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ServiceNow Asset Management Process and Features

What is ServiceNow Asset Management?

ServiceNow Asset Management helps in tracking the contractual, financial, and inventory details of devices and hardware including non-IT assets, over the course of their lifecycles. The workflows are used to obtain approvals, provision services, and issue chargebacks. After deploying the asset, the asset management tracks all maintenance activity and allows IT to perform regular assessments until the asset is retired.

How does ServiceNow Asset Management work?

For maximum flexibility, ServiceNow Asset Management includes an ITAM (IT Asset Management) data repository for tracking inventory details, with data stored separately from the configuration management database (CMDB). The ITAM repository stores financial data, whereas the CMDB keeps track of configuration item (CI) details and relationships.

The traditional challenges of data integration, normalization, and data reconciliation are eliminated by having both ServiceNow Asset Management and ServiceNow Configuration Management on the same platform. When new assets are added, the business rule engine reacts by creating configuration item (CI) records in the CMDB as needed.

ServiceNow Asset Management also collaborates with ServiceNow’s IT service management (ITSM) applications to provide better inventory control and valuable insights that improve service quality.

IT Asset Management repository stores financial data, whereas the CMDB keeps track of configuration item details.

When new assets are added, the business rule engine reacts by creating configuration item (CI) records in the CMDB as needed.

Benefits of Using ServiceNow Asset Management:

  • It improves asset visibility by optimizing the IT asset lifecycle and delivering better IT services.
  • It aids in the decision-making process for asset utilization and new investments.
  • It helps reduce waste by identifying and removing underutilized assets.
  • Automate asset lifecycle processes to reduce labor costs and eliminate repetitive human tasks.
  • It ensures the asset policies and regulatory requirements are followed in order.
  • It enhances the ability to manage change.

Process and Features of ServiceNow Asset Management:

Process of ServiceNow Asset Management Blog

Provisioning of Assets:
With ServiceNow Asset Management, creating a purchase order is as simple as clicking a button. Ordered assets are tracked and created in the system automatically once they arrive. As a result, asset records are created with complete data about the asset model, user request, order, and cost from the start. Assets can also be provisioned quickly and efficiently.

Automated Inventory Management:
ServiceNow Asset Management enables customers to manage stockroom assets such as hardware, consumables, and other assets. IT can define a physical and logical stockroom hierarchy. Furthermore, simple threshold levels can be defined for each model of an asset to be kept in stock in order to manage inventory and take action when levels run low. As a result, the organization can quickly provide employees with the assets they require to remain productive while avoiding overspending on excess inventory.

Easy to populate service catalogs:
Asset managers can add asset offerings to the service catalog directly and Asset Managers can decide on standard offerings and which groups of users are authorized to request the asset as service catalog items are published. ServiceNow Asset Management can bring in data directly from vendors, eliminating the need to build complex web pages or enlist the help of a more technical group.

Capabilities of full contract management:
ServiceNow Asset Management can define any number of contract types and create contracts against them. ServiceNow Asset Management keeps track of key contract terms and conditions, makes them searchable, and includes document management for version control and electronic document storage. Contracts can be assigned to team members, and the ServiceNow workflow engine can be used to automate the contract approval and renewal process.

Track every Cost of Ownership:
Throughout the lifecycle of an asset, ServiceNow Asset Management acts as a repository for all costs associated with it. By capturing all of these costs, asset managers can determine the actual lifecycle costs for assets, allowing them to identify areas of excessive cost and find ways to cut future spending.

Onboarding HR Assets:
During the HR Onboarding Case functionality, it allows you to source, configure, and deploy hardware and software, including selecting standard items like computers, mobile devices, software, monitors, and so on, as well as sourcing requested assets from stock, purchasing and receiving assets, configuring and staging requested assets, and deploying requested assets.

Lifecycle of ServiceNow Asset Management:
You should be able to more easily prove which assets are in each stage of the lifecycle if you use a truly innovative hardware asset management approach. The following areas benefit greatly from automating the end-to-end asset lifecycle.

Risk avoidance: Reduces the likelihood of asset loss, security vulnerabilities, and adherence to external regulations, environmental concerns, and company policies. Furthermore, it reduces the risk of critical business systems failing due to aging hardware.

Financial impact: Efficiencies, as well as better planning, procurement, and contract negotiations, reduce costs.

Better decisions—Reduce manual data tasks including normalizing and reconciling data which helps in working with cleaner, more reliable, and trusted data to gain a more complete picture of your assets and make critical decisions.

360-degree experience: It helps to allow hardware to be tracked, moved, and refreshed at the fast phase of business, resulting in improved employee and customer experiences.