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Many businesses struggle with effectively tracking their IT asset inventory, often leading to wasted resources, unexpected costs, and security vulnerabilities. This episode highlights the critical importance of gaining control over your IT assets, starting with a comprehensive inventory. The speaker shares an anecdote of a business with twice as many computers as needed, illustrating how a simple spreadsheet or, better yet, specialized remote monitoring and management (RMM) software and network monitoring tools, can provide live, accurate inventories of all devices, including computers, servers, firewalls, and wireless access points. These tools not only track active use but also help identify unused equipment and manage software licensing, preventing unnecessary expenses from forgotten subscriptions or unoptimized bulk purchases. Getting ahead of end-of-life notices, like the Adobe Acrobat example shared, can save businesses from sudden, unbudgeted expenses. The discussion then shifts to maintaining IT assets to prevent operational disruptions and security risks. A common problem is the continued use of "end-of-life" devices—not just computers but also network equipment like firewalls and switches—beyond their manufacturer-supported lifespan. This practice creates severe software vulnerabilities, impedes updates, and limits support, making networks easier targets for hackers and causing performance issues. The episode stresses the urgent need for consistent replacement cycles, regular patching, and ongoing compliance checks for all devices. It also emphasizes backing up not just data on servers and workstations, but critically, the configurations of network devices like firewalls, to enable rapid recovery in the event of failure. Proactive monitoring of device performance can also identify issues before they cause major problems, ensuring IT infrastructure remains reliable and secure. This episode also provides strategies for optimizing IT assets, with a strong focus on long-term cost savings and improved productivity. Analyzing usage patterns through monitoring tools can reveal underutilized devices, allowing for consolidation and significant cost reductions on future purchases. Standardizing software and hardware across the organization is another key optimization, simplifying management, ensuring compatibility, and often leading to bulk purchase savings. Understanding when to decommission end-of-life assets is crucial not only for security but also for employee productivity; using outdated, slow machines silently burdens staff. The speaker advocates for a structured budgetary plan, ideally a three-year cycle for major device replacements, to eliminate surprise expenditures that can run into the tens of thousands of dollars for items like servers or firewalls. While establishing robust asset management might seem daunting initially, the long-term benefits in saved money, time, and improved efficiency make it an indispensable practice for any business. 10 Key Takeaways Many businesses struggle with tracking IT assets, leading to inefficiencies and wasted money. A comprehensive asset inventory, from spreadsheets to specialized RMM and network monitoring software, is the first critical step. Monitoring tools provide live device information, including usage patterns, helping identify underutilized assets. IT asset management helps control software licensing costs and prevent unexpected expenses from outdated software. Using "end-of-life" devices (computers, network gear) creates security vulnerabilities and support issues. Proactive replacement cycles and consistent patching for all devices are crucial for security and performance. Maintaining support contracts and understanding their expiration dates is vital for critical devices. Implementing a structured budgetary plan (e.g., a three-year cycle) for IT replacements prevents surprise costs. Optimizing IT assets through usage analysis, standardization, and timely decommissioning saves significant long-term money and boosts productivity. Connect with Prime Secured: Website: https://primesecured.com/ YouTube: / @primesecured Facebook: / primesecured LinkedIn: / primesecured This video is produced by Two Brothers Creative. https://twobrotherscreative.com/midwe... Chapter Markers 00:00 - The Problem of Lost IT Assets & The Need for Control 00:58 - Tracking IT Assets: Inventory and Monitoring Software 03:00 - Managing Software Licensing and End-of-Life Surprises 04:59 - Maintaining Devices: Addressing End-of-Life Hardware 07:42 - Patching, Performance, Backups, and Support Contracts 10:18 - Budgeting for Replacements: The Three-Year Plan 11:59 - Optimizing Business Assets: Usage Patterns and Standardization 14:09 - Decommissioning and Procurement Needs 16:21 - Conclusion: The Long-Term Value of Asset Management @twobrotherscreative