IT Asset Management provides a comprehensive way to organise, track, and manage all your organisation’s technology assets, from hardware and software to cloud resources. Through structured oversight and lifecycle management, it ensures that your IT assets are accurately accounted for and effectively maintained.
IT Asset Management (ITAM) is essential for organisations aiming to govern and optimise the lifecycle of their IT assets. ITAM centralises data across hardware, software, and cloud assets, offering visibility over inventory, compliance, and costs. This structured approach supports informed decision-making, cost control, and compliance with licensing requirements while minimising risks linked to technology investments.
Through a centralised platform, ITAM simplifies asset tracking, consolidating inventory data, contract terms, usage stats, and compliance status in one place. By automating lifecycle stages, it reduces manual tasks, cuts down on errors, and ensures accurate records. ITAM also organises service contracts, including vendor data and warranty details, keeping commitments accessible.
ITAM’s streamlined visibility into each asset’s lifecycle aids in efficient troubleshooting and change management, while supporting operational alignment and effective resource use across the organisation.
Monitor usage, locations, and replacement needs
Optimise spend and reduce unnecