What is IT asset management?

The ITAM process ensures compliance with licensing agreements, oversees asset performance, and reduces risks associated with outdated or unsupported technologies. ITAM provides visibility into a business's technological infrastructure, enabling better decision-making and optimization of IT resources. It plays a critical role in helping businesses manage costs, meet regulatory requirements, and improve efficiency in IT operations.

The three pillars of modern IT asset management (ITAM) are visibility, lifecycle management, and governance.

Ensures organizations have a clear understanding of their IT assets, including hardware, software, and virtual assets, by providing real-time data on inventory and usage.

Focuses on the complete journey of an asset, from procurement to decommissioning, ensuring that assets are used efficiently, maintained properly, and retired in a way that maximizes value while minimizing risks.

Involves setting policies, controls, and compliance measures to ensure IT assets are used responsibly, aligning with organizational goals, and adhering to regulatory requirements.

Together, these pillars help organizations optimize costs, improve security, and enhance operational efficiency.

There are several types of IT asset management, such as hardware asset management (HAM), software asset management (SAM), cloud asset management, and mobile asset management. Each category corresponds to the type of assets managed.

Focuses on physical devices, such as computers, servers, and networking equipment.

Deals with software licenses, ensuring that a business complies with usage rights and avoids penalties from overuse or misuse of software.

Handles virtual assets and services hosted in the cloud, such as cloud storage or software-as-a-service (SaaS) subscriptions.

Oversees smartphones, tablets, and other portable devices used in a business's workflow.

IT asset management tracks every IT asset throughout its lifecycle, from procurement to disposal, using specialized software tools and management processes. It starts with identifying and documenting all assets within the businesses and assigning ownership or responsibility for each. The system then monitors how assets are used, ensures compliance with licensing agreements, and tracks maintenance schedules or performance metrics. ITAM tools typically integrate with other business systems like procurement, accounting, and human resources to automate tracking and reporting.

The benefits of ITAM include cost savings through better asset utilization, improved compliance with software licensing, and increased operational efficiency by reducing downtime due to improper management. ITAM also helps in strategic planning by providing detailed data on the IT landscape, supporting decision-making around technology investments and upgrades.

However, challenges include the complexity of tracking assets across large businesses, especially with the growing use of mobile devices and cloud services. Maintaining up-to-date records can be difficult, and integrating ITAM systems with existing business tools may require significant resources. Additionally, ensuring compliance with licensing and regulatory requirements across multiple platforms is another key challenge businesses must address.