Servicenow Asset Management Overview

IT services rely on IT assets, and managing, costing, and risking an asset estate presents major challenges and opportunities. Organizations need to know what hardware assets they have, where they are, who uses them, how they are used, how they are designed, how much they cost, and what benefit they provide to mitigate risk and maximize cost. ServiceNow Asset Management offers the solutions to manage all these resources effectively. This blog provides you an overview of what is ServiceNow Asset Management, Why ServiceNow Asset Management is required by organizations, What does ServiceNow asset management can perform, what you can do with the information, impact oF asset management other ServiceNow processes, features of ServiceNow Asset Management and benefits of ServiceNow Asset Management.

What is ServiceNow Asset Management?

Asset Management uses user-friendly workflows to automate the IT asset life cycles. Make informed asset capacity, refresh, and vendor decisions. It keeps track of the economic, contractual, and inventory specifics of hardware and devices, and also non-IT assets, over the life course. 

Overview of Asset Management Module

The Asset Management Overview module includes widgets that highlight details such as configuration item by manufacturer,computer by manufacturer, configuration item types, and asset information for a specific vendor. It also has a summary widget that shows how many pending asset retirements there are for the current week, month, and year.

A Dashboard is the Overview Module

Roles

The Overview module is only accessible to users with specific roles. Users of these roles will refresh, add, delete and rearrange widgets on the overview page.

  • admin
  • asset
  • sam

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Using the Asset Management Overview Module

Various asset management widgets are shown in the Asset Management Overview module.
Before the start

Role required: asset, sam, or admin

Processing Steps:

  1. Go to Asset -> Overview.
  2. To learn more about a report's elements, click on them.
Overview on Asset Management Module

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Why ServiceNow Asset Management?

IT Asset Management (ITAM) entails keeping track of asset use and count, performing timely asset maintenance, recording total cost of ownership (TCO), and handling the asset life cycle, among other things. The majority of ITAM procedures mirror core IT details of asset planning, deployment, maintenance, and support, which distinguishes them from enterprise-wide asset management. IT departments can now handle IT assets at a much more detailed level than enterprise asset managers ever did. It leads to more cost-effective IT cost-cutting and financial insight into IT activities.
Here's how ITAM helps you save money. Salesforce Service Cloud is used as a customer service solution for a large logistics company with 300,000 staff. After paying for Service Cloud user licenses for customer service departments across the enterprise, three of the company's smaller branches (each with around 10 customer service employees) continue to use legacy customer service platforms. Enterprise asset managers at the corporation are unaware that these branches should use Salesforce instead. And, after implementing ITAM, the organization realizes that it wants to reduce its customer service-related software spending: The old networks will be retired, and their IT support contracts will be canceled. This saves the business over $7,000 a year in user licenses (at a rate of $20 per user per month) and over $40,000 in maintenance costs. Transferring all three branches of Salesforce has the added benefit of improving the visibility of customer service performance across the whole organization.
However, as fantastic as it all sounds, keep in mind that this advantage is only available to IT departments.ITAM solutions would inevitably be combined with ‘big brothers' – company-wide asset management programs – and have a comprehensive vision of asset management across the enterprise.

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What does ServiceNow Asset Management do?

ServiceNow asset management strives to reduce IT costs and increases. The service efficiency, which aids in elevating the ITAM maturity to constructive, controlled, and even streamlined levels.
ServiceNow separates properties into three categories by default: hardware, consumables (low-cost hardware devices such as computer mouse or keyboards), and software licenses. Asset records have different sets of fields depending on their class, but they typically assist IT, asset managers, in gathering information on:

  • Characteristics of a General asset: Model (Lenovo Yoga 2 Pro), model category (computer), serial number (e.g., LV487513), asset state and substate (In stock – Available), etc.
  • Location of Asset: Address, department (or stockroom), and company where the asset is used (or stored).
  • Associated responsibilities: The individual who ordered or is using the asset, as well as the workers who are is responsible for its maintenance.
  • Financial data: The original cost of the asset, the invoice number, the vendor, the cost center, the general ledger account, and so forth.
  • Depreciation: Form of depreciation, residual value, asset expense at end of useful life (salvage value), and so on.
  • Disposal: Date of retirement (both planned and actual), reason, resale price, and so on.
  • Contractual data: The contract under which this asset is bound, and also the warranty's expiry date.
  • Associated entitlements: Hardware/software/user entitlements for the asset.
  • Related activities: The status of the asset has changed, and comments have been added.

What would you do with all of this information?

In ServiceNow, the three most significant fields of operation for Asset Management are mentioned below.

Handling the asset's life cycle.
Knowing the assets' statuses helps you to go beyond just counting and serializing them to leading them through all of their life cycle stages: planning -> acquisition -> deployment -> maintenance -> retirement. This way, you can not only improve IT asset awareness but also improve IT service by avoiding asset breakdowns due to scheduled maintenance and timely asset replacement.

Monitoring the worth of assets
ServiceNow Asset Management will forecast “asset depreciation” using various approaches to determine how much each asset would cost in a few years and when it's time to retire or resell it. Asset residual value is also calculated by ServiceNow, which indicates how much asset costs right now based on how long it has been in the business. This helps you to properly assess the company's total assets.

