Laboratory report sample

 

LAB REPORT

Part 1: How an organization can use an IT asset inventory

An Information Technology inventory refers to an extensive list of hardware and software assets owned and managed by a company. IT asset inventories comprise workstations, laptops, servers, printers, switches, routers, and software licenses, among other IT equipment. For this reason, a firm can utilize an IT asset inventory in multiple ways. Some of these ways are listed in this section.

To begin with, an IT asset inventory can be used by a firm to track and manage assets. This is so that the company can track its assets, such as status, condition, and location. This allows the organization to acquire an accurate picture of the company's technology infrastructure, determine the potential problems and take corrective actions toward the challenges identified. In addition, a firm can use an IT asset inventory to manage the relevant costs it incurs (Irman & Purwati, 2020). This is so as the inventory allows the organization to duplicate, identify or underutilize resources that can be repurposed to minimize costs incurred.

Further, an IT asset inventory is beneficial to an organization in that it allows the firm to manage its compliance with regulations and policies. For this reason, the company is guaranteed that its licenses for the software used are appropriate, as well as ensure that the hardware and software adhere to relevant regulatory standards (Wirtz & Heracleous, 2019). Security management is another benefit of using an IT asset inventory in an organization. An IT asset inventory enables a firm to identify vulnerabilities and ensure its assets are secured and updated with current security patches. Nonetheless, an organization can use an IT asset inventory to plan and make informed decisions that are helpful to the company. For instance, a firm can use an IT asset inventory to evaluate costs, budget for new resources, and plan technology upgrades. 

Nevertheless, an IT asset inventory can help an organization when it comes to maintenance and support for its technology assets. This is because the inventory can track maintenance agreements, warranties, and service contracts, thus, ensuring that resources are maintained and serviced regularly (Peterson, 2018). An IT asset inventory is also used by organizations when it comes to proper vendor management. The IT asset inventory helps manage the links between vendors and suppliers (Irman & Purwati, 2020). Therefore, it tracks service agreements and software licenses, thus, ensuring that vendors deliver the promised services as organizations do not incur inappropriate costs. Furthermore, an organization can use an IT asset inventory as part of an organization's disaster recovery and business continuity plans (Wirtz & Heracleous, 2019). Hence, the organization can identify the critical assets needed to be restored after a disaster to enable operations of the company to resume immediately.

Additionally, an IT asset inventory can be used by an organization to manage employees’ technology access and permissions. This is so as an IT asset inventory has the ability to track which employees can access which software and technologies, thus, ensuring appropriate access and compliance of the organization with internal regulations and policies (Peterson, 2018). In conclusion, an IT asset inventory is a vital entity that enables organizations to manage the different aspects of their technological infrastructure. Besides, an IT asset inventory allows a company to acquire the information they need to optimize its technological investments, reduce costs and ensure the technological infrastructure used is secure and compliant. 

Part 2: Basic elements that should be included in an IT asset inventory

An IT asset inventory allows a company to track its equipment, plan for future advancements and changes, and manage its equipment effectively. Various elements are involved in the inventory to achieve these functions (Mytilinaios et al., 2021). For this reason, this section outlines the five basic elements that should be included in an IT asset inventory. To begin with, asset identification which entails unique identifiers for every asset, for instance, the asset name, model number, serial number, and IP address. Secondly, asset description which comprises a brief description of the involved asset including the model and makes, relevant details, and specifications (Mytilinaios et al., 2021). In addition, the asset location is the asset's physical location. It can be a building or room. Nonetheless, an IT asset inventory includes the asset owner as a basic element which entails the details of the individual or department responsible for the asset, such as name and contact details. Lastly, asset configuration which comprises information on the software and hardware configuration of the asset, for instance, the operating system, peripherals, and applications (Bintara¹ & Tanjung, 2019). Other elements included in an IT asset inventory include; asset status, asset maintenance, asset usage, asset cost, and asset disposal

Part 3:Basic Elements of IT asset inventory 

Implementing a way of managing your  asset inventory critical part of your company accounting process.This elements enable the company to understand the asset they own as company. It’s also a great way to make sure that your company clearly understands the assets it owns and that they are being used in the most efficient and cost-effective way,the organization chooses to monitor the assets it owns to track and analyze issues such as physical location, maintenance requirements, depreciation, performance, and eventual asset disposal. In IT, this is called asset lifecycle Management

Most companies are bound to one or more IT asset inventory models. These frameworks help IT engineers and administrators better catalogue, manage, and maintain the assets (i.e. physical and non-physical) owned by the company. For instance, the ‘classical’ approach to IT inventor there are put out of categories such as:

• IT Asset Licenses – all the documentation regarding the ownership and right of use for all owned physical and non-physical assets).

• IT Asset Contract – general, IT-related documentation.

• IT Asset Services – documentation and miscellaneous for services and assets supplied by a third-party.

• Digital assets – executable software (i.e. source code), virtual/virtualized IT equipment (e.g. VM-type software, firmware, and any type virtual machine), digital information content assets

• Non-IT Assets. Personnel records and personnel-related documentation.

References

Bintara¹, R., & Tanjung, P. R. S. (2019). Analysis of Fundamental Factors on Stock Return.

Irman, M., & Purwati, A. A. (2020). Analysis on the influence of current ratio, debt to equity ratio and total asset turnover toward return on assets on the otomotive and component company that has been registered in Indonesia Stock Exchange Within 2011-2017. International Journal of Economics Development Research (IJEDR), 1(1), 36-44.

Mytilinaios, A., van Veen, M., & Lontorfos, P. (2021). Real time asset inventory in ICS.

Peterson, K. (2018). IT asset management: How to manage your information technology equipment and software. Apress.

Wirtz, B. W., & Heracleous, L. (2019). Beyond asset management: A value-based approach to IT investment management. Journal of Information Technology, 34(3), 232-248.