage non-financial data related to today’s service and support organizations. Life-cycle asset management the asset such as maintenance dates, accountable department or person and provides direct and complete visibility into effectiveness, utilization and incident number often do not exist. re-use. Additionally, firms are more and more concerned with hazardous material and sensitive data; that which can jeopardize the safety or security to individuals / organizations and/or dangerous to human health or the environment when mismanaged. Life-cycle asset management enables enterprises to mitigate risk to their company, their employees and customers and the environment. 2 Asset Management - The New Wave
  3. 3. TechExcel White Paper These other types of assets are generally critical to mission objectives, cards, memo files to wall-mounted log boards. These methods were hazardous in nature, potential security risks or easily lost. Examples of cumbersome, incomplete and ineffective. What’s more, they were used these types of assets include laptops, cell phones, PDA, firearms, uniforms inconsistently, further reducing whatever minimal benefits they could have or even parking spaces. Other intangible assets can include the intellectual provided. property of a company or sales lists or proposals to prospects, all of which have no “capital value” but are devastating to the company if the Disadvantages information was leaked out of the internal environment and into the wrong While EAM / CMMS systems are excellent for maintenance scheduling, hands. they are not meant to manage the wide range of assets nor are they typically built for the integrated architecture culture of today’s enterprise. They do Enterprise Asset Management (EAM) / Computer Maintenance not manage multiple asset categories or provide the visibility an enterprise Management Systems (CMMS) requires to be effective in its life-cycle asset management initiatives. Many CMMS / EAM vendors claim that assets and equipment can be prolonged Enterprise Asset Management or Computer Maintenance Management through regular, effective preventative maintenance. While this is true, this Systems (CMMS) are primarily used to maintain facility operations should not be confused with asset management as a discipline. In addition, and can span many diverse functions and responsibilities, ranging from any advantages to solely using an EAM / CMMS system are overshadowed scheduling preventative maintenance jobs to allocating the resources by the critical need for transparent visibility and context for all assets needed to complete the work. As part of these systems, comprehensive throughout the enterprise, not those assets used just for production value. asset data is collected as it pertains to the specific asset. Typically, EAM and CMMS systems contain “scheduled maintenance” modules so that facilities IT Asset Management can determine what assets must be maintained and when. In addition, EAM and CMMS systems can assist enterprises in ascertaining where most IT asset management is the process for tracking and managing only an advantageous places for production plants should reside. For example, enterprise’s IT assets throughout a department or an organization. As the Company A needs to examine the financial impact to the company on enterprise infrastructure becomes increasingly complex and critical to either building a new production facility or retrofitting an existing facility. executing strategies, IT asset management can be a powerful tool that helps EAM/CMMS systems are able to analyze asset maintenance data to manage software, networks, hardware, as well as the contracts associated determine the best course of action. with those IT assets, and the costs. Advantages Advantages Maintenance management is important for several reasons. One Clearly, IT Asset Management tools can be an excellent choice for reason is building complexity. Today’s buildings are more automated, asset management strategies. Auto-discovery features of many IT asset and automation adds to complexity. In industrial / commercial management vendors eliminate the need to manually track each IT buildings, health care facilities and campus labs, automated HVAC, component from an enterprise perspective. This can eliminate pirated electric, electronic and pneumatic systems, auxiliary power, and special software and/or potentially devastating programs from users’ computers environmental technologies are proliferating. The potential costs of and keeps the enterprise well-informed about what is actually on users breakdowns to these critical systems are increased risk to building machines in real / right-time. In addition, IT asset management can management. Reduced staffs are being asked to maintain more complex track and manage other IT components, such as network environments, buildings. servers, and peripherals such as printers. This is a distinct advantage when enterprises bill deliverables, such as copies and / or designs to their clients When scheduled maintenance is not followed, premature breakdown because accurate data is readily available. is a certain outcome. The attendant costs of breakdown do not stop with equipment repair and replacement. There are also the realities Disadvantages of work stoppage, production downtime, discomfort, displacement The issue with an enterprise implementing and using IT asset management of building occupants, uneven workloads, overtime, and emergency alone, however, is that this type of asset management does not take any inventory purchasing. In addition, historically, most systems for managing other type of asset into account. This means that enterprises only track maintenance activities have been done manually; everything from index IT assets, and not other critical items such as intellectual property, 3 Asset Management - The New Wave