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Efficiently use existent asset inventory
When it comes to software licenses, you can see what you've already purchased, what you've used, and what you haven't yet allocated. For instance, the new web content specialist requests a CorelDRAW license, which their manager approves. ServiceNow will verify whether you already have a license before you purchase any. If you don't have any, you should look at the licenses of related applications that are available. And that's how you go about locating an expired Adobe Illustrator license. Furthermore, when you look at the applications your designers are allowed to use for the same reason as CorelDRAW, you'll see that Adobe Illustrator is required by your company's policy. Then you give the customer the spare license and justify that they can't get CorelDRAW. In this case, ServiceNow not only lets you make more use of your existing investments and save money by preventing unnecessary transactions, but it also ensures that business policies are followed.
You have the same level of visibility for hardware and consumables, particularly if you monitor stockrooms that display what assets you have in stock at any given time. For instance, a new user has requested an Apple MacBook Pro. You can see in ServiceNow that you don't have the requested item in your office, but you do have one in the stockroom of your company's other location in a neighboring town. So, rather than purchasing the laptop, you import it from another office. This enables asset allocation faults to be fixed faster and demands to be fulfilled at a lower cost. It also contributes to a more effective distribution of assets among employees at the enterprise level.
There's also the option to use stock rules to automate asset replenishment in addition to stockroom monitoring. When ServiceNow notices that the amount of Logitech computer keyboards in a given stockroom has fallen below a predetermined level (let's say 30,) it will assign a duty to a responsible employee to purchase more keyboards. It may also generate a purchasing order directly in ServiceNow or another procurement system. It saves time while also improving the efficiency of IT services.

[Related Article: ServiceNow Fundamentals]

The impact of Asset Management on other ServiceNow processes

ServiceNow Asset Management is primarily responsible for financial and contractual asset details, but it is not a stand-alone operation. Other ServiceNow processes and apps are required to help it make more sense:

  • Configuration Management: Configuration Management integrates the operational aspects of Asset Management which, in turn, covers the asset life cycle's maintenance stage. Hence, It's best to use it for asset maintenance activities (for example, see incidents, problems, or changes related to a particular asset).
  • Request Management: Users will search the Service Catalog and order new assets or fill out handover forms with the help of Request Management. In addition, request-handling workflows are linked to ServiceNow Asset Management so that they can be properly processed.
  • Procurement: When users request an asset that isn't already in operation,the Procurement module comes in handy to generate buying orders and track the whole purchase life cycle from start to finish. Thus, this module adds to Asset Management by covering the asset life cycle's procurement stage. It can be linked to an enterprise procurement system if necessary.

ServiceNow Asset Management Features

The following are the features of ServiceNow Asset Management.

  • Receiving of Mobile Assets

On the mobile agent platform, you will receive various assets against a purchase order in a single transaction.

  • Onboarding of HR assets

With a streamlined onboarding method, you can keep track of IT hardware and software allocations.

  • Mobile my assets

Using a mobile device, you can request assets, look at delegated assets, and track incidents.

  • Contract management

Contracts should be assigned, and the acceptance and renewal procedures can be automated.

  • Reports and dashboards

With configurable, role-based dashboards, you can get real-time visibility into your activities.

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Additional Asset Management Features

Truth from a single source
Utilize reliable asset portfolio data to make informed asset capacity, refresh, and vendor decisions.

  • Tracking the total cost of ownership

Analyze the cost of assets over their respective lifecycles.

  • Control over asset governance

Control asset distribution and comply with regulation, contract, and regulatory obligations.

  • Management of asset audits

Simplify audit planning and improve risk calculations for change management.

  • Provisioning of assets

Request, fulfillment, and ordering of assets can all be automated.

  • Catalog of services

Inside a service catalog, determine standard offerings for authorized users or groups.

  • Management of inventory

Establish physical and conceptual stockroom hierarchies when managing stockroom inventory of hardware and consumable assets.

  • Receiving mobile assets (multi-scan)

On the mobile agent platform, you will receive various assets against a purchase order in a single transaction.

Benefits of Asset Management

  • Knowing and keeping the track of your assets.

Improve IT services and make informed choices by optimizing asset lifecycle investments.

  • Asset cost reduction

Reduce asset costs and simplify asset lifecycle procedures to save resources.

  • Reducing the risk

Limit risks by enforcing asset policies and regulatory standards.

Conclusion

Thus ServiceNow Asset Management provides effective solutions to the business process by automating the workflows followed by the life cycle process for efficient utilization of resources in terms of mitigating the costs, managing the assets,inventories, handling the risks, etc. We also have discussed the features and benefits which are offered by ServiceNow Asset Management.

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Saritha Reddy
Saritha Reddy
Research Analyst
A technical lead content writer in HKR Trainings with an expertise in delivering content on the market demanding technologies like Networking, Storage & Virtualization,Cyber Security & SIEM Tools, Server Administration, Operating System & Administration, IAM Tools, Cloud Computing, etc. She does a great job in creating wonderful content for the users and always keeps updated with the latest trends in the market. To know more information connect her on Linkedin, Twitter, and Facebook.