What Is IT Asset Management- A Layman Guide?

Previously, IT departments had access to resources located exclusively under their authority. Asset management procedures now cover much more than the equipment bearing the authorized IT seal of approval. New asset management challenges are brought on by subscription-based systems and employees' expectations that their tools can be customized through markets and app stores. Modern teams must be adaptable, and IT teams must modify their asset management procedures to support the company effectively. IT Asset Management's overarching objective is to give the organization the greatest Return possible when using IT assets. This blog provides an overview of IT Asset management technologies strategy. It is written with IT professionals unfamiliar with IT Asset management in mind who may be starting to consider their asset management needs in mind.

What Is IT Asset?

An asset is a revenue stream having monetary worth that a person, organization, or country possesses or manages with the prospect of future advantage. IT assets comprise any equipment, software, or relevant data that a company values. The machines and program licenses that let us create, market, and maintain our product, as well as the servers on which it is hosted, are among the most crucial assets in the IT sector. IT assets get a limited lifespan. The IT asset longevity may be maintained and controlled to optimize the revenue a business can derive from it.

What Is IT Asset Management?

To optimize the value of IT equipment to the company, IT asset management involves effectively managing it during its lifespan or term of tenure. An organization may keep a thorough inventory list using an IT asset management system without having staff members physically or manually inspect assets. Despite having theoretically diverse approaches, ITAM includes both software and hardware asset management. The administration of physical assets, including web servers, tablets, Desktops, portable devices, scanners, etc., is at the centre of hardware management. Software assets include things like cloud storage, operating system licenses, and software that has been installed onto a computer directly.

What are the types of IT asset management?

Generally, IT assets may be divided into various categories. The following are the three main categories of IT asset management: cloud, hardware, and software.

  • Software

Due to the regulatory standards and licensing involved, this ITAM is slightly more complicated than the others. Software assets must be constantly maintained and evaluated, and they should be flexible and sufficient to adapt to shifting industry circumstances, needs, and customer expectations.

  • Hardware

The equipment used by a company also contributes to its IT environment. Such tangible assets consist of computers, projectors, scanners, laptops, tablet phones, servers, printers and any other gear employed by the enterprise for information management.

  • Cloud

Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) are just a few examples of cloud assets that IT asset management tools monitor the price and utilization for (PaaS). Each is considered an asset that ITAM must maintain for budget and regulatory reasons.

What Phases Include IT Asset Management?

Contrary to popular belief, IT asset management begins the minute a new asset is needed, not when it first enters inventory. The IT asset lifetime may be defined variously by different organizations, although generally adhere to the following steps:

  • Requisition

When an employee of a company requests new IT hardware, the requisition procedure starts.

  • Procurement

Acquiring IT assets happens during this stage. Critical elements of IT asset management involved throughout this stage include provider choice, collective bargaining agreement, lending processes, and effectively adding purchased assets to inventory.

  • Deployment

At this point, IT hardware starts to be used at a workstation.

  • Maintenance

Regular physical servicing, system upgrades, and any repair work are all included in asset monitoring. Due to modern IT asset management systems, monitoring is becoming an automated operation.

  • Retirement

All IT equipment finally reaches the end of its useful life and must be removed from service. Making users transition to other resources during retirement also involves updating records, ending licenses, cancelling contracts, and arranging replacement assets.

Advantages Of Managing IT Assets

ITAM's overarching objective is to give the company the greatest Return possible using IT assets. The following are some advantages of managing IT assets:

  • Promises A Single Truthful Source

Assets are typically tracked in multiple locations by multiple persons, no individual holds assets, and no single solution consolidates asset information. For IT groups, management, and eventually entire organizations, IT asset management provides order and a single source of truth.

  • Increases Output Without Sacrificing Dependability

As teams adopt, asset management technologies are of utmost value. Facilities and platform services are used more frequently, and efficient asset management makes it possible to control consumption.

  • Enhancing Efficiency And Removing Waste

For teams to reduce waste and increase utilization, asset management maintains information updated. By assisting in preventing pointless expenditures and lowering licensing and support expenses, it helps to save money.

Components Of IT Asset Management

  • People

To succeed with ITAM, you must win over the team's hearts and minds and the essential stakeholders.

  • Method

ITAM is a continually practiced discipline; it is not a one-time activity.

  • Technologies

Implementing a meaningful ITAM practice requires the use of ITAM technology and services. When it comes to keeping good records, ITAM technology should assist you with some of the labor-intensive tasks like holding a sign-up of assets, consumers, gadgets, and systems, automation where it is practical to do so, and assisting IT Asset Managers in identifying and interpreting their resources and welfare benefits.


The manual monitoring of assets might be demanding because they are always moving. A disorderly IT environment that necessitates more focus on details might result from dealing with problems like burglary, restoration and retirement of IT assets, fresh deliveries, etc. As per the research, the first step to better knowing what is there and your costs is to take an asset management system. From there, you may review costs with your accounting department and chart asset lifespans. Beyond this stage, more advanced IT asset management automates everyday asset management chores. Working assets may frequently be repaired and resold, which not only gives firms more money but also help you to achieve your company's sustainability objectives.

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