Asset Lifecycle Data Gaps Drive Audit and Compliance Costs
A recent survey from Oomnitza revealed some troubling trends around technology inventory data and compliance audits. Nearly half of all organizations saw their audit costs surge significantly due to poor asset lifecycle data. Over half of companies reported their configuration management database - the core system for tracking assets - had accuracy rates of 85% or lower.
This lack of reliable information had major financial consequences. A staggering 47% of businesses spent at least 10% more than planned on audits as a direct result of poor asset records. Firms between 1,000-5,000 employees seemed to struggle most with this issue. According to the analysis, factors like remote work, tightening regulations and cloud adoption have made compliance verification more difficult and inefficient without clean records.
Rich Gibbons of ITAM Review evaluated these findings. He noted that while cloud technologies continue expanding rapidly, traditional asset management practices are still crucial across the entire technology landscape from on-premise infrastructure to the cloud. A modern approach to IT asset management is vital to any organization trying to reduce risk and contain costs.
Low quality data and insufficient automation for technology inventory fuel higher costs, long delays, and problems for compliance audits. Rubicon Advisor addresses these challenges by creating a reliable source of truth for asset lifecycle data - improving operations, reducing risk, and helping companies keeps costs under control.
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