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Post By Admin Last Updated At 2020-06-11
Explain ServiceNow Asset Management ?

ServiceNow Asset Management is the process of automating and managing IT assets throughout the lifecycle. It helps to track financial, contractual, and physical details of various devices along with non-IT assets. After deployment of the assets, the Asset Management maintains all the records relating to assets and their activities. Moreover, it also performs regular assessments of these assets through IT services.

ServiceNow Asset Management provides a data repository to track the inventory and its details. Furthermore, to improve the quality of services, Asset Management works with its IT Service Management applications. Applying this service business can achieve new standards within the space.

ServiceNow Asset Management best practices

Every entity poses some significant challenges and opportunities with its asset management. To reduce the risk and to optimize the cost, the entity needs to know the different sizes of assets. Moreover, it has to know the current value of the assets to secure and manage them properly.

ServiceNow Asset Management best practices must have some set of goals that would help to implement it for the best services. Such as,

  • Proper inventory control over the asset purchased and being used.
  • Reducing the cost of managing assets.
  • Selection of best tools that help to manage assets.
  • Managing the asset lifecycle throughout the business life.
  • Maintain proper IT services that help end-users.
  • Create and improve the set of standards and regulations of asset management, etc.

Moreover, it also involves several things that help to implement ServiceNow Asset Management principles to manage assets. Data is an important thing in the whole asset management process. Here, it involves various things such as; quality of data to be maintained.

aaset management | OnlineITGuru

Every project needs a lot of data, which must be kept, secure, and manage well. Controlling the quality of data should be part of planning. Priority regarding gathering the data should be the best practice in asset management. The data must be trustworthy and practically useful.

It must integrate the operations with a full confirmation. Moreover, the participation of stakeholders is also an important thing. Senior stakeholders may help in the asset management projects which may span its scale to various organizations. Furthermore, they can help to recognize the asset requirements and can apply the best strategies.

Making the availability of best management practices, a business can scale new heights. This makes the business stand out as a good performer in the market.

To get more insights on ServiceNow and related things, ServiceNow Online Course will be the best option to update skills. 

ServiceNow Asset Management features

ServiceNow Asset Management includes various features. It provides the organization best asset management practices. A few of these features will discuss in this context.

Continuous Asset Provisioning:

Whenever a new asset is added to the entity, the organization team quickly reviews the inventory. Besides, it helps to repurpose the commonly requested goods for the organization. Asset management makes the process easy while making a purchase order. Moreover, they are tracked and created within the system after the process of the order using automation. It provides all the records of assets such as orders, requests, and cost of the assets. Furthermore, these assets administration and provisioning becomes easy.

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Automation in stock management:

ServiceNow Asset Management allows the customer to control the stocks with the stockroom. These include devices, consumables, and other various assets. IT services prepare a model of assets that could be maintained easily.

It helps to improve the productivity of the employees by automating such services. With this automation, any stock from the process can be pulling out from the stockroom to buy or sell through vendors. Moreover, it also improves inventory management with high quality and security.

Easy Service Catalog:

Every asset or product needs to place in the service catalog to make them available to customers. ServiceNow Asset Management makes it easy to bring the data of assets or products directly from the vendors. After publishing the service catalog, it becomes easy for the service managers to decide the products division.

Moreover, they can distribute the availability of the product depending upon the consumer’s activity, attitude or needs, etc. They may offer the best prices for the assets being ordered. Furthermore, it helps to serve customers in a better way.

Asset Audit Management

Asset management principles can make a good impact on business. Its audit management helps to identify the issues relating to the assets. Making the audit to the assets held by the company and its value will bring transparency to the business. Moreover, it will create trust among the consumers by knowing their business activities. With the help of these companies can reduce asset maintenance costs by optimizing activities.

Tracks cost of assets owned:

ServiceNow Asset Management helps to track the cost of assets and their ownership. It includes the initial charges, shipment costs, transport, maintenance, and other valuable services rendered by the entity. It runs the process throughout the lifecycle of Asset Management. By capturing all these things, the management can decide the costs of the asset management lifecycle. And also they can identify any issues within them. Moreover, this will help the organization to control and plan well for their future spending.

Furthermore, there are some activities like contract management, document management, etc which come under the ServiceNow Asset Management. It enables the digital transformation of various assets and their functions.

Besides, it helps to identify the service areas which can lead to the development of business. All these features help the organization to prosper well in the market.

ServiceNow Asset Management process flow:

The ServiceNow Asset Management process includes various things that make it perfect for use. It depends upon the business, its activities, and the type of assets it holds. The process includes some procedures to follow. Such as;

  • Inventory discovery is the key point of Asset Management. Identifying assets and their activities helps the organization to provide better service.
  • Managing database with a clean and clear recording of assets. It is necessary to remove unnecessary data or records from the system to make the best use of the resources.
  • Creating categories of asset types such as, inventory, devices, stationery, etc., and maintaining records of these items.
  • Creating a separate asset account in the system for easy maintenance.
  • Managing the software licenses that hold asset records. Renewing their license status and maintaining the proper security.
  • Moreover, it needs to manage the cost of maintaining and optimizing all the above things. It helps the management to think about reducing these costs and improve productivity in all areas.