  4. 4. TechExcel White Paper vehicles, production equipment, or even furniture and land. Since the process puzzle is that it must be repeatable – that means that as individuals typical installation of an IT asset management system is a stand-alone move in and out of roles within the organization, the Standard Operating application within a specific department, it is very difficult to provide Procedure remains constant. This does not mean that repeatable processes tactical and strategic visibility in correlation with the Service and Support are non-evolving; it means that asset management processes do not change functions. It could be argued that an IT asset management system could simply because the employee changes. track those assets, and while these systems could be highly-customized to accommodate other assets in theory, in practice, the customization process Can the asset management solution align IT initiatives with your is very time and investment consuming for even the savviest enterprises. business interests? By applying a business value assessment to IT investments, companies can determine how business goals and technology investments are aligned, capture the financial value of specific technology Best practices in asset options, and make the right decisions to best benefit the company. management Enterprises know their business is aligned when it operates in synch with As can be seen, there are many providers of “asset management” software, market demands and is supported by high-quality and cost-effective solutions and services. Some vendors even suggest that a simplistic barcode technology investments. Done right, IT services are directly aligned to reader is an asset management system. In the last section, we’ve discussed business objectives, strategies and tactics, and there is a clear understanding fixed asset management, which as we’ve explored, does not capture and between the business and IT groups. manage assets that happen to fall under the “capitalization threshold”. This is a powerful combination; companies have insight, optimize their Other solutions, such as EAM/CMMS systems, have emerged as entire business portfolio and more accurately position resources for another piece of the asset management puzzle. But these systems are not implementation and measurement. meant for the rigorous discipline of life-cycle asset management, nor do they take certain assets, like hazardous materials and sensitive data This turns asset management into much more than a “task” that must into consideration, leaving these types of assets to wither on the “asset be completed for compliance purposes. Asset management now drives management vine.” strategic initiatives and helps accomplish business interests and goals. By aligning the IT portion of asset management initiatives to overall business So what is a forward-thinking, compliance-minded enterprise to do? Let’s goals, there are a number of advantages including cost savings, increasing examine best practices and what hard questions enterprises should be productivity, right-time data transfer, decreased asset shrinkage, and an asking of their asset management solution providers. increase or decrease of workforce levels. Questions all enterprises should ask of their asset management system Can the system ensure the most accurate version of the truth? As we all know, numbers can tell an enterprise anything they wish to hear. The Best practices are not a mythical pool of data that resides in middle earth. question “tell me the total value of assets” could be sliced into a number Simply put, best practices are tried and tested business processes; the best of different values including capital assets, sensitive assets, accountable way to conduct business. Asset management best practices match the needs assets, and so on; there is different value for each of these categories. By of an organization up against what industry considers best processes to creating the integrated enterprise, executive management would have the create a consistent and repeatable means to effectively manage all enterprise most accurate version of the total value of all enterprise assets – no matter assets throughout an organization. where that asset information resided. Implementing the semantic enterprise means that multiple lines of business can share and act on the same asset Does the asset management system have comprehensive and repeatable information including financial depreciation, net book value, shipping, processes? Processes need to be end to end, from the time an enterprise asset locations, customer issues, recalls, life, and replacement value. acquires an asset to the time that the asset is deposed or retired. And in order for processes to truly be comprehensive, they must be implemented Can the system draw functionality and context from existing across the entire organization so that all departments can leverage the applications? In the previously siloed enterprise, each department knowledge that is within previously siloed systems. The final piece of the worked independently of each other. If one department wanted 4 Asset Management - The New Wave
  5. 5. TechExcel White Paper information from another, that data would take a significant amount wireless handheld devices. New technology has enabled image capture of manual labor and would be next to impossible to obtain. Moreover, embedded in the handheld that can help ensure accurate representations stove-piped data means that each system could not take advantage of the asset in question. Information can be synchronized in real-time of information that resides in other siloed systems. Case in point: an with automatic updates or synchronized in near real-time by batch loading enterprise has purchased an eProcurement application for new purchases inventory data on a specified schedule. and a service and support application for help desk / asset management, and is using an existing system for ad-hoc transactions. They are using Is the system included as part of the IT Service Desk? The ability to the eProcurement application for items found in a catalog, but want to deliver service and support has