What is Asset Management in IT?

 

 IT asset management (ITAM)

An IT asset is classified as any company-owned information, system or hardware that is used in the course of business activities. The IT asset management process typically involves gathering a detailed inventory of an organization's hardware, software and network assets and then using that information to make informed business decisions about IT-related purchases and redistribution.

IT asset management (information technology asset management, or ITAM) is a set of business practices that combines financial, inventory and contractual functions to optimize spending and support lifecycle management and strategic decision-making within the IT environment. ITAM is often a subset of the IT service management (ITSM) process.

ITAM applications are available to organizations to assist in the ITAM process. These applications can detect the hardware, software and network assets across an organization and then capture, record and make the data available as needed. Some of these applications integrate ITAM with the service desk, keeping all the user and access information together with the incidents and requests.