Impact of Asset Management On Servicenow

IT services are dependent on IT assets, and managing to price. So, risking an asset estate poses significant difficulties and possibilities. To cut risk and maximize cost, companies must know what hardware assets they have, who uses them, how much they cost, and what advantage they give. ServiceNow Asset Management has the tools to manage all these resources.


This article will give you an overview of what ServiceNow Asset Management is. why the organizations need it, what it can do, what you can do with the information. Also, the impact of asset management on ServiceNow processes. Moreover, it also describes the features of ServiceNow Asset Management.


What is ServiceNow Asset Management?


Asset Management automates the life cycles of IT assets through procedures. Make well-informed judgments on asset capacity, refresh, and vendor selection. It keeps track of the financial, contractual, and inventory data of IT and non-IT assets during the course of their lifetimes.


Asset Management Module Overview

Widgets in the Asset Management Overview module emphasize facts. It includes configuration items by manufacturer and asset information for a particular vendor. It also has a summary widget, which displays the number of pending asset retirements for the current week, month, etc.


The dashboard acts as an Overview Module.



Users with specified roles have access to the Overview module. On the overview page, users with these responsibilities can update, add, delete widgets. 






Using the Overview Module of Asset Management.

The Asset Management Overview module displays several asset management widgets.


Before the start


Asset, sam, or admin are all needed roles.


Steps in the Process:


Select Asset -> Overview from the drop-down menu.

Click on the elements of a report to learn more about them.


Why should you use ServiceNow Asset Management?


ITAM includes keeping track of asset usage and counting timely asset maintenance and managing the asset life cycle. The bulk of ITAM procedures are like enterprise-wide asset management. So, they mirror fundamental IT elements. So, it includes equipment planning, deployment, maintenance, and support. IT departments now manage IT assets in far greater depth than corporate asset managers ever can. It results in more cost-effective IT cost-cutting and financial transparency into IT activities. Here’s how ITAM can save you money.


A big firm with 300,000 employees uses Salesforce CareCloud as a customer service solution. Three of the company’s smaller branches continue to use traditional customer service systems. Each with about 10 customer service personnel. Thus, despite paying for Care Cloud user licenses for customer service offices across the group. 


The enterprise asset managers are unaware that these branches should instead use Salesforce. After adopting ITAM, the company sees that it needs to cut on customer service software spending. Hence, the old networks will be in repair. It cancels the IT maintenance contracts.


This saves the company over $7K each year in user licenses (at a monthly rate of $20 per user). Also, saves more than $40K in maintenance expenditures. Giving all three Salesforce branches provides the extra benefit of customer service performance. This can be visibility throughout the entire business.


But, as wonderful as it all sounds, keep in mind that this benefit limits to IT departments.

ITAM solutions combine with “big brothers” enterprise-wide asset management programs. So, to provide a holistic view of asset management.


What is the purpose of ServiceNow Asset Management?


ServiceNow asset management aims to cut and enhance IT costs. The efficiency, which helps to raise ITAM’s ability to useful and regulated levels.

Hardware, consumables, and software licenses are the three categories. So, these ServiceNow divides properties by default. Asset records have different fields depending on their class. So, they help IT, asset managers, gather information on:



General asset characteristics:

Model-Lenovo 2 Pro, category -computer, serial number – e.g., LV487513, asset state and In stock, and so on.


Asset Location:

This includes the asset’s address, department (or stockroom), and business (or stored).


Associated responsibilities:

Individuals who ordered or are utilizing the item. Also, personnel who are accountable for its upkeep, all have obligations.


Financial information: 

It includes the asset’s initial cost, the invoice number, the vendor, the cost center, and the general ledger account, among other things.



The kind of depreciation, residual value, and asset expense at the end of its useful life.



Date of retirement, cause for retirement, selling price, and other details.


Contractual information:

The contract that binds this item, as well as the warranty’s end date.


Contractual data:

This asset’s contract, as well as the warranty’s end date.


Associated entitlements: 

Hardware, software, and user entitlements are all associated with this asset.


Related activities:

This updates the asset’s status and adds comments.


What will you do if you had access to all data?


The three most important fields of operation for Asset Management in ServiceNow describes below.


Taking care of the asset’s life cycle


Knowing the state of assets allows you to do more than count and serialize them. Further, allowing you to guide them through their whole life cycle:

Planning, Purchase, installation, maintenance, and retirement are all steps in the process.

In this way, you may enhance IT asset awareness. Also, improves IT service by reducing asset failures due to maintenance and replacement.


Keeping track of the value of assets


ServiceNow Asset Management will use several techniques to estimate item depreciation. So, to calculate how much each asset will cost in a few years and when it’s time to retire or resell it. ServiceNow also calculates asset residual value. Thus, this shows how much asset costs right now based on how long it has been in the firm. This aids you in determining the assets of the firm.


Make the most of existing asset inventory


You can check what licenses you’ve before, what you’ve used, and what you haven’t given when it comes to software licensing. For example, the new online content specialist asks and receives a license from their boss. Before you buy a license, ServiceNow will check to see whether you already have one.


If you don’t have any, you should look into the available licenses for similar apps. That’s how you find an Adobe Illustrator license that has expired. Furthermore, you’ll see that your company’s policy needs Adobe. So, when you look at the authorized designer apps to use for the same reason as CorelDRAW.


Then you hand the spare license to the customer and explain why they can’t access CorelDRAW. In this scenario, ServiceNow not only allows you to make better use of your current assets. But, also save money by avoiding needless transactions. Hence, it also guarantees that your business runs.


Features of ServiceNow Asset Management


The features of ServiceNow Asset Management are below.


Receiving Mobile Assets is a process that involves receiving mobile assets.

You will get many assets in a single transaction on the mobile agent platform in response to a buy order.


HR assets onboarding

You can keep track of IT hardware and software with a clear onboarding process.


My assets are mobile.

You may request assets, look at delegated assets, and follow events using a mobile device.


Contract administration

Assigns the Contracts and the procedures for accepting and Automatic renewing them.


Dashboards and reports

You can gain real-time visibility into your activity with customized, role-based dashboards.




Thus, ServiceNow Asset Management delivers effective business process solutions by automating workflows. The life cycle process for optimal resource usage, cost reduction, asset management, etc. follows them.

We’ve also gone through the features that ServiceNow Asset Management has to offer.

Enroll in our ServiceNow Online Training at ITGuru, to get more practical knowledge.

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