a direct impact on business performance. initiate an auction event for items not in the catalog, and return the result To ensure that service levels meet both customer requirements while to the eProcurement application AND send the final transaction to the keeping employee productivity high, service and support must reduce service and support system. If this setup is like most enterprises, all three service outages and streamline operations. If strategic asset management applications are managed in separate departments, requiring the user to is not included as part of the IT Service Desk, this means that there is a call an auction expert to create and conduct the action, and then call the breakdown in the communication with how assets are being used and when service manager to ensure the information is properly created in the asset they are maintained. A stand-alone asset management system – even if it is management system. an enterprise-wide system - will not be successful in supporting enterprise goals. In the integrated enterprise, seamless processes now exist between finance, procurement, inventory, service management and customer service systems. Does it support inventory sampling standards? Wall-to-wall physical No matter where a user enters the process or which system they enter, inventories are often costly, time-consuming and disruptive. Real-world context is synchronized. This minimizes data entry points and duplicate events occur during the time wall-to-wall inventories are conducted. By the efforts, allows control of new and existing incidents faster and creates an time the inventory is completed, an asset may have moved or transferred, audit trail that would not be possible without the integrated enterprise. or retired. Creating and using sampling standards rather than complete Manually-linked steps are reduced which helps to produce more accurate wall-to-wall inventories can assure enterprises of repeatable processes and results. The end result is significant time and total cost of ownership statistically accurate results. savings, as well as the added benefit of compliance with present and future reporting regulations. Can the system integrate Radio Frequency Identification (RFID) technology or is RFID on its product roadmap? RFID technology Does it support visibility and decision support for business users significantly reduces the time needed for labor-intensive activities, such as without process re-engineering? How often have you heard that it initial identification and delivery, physical asset inventories, and location takes days or weeks to get a simple report into the hands of executive management. RFID technology can contain more information about management because current siloed data is too complex to compile specific assets than bar-coding technology and include such items as make, quickly? In today’s world of accountability and fiscal responsibility, serial number, etc. Working within the integrated enterprise, previously executive management must attest to the veracity of their financial siloed departments are able to use the data captured with RFID to statements or risk hefty fines or worse. Siloed systems simply will not determine utilization metrics, total cost of ownership, service agreements, work. Executive management and business users must be able to view every re-utilization timeframes and disposal requirements. piece of available data about all enterprise assets in a manner that will help them in their mission, not hinder them in their efforts. Centralized and decentralized organizations benefit equally from the integrated enterprise Life-cycle Asset Management simply because both can be supported from a single infrastructure. What is Life-cycle Asset Management? What about wireless technologies? Enterprises live in the age of right- time / real-time data. The combination of wireless technology and the Life-cycle Asset Management is the process of monitoring, controlling and integrated enterprise greatly increases asset accuracy, enables real-time accounting for assets throughout their lifecycle and is part of the overall / right-time detail, and assists in the initial identification, delivery and service and support business process. Every enterprise asset is tracked transfers of assets. Inventories can be conducted in near real-time with and managed in a single system of record or CMDB. All asset changes, including maintenance information, trouble ticket data, status inventory, 5 Asset Management - The New Wave
  6. 6. TechExcel White Paper utilization metrics and usage, are recorded in its central repository and from other applications. linked to other BPM tasks. Other critical tasks include disposing of assets 3. The system must include a self-service interface that allows users to properly when they have reached the end of their useful life to ensure that submit tickets, view updates and search an intuitive knowledgebase for all possible revenue is reclaimed, including items such as software licenses. solutions Life-cycle asset management mitigates the risks associated or triggered 4. Detailed and reasonable verification audit processes must be followed to with asset disposal such as hazardous waste, export control technology, the ensure the system is accurate. unintended disclosure of trade secrets, or the loss of leased property. 