The above process flow of asset management is an example that how any entity plans. Besides, taking the help of ServiceNow along with the asset management principle makes the entity serve better. This is the stepping stone for any business organization to improve the flow of business. It makes it create more space in the competition. Making consumers satisfy with services creates trust among them. Moreover, this trust can bring more business value and increase its goodwill as well.

 Implementation plan:

The implementation of ServiceNow Asset Management involves various practices and plans. We will understand the process with an example. Suppose, we have a client with a logistics business and he wants to implement ServiceNow Asset Management principles, then we should know his priorities and the areas he wants to improve by this implementation. It requires the number of employees working, the size of the assets, and the cost of optimizing. Moreover, the data relating to the assets and their activities, etc. also require.

There may be some business challenges like identifying hardware and software asset resources. And to control the data coming from multiple sources with product model information. Furthermore, to overcome these challenges requires a service provider to work closely with the asset management team.

After that, it comes to technical solutions within the process. To strengthen the client’s asset management solution, it needs to identify the assessing gaps and the reason behind gaps. To find out all these things proper planning is important. It helps to improve the ServiceNow Asset Management quality. Furthermore, this will improve business services and helps it to prosper in the future.

Finally, it comes to the turn of the results of the business. By maintaining functionality throughout the asset management lifecycle, we can achieve great results. Besides, by performing various activities like identifying sources for software contract management, conducting workshops with business teams, etc.

Moreover, working with different business teams gives a team spirit to achieve something big in this industry. This creates trust among the public as well as to the entity itself.

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Mobile for IT Asset Management

To manage IT asset management in Mobile, there are Now mobile platforms and Agent Mobile applications available within ServiceNow Asset Management. These apps are useful to view asset class, incident reports against the asset, etc. Moreover, a user can also verify his asset with the purchase source by scanning the QR code.

Asset and CI (Configuration Item) management

In the Asset and configuration item (CI) management, we build assets and set appropriate states and substates, synchronize assets, etc. Moreover, we can also sync configuration Items, manage several consumables, and retiring assets.

Asset classes

There are some default asset classes such as Software License, Hardware, and Consumables. These typical classes are also useful to manage different types of assets.

Build fixed assets

Fixed assets are like boxes that can hold too many assets. Moreover, these fixed assets are generally tracked at the corporate level either by a finance or accounting department. But it may include IT assets also like hardware and software.

Consumables life cycle

These are some kind of assets that are not tracked or impossible to track individually. But it is possible as a group of the same model.

Build pre-allocated assets

A pre-allocated asset is a thing that physically exists, but it is not yet considered a financial liability.

These assets are frequent assets that the vendor continues to own. But has agreed to store in a customer stockroom for JIT procurement. For example, a pre-allocated asset can be a group of 200 computers ready to be assigned. Assigning the asset produces a configuration item (CI) and allows the user to allocate the asset properly. Moreover, these types of assets can be components of another asset that is currently in use. 


The Stockrooms are the places to which assets are allocated.

Transfer orders for Am-Asset Management

The transfer orders help to move assets amongst various company stockrooms.

For this, build a transfer order for AM.

Build a transfer order to transmit assets from one place to the other location.

Track the asset’s transfer order line to update info.

As transfer order line actions begin, the stock information and states of any affected assets are updated immediately. In this regard, consumables and non-consumable things are tracked in a different way.

ITSM Software AM- Asset Management

The ITSM software asset management features suite can be activated easily. For this, we can use one of the plugins available within the feature table.

Organization Management (OM)

The OM application offers the easiest way to execute such asset management works as updating users and adding new vendors.

By applying ServiceNow asset management, organizations will have an automated method to track various things. Such as hardware, software license purchases, and related allocations.  This gives significant efficiency and gains for clients managing different types of assets. Hence, this method automates some very manual and labor-intensive procedures that may prone to errors. ServiceNow asset management has significantly improved many enterprises. It has given them the ability to manage their assets by minimizing the purchasing cycle time, the time and labor related to physically managing assets and reconciling software licenses, etc. Moreover, it also provided Just-In-Time (JIT) inventory so companies don’t carry over with dormant assets’ costs.

Hence, we can say that ServiceNow Asset Management is not just only managing the computer devices but it has a vast scope. It needs to manage so many things within an enterprise by making a schedule of automation. 

Asset management has been in practice for a long time in the industry and it helped many organizations. Every organization needs some different type of asset management. Moreover, there are some highly regulated ecosystems that manage high-end assets very efficiently using ServiceNow Asset Management.


Thus, the above writings explain the ServiceNow Asset Management best practices, implementation, and features in detail. It gives an overview of the ServiceNow and the Asset Management workflow with the measures taken by management. Furthermore, it provides an idea of the ServiceNow Asset Management and its best services within any organization.

To get more knowledge on ServiceNow and its best practices one can opt for ServiceNow Online Training from various online sources. It helps to improve knowledge and skills along with a way towards a great career.