Servicenow Asset Management

By Author: bollusrikanth
Total Articles: 7
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What ServiceNow Asset Management actually does
Now that you understand what ITAM can do for a business, let’s check out ServiceNow’s take on it. Let’s see how exactly it aims to achieve IT cost reduction and IT service quality improvement and what helps it drive your ITAM maturity level to proactive, managed and even optimized.
General asset characteristics. Serial number (e.g., LV487513), model category (computer), model (Lenovo Yoga 2 Pro), asset state and substate (In stock – Available), etc.
Asset location. Address, company, and department (or stockroom) where the asset is used (or stored).
Associated responsibilities. The person that requested the asset or is using it as well as employees responsible for its maintenance.
Financial data. Asset’s initial cost, invoice number, vendor, cost center, general ledger account, etc.
Depreciation. Depreciation method, residual value, the asset cost at the end of its useful life (salvage value), etc.
Disposal. Retirement date (planned and actual), reason, resale price, etc.
Contractual data. The contract this asset is tied to ...
... and the warranty expiration date.
Associated entitlements. Asset’s hardware/software/user entitlements.
Related activities. Asset state changes and comments added.
For more information:https://itcanvass.com/blogs/servicenow-asset-management
Manage the asset life cycle
Knowing the statuses of your assets allows you to advance from merely tracking their count and serial number to guiding them through all their lifecycle stages: planning -> acquisition -> deployment -> maintenance -> retirement. You can not only ensure better IT asset visibility this way but also provide a much better IT service by preventing asset breakdowns due to scheduled maintenance and timely asset replacement.

Track assets’ worth
ServiceNow Asset Management can calculate asset depreciation based on different depreciation methods to tell you how much each asset will cost in a few years and when it’s best to retire or resell them. ServiceNow also calculates asset residual value, which shows how much the asset costs right now taking into account how long it has been in your company. This allows adequately evaluating your company’s total assets.

Efficiently use existent asset inventory
As for software licenses, you gain visibility into what software you have already purchased, what is in use and what’s still unallocated. For example, your new web content specialist requests a CorelDRAW license, and the request gets approved by their manager. Before you buy the license, ServiceNow can check whether you already have any. If it shows that you have none, you can look at the licenses of similar apps in disposal. And this is how you find an unused Adobe Illustrator license. Moreover, looking at the apps your designers are entitled to use for the same purpose as CorelDRAW, you see that according to your company’s policy, your employees should use Adobe Illustrator. So, you offer the spare license to the user explaining why they can’t get CorelDRAW. In this case, ServiceNow helps you not only to ensure more efficient use of your existent assets and cut costs by avoiding unwanted purchases but also to ensure company policy compliance.