5. The asset system must be one piece of enterprise Business Process Management applications that include CRM, Service and Support, By capturing the data for each of these stages and then analyzing and Application Lifecycle Management and ERP. reporting on this diverse information, enterprises can establish a complete 6. The asset system must help to support current and future accountability representation of the vast number of assets into which they have invested initiatives such as ITIL, SOX, Basel II, HIPPA, UID initiative, and their resources. In turn, this information becomes the foundation for JFMIP requirements. optimizing the use and deployment of all assets enterprise-wide. 7. The system must be secure so that sensitive information is not revealed to unauthorized users, externally or internally. Life-cycle Asset Management – a best practice Life-cycle asset management lives in a process-driven and knowledge- Business Process Management centric environment. The real-time support and analytics required for optimal business process management means that stand-alone service Comprehensive and repeatable processes desk and asset management systems are now insufficient. LAM requires a knowledge-centric architecture that is part of the overall service and Employing comprehensive and repeatable business processes for assets support environment. Consider how an asset travels through the lifecycle: ensures that the enterprise can better plan new asset acquisition and reallocate assets that are either already deployed or are not actively used. It Phase 1: The enterprise begins with the specification, procurement and also initiates tracking once an order is placed and before an asset is received receipt of an asset. Pre-existing assets are repurposed. If an asset must be in the enterprise. Purchase commitments can now be monitored for receipt purchased, new acquisition data is captured to be semantically viewed by and cost validation, providing enhanced financial control. the affected departments and automatically understood by IT Service and Support. This philosophy also helps prevent the inappropriate or reckless disposal Phase 2: The asset is assigned to the department and person that will be of assets. The transfer of some scientific or technical equipment is responsible for the asset. Movement, upgrades, maintenance, and other prohibited, equipment subject to hazardous substances must be sanitized, lifecycle events are captured to enable efficient management and tracking as and data contained on computers must be cleansed before disposal. All well as potential security breeches. these instances can be prevented by comprehensive asset tracking and Phase 3: As assets reach the end of their intended use, they must be re- management. purposed, put into storage, or retired. Proper asset disposal These phases demand a holistic solution for asset management. There are seven requirements that are overwhelmingly essential to a strategic asset Retiring workstations and other IT assets is a lot more complicated than management solution: disposing of most big-ticket items. Should you recycle the components, cascade the assets to employees with fewer computing needs, or resell the 1. Asset management must have a comprehensive and repeatable process used assets? Should you donate them to a charity for a potential tax credit? that is practiced for all assets from the time they are acquired until How do you comply with requirements such as those arising from the the time they are disposed based on the specific business needs to the Environmental Protection Agency (EPA) for proper disposal? Companies enterprise. often pile obsolete assets in storage closets to avoid dealing with these 2. The system must be accessible for all enterprise users through IT Service complex issues. Strategic Asset Management enables a company to and Support and provide an intuitive interface that can derive context maintain a complete audit trail of each asset’s end of life that can impact tax liabilities, environmental penalties and overall return on investment. 6 Asset Management - The New Wave
  7. 7. TechExcel White Paper Current and future regulations number of ways such as statistical sampling, inventory by exception and electronic inventories. It is critical that an enterprise passes verification As a process-driven approach, the ITIL framework is applicable to all audits - failing could mean financial penalties, or worse, loss of jobs. IT organizations irrespective of their size. With the ITIL framework all Strategic asset management systems enable enterprises to successfully organizations can optimize their IT infrastructure to provide for existing complete physical inventory audits because all asset information is in and anticipated business requirements, they can enhance IT service quality a single system of record and is tied to the overall service and support to increase confidence in IT systems and service delivery and in many cases, business process. permanently lower their total cost of IT ownership or TCO including the service cost. But the benefits of a comprehensive physical inventory process goes deeper. Because accountability has been properly established, users now become The tools that organizations use should support the ITIL framework and an integral member in the review process, rather than a passive participant. the dynamic nature of the business process. For example, do the tools The clear benefit is that if employees know they are going to be accountable provide seamless integration with known error and change management for assets, they are more likely to protect them. The benefits go to the processes? Can knowledge grow from lessons learned? ITIL has brought a enterprise too - thefts and loses are discovered sooner because it gives the clear understanding of IT’s critical importance to the business operation. employee an opportunity to disclose information without fear of reprisal. It is no longer enough to simply maintain the IT infrastructure by adjusting and upgrading after the need has arisen – today’s IT managers are Integration with other enterprise systems expected to support the success of the entire business by planning ahead and proactively-shaping the business IT environment – and ITIL helps to Integrating semantically with other enterprise applications streamlines facilitate this process. the asset management process across departments. It facilitates workflow between departments and lessens the manual effort and recordation tasks. Moreover, with the best practice now arising from the Sarbanes-Oxley Act, Here are some examples: public organizations are faced with a mandated