We have business monitoring stack(BSM) through which one can monitor critical devices availability and if the device is down, we can create an incident record. Generally we suggest this option for critical devices alone . Since BSM licensing is expensive, for end points, you may still look at inventory availability report and take a measure to address devices which are not reporting.
There is similar article published which you can refer for more details - I want the alarm to be created as incidents so that they can be assigned to relevant engineers to work on. Is it possible?