Teqtivity Tackles 'Ghost Assets': The Hidden Financial Drain of Untracked IT Equipment

IT Asset Management leader helps organizations reclaim millions in phantom technology costs

CERRITOS, CA, UNITED STATES, November 25, 2024 /EINPresswire.com/ -- As organizations struggle with tracking dispersed IT equipment, Teqtivity shines a light on a costly but often overlooked problem: ghost assets. These phantom assets—equipment that exists on paper but has been lost, stolen, or disposed of without proper documentation—silently drain company resources and create security vulnerabilities.

"When organizations can't track their IT assets accurately, they throw money away. We're seeing companies pay maintenance fees on devices that don't exist and buy new equipment while perfectly good assets gather dust," says Hiren Hasmukh, CEO and Founder of Teqtivity.

The impact of ghost assets includes:
- Inflated Asset Values: Organizations unknowingly overstate their IT inventory value, leading to inaccurate financial reporting and tax implications.
- Wasted IT Budgets: Companies purchase new equipment while perfectly good assets sit unused or pay for maintenance on nonexistent devices.
- Security Vulnerabilities: Untracked assets escape regular security patches and updates, creating potential entry points for cyber attacks.
- Compliance Risks: Discrepancies between recorded and actual assets can result in failed audits and significant penalties.

"What makes ghost assets particularly dangerous is their invisibility," notes Hasmukh. "Without proper asset management, organizations don't realize they're bleeding money through phantom equipment until it's too late."

Teqtivity's solution provides organizations with real-time visibility into their IT assets, helping them:
- Track assets throughout their entire lifecycle
- Automate inventory audits and reconciliation
- Enforce proper decommissioning procedures
- Integrate asset management with financial systems

For more information about eliminating ghost assets from your organization, visit www.teqtivity.com.

About Teqtivity
Teqtivity is a provider of IT asset management (ITAM) solutions designed to help organizations track and manage their IT assets throughout their lifecycle. Its software gives organizations the visibility they need to make informed decisions about their assets and helps them save time and money. To learn more about Teqtivity, please visit www.teqtivity.com

Rishi Simbudyal
Teqtivity, Inc
email us here

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