fiduciary responsibility to accurately report their financial status. This escalates the importance of Order Entry / Purchasing / Receiving Systems- skeletal records are initiated maintaining accurate financial data from a historical perspective, as well when orders are placed for assets. This ensures that records are complete at as actual managerial validation that the internal controls that produce physical receipt time and tagging. and maintain the financial data truly serve their intended purpose on an ongoing basis. With improved internal controls and business processes, Human Resources Systems - integrating with the human resource system enterprises can satisfy fiduciary responsibilities – even if the company is not is key to ensuring proper maintenance of personal and organizational publicly traded. accountability. The service and support system is able to automatically recognize new employees and their place in the enterprise so that the Accessibility proper authorized rights are established. And as employees move through or leave the enterprise, the interface enables the service and support system To be successful, the system must be securely accessible to all individuals to reassign or revoke rights to assets. Once employees are no longer with within the enterprise. Web-based distribution and notification of the company, the system will prevent new assets from being assigned to pending events with automatic triggers and business rules, as well as them. an intuitive interface that integrates with and looks like other desktop applications is crucial. This also includes the ability to self-manage assets, Security release management capabilities and built-in intelligence for a searchable knowledgebase of solutions to specific service requests. Can you guarantee that the very latest virus protection files are installed on all of your desktops? Do you know how often desktops and various Verification audit hardware components simply disappear from your enterprise? Can you identify everyone in the organization with access to sensitive information Verification audits, or physical inventory processes, demonstrate the such as customer data? veracity of the service system’s contents. This process is accomplished in a 7 Asset Management - The New Wave
  8. 8. TechExcel White Paper There are two security levels in an asset management system. The database, The concept of Life-cycle Asset Management means little to the business network and access programs must prevent unauthorized access including user who is on the hook for their company’s business management internal employees or those attempting to gain access using the Internet. processes. This means that IT architectures must make a clean separation The second level ensures that users only have access to information between business processes and the underlying technology. Tools that that directly relates to them or their roles. This prevents unauthorized help model business processes must be able to involve business logic accountability transfers and interference on what other individuals and and user interfaces, as well as an infrastructure that can rapidly support organization units may be doing. development. Accountability The language of business users is still around purchase orders, accountable parties and financial statements. It is at this level that they demand visibility Establishing accountability for an asset at the department/workgroup and into the information coming from their IT investments. The end result will person level has long been viewed as simply a means to mitigate theft. This be the integrated enterprise that will deliver what business users need to see. is accomplished on a tactical level, but, perhaps even more, accountability helps to ensure that the right assets are allocated to the right people and organizational units at the right time. Accountability minimizes the risk of possible claims after asset disposal. For example, there may be a claim that an asset containing hazardous waste was disposed in a landfill without conducting proper procedures. Having a complete chain of accountability can potentially save millions of dollars in lawsuit or court costs. Network security benefits from accountability as well. Because enterprises know who has been allocated particular equipment, network attacks can be pinpointed and mitigated promptly with less loss to the enterprise. Conclusion In this whitepaper, we have looked at the need for strategic asset management; tracking and managing enterprise assets from acquisition to retirement. We have examined the drivers for asset management initiatives, from a compliance perspective and from the overall financial health of the enterprise. Based on that information, we have compared different approaches to asset management and advantages / disadvantages to each philosophy. What enterprises now must do is determine what they wish their service and support system to do for them – how technology will best fit into their business goals and processes. Ask the hard questions; will this system optimize management, service delivery and drive business innovation? Does it increase utilization and reduce costs across the enterprise? Does it provide the transparent visibility and context required to comply with regulations and fiduciary responsibilities? 8 Asset Management - The New Wave
  9. 9. TechExcel White Paper TechExcel Headquarters Address: 3675 Mt. Diablo Blvd., Suite 200, Lafayette, CA 94549 Phone: 925 / 871-3900 (toll free 800 / 439-7782) Fax: 925 / 871-3991 Website: TechExcel East Coast (Sales/Support) Address: 6350 Quadrangle Drive, Suite 120, Chapel Hill, NC 27517 Phone: 919 / 402-1385 Tech Support: 919 / 402-1386 Fax: 919 / 402-1414 TechExcel China Address: Suite 7A, Ying Du Building B, 48A Zhi Chun Road, Hai Dian District, Beijing, China 100098 Phone: +86-10-58731333 Fax: +86-10-58731655 TechExcel UK Address: 1 Dee Road, Richmond, TW9 2JN, United Kingdom Phone: +44(0) 208 322 7750 9 Asset Management - The New Wave