Many companies are not aware of how much money they can save by having a network asset management system in place. Many still try to manage their assets on a spreadsheet, not realising this mistake can cost them a lot of money. Then, when it comes time to expand their network and purchase new systems, the lack of information means unneeded equipment is bought.  Furthermore, misinformation leads to bad and costly decisions. 

Network asset management mistakes are far more common than one can imagine. Even though all organizations are in constant evolution, many find themselves with their hands tied when it comes to managing their network assets. Below we will analyse the top mistakes that companies make and give you the keys to solve these problems. 

Lack of inventory and reports 

A lack of network asset inventory can not only generate financial losses and time, but it also affects a company’s security, its network performance and regulatory compliance. 

For many organizations the creation of reports can be a problem since there is no consolidated system set up to do so. Gathering the necessary information for planning, operations and maintenance can be problematic. Advanced reports are necessary to determine the inventory of all the devices, the data referring to events and faults (real-time and historical data), the status of the devices, data integration, IT audit support, etc.

Not thinking about or paying attention to network asset life cycles

We all know that network assets are not eternal and that they have a limited lifecycle. To manage information such as the date of purchase, installation, licenses, expiration dates, incidence records, updates, real time status, etc. is vital in prolonging the life cycle of your network. Without this information, it is difficult to carry out proper maintenance, purchase new equipment, buy updates, repairs and replacements. 

As well as providing a tool that provides complete information about the system and its status, we recommend establishing procedures to manage the life cycle of assets. Seemingly small actions like setting up notifications when licenses expire or when an update is due can be important.

Budgetary management

A company’s finances can also be affected by bad network asset management practices. Purchasing will be chaotic and you will spend more money than is necessary.   

Not knowing what one´s network assets are and not having an inventory can only negatively affect your ROI as you do not have the necessary information to calculate it or can take informed decisions.

Blindly expanding one’s network

When the time comes to expand your network, many problems arise if you do not have a road map, complete network component´s inventory and key information. 

Even if you have a great deal of information, automatic self-discovery is necessary to manage assets. Thereby allowing you to save time, circumvent manual processes and know, at all times, what assets you possess, where they are, who has them, what maintenance they need, etc.

Non-existent or poorly managed alarms and events

Events and alarms management is essential to avoid expensive repair costs and prolonged downtimes. It is important to classify alarms and a system that immediately notify  you when an anomaly occurs. 

Simultaneously, a good ticketing system connected to your network assets is essential.  These systems allow you to be aware of your fault log of a particular asset, thereby, saving you a great deal of time.

What do we mean by “network assets”?

When we refer to network assets, we usually refer to hardware and software. However, depending on the nature of the business there could be other categories and subcategories.  For example, some utility companies manage their smart grids through very varied equipment which makes up their ecosystem. Another example would be Industry 4.0 where different OT equipment is managed; PLC´s, RTUs, sensors, etc. 

In turn, technological evolution has incorporated elements that are managed in the cloud, IoT devices and other digital devices too numerous to mention.

Why is network asset management so important?

Network asset management allows for a detailed analysis for the maintenance and tracking IT equipment. Therefore, it gives you indispensable KPIs to operate devices, program measures, plan for replacements or repairs and back up maintenance work. 

There are multiple asset management strategies; all whose main objective is optimum efficiency, reduce costs and prevent threats and risks.

Some of SGRwin’s best features for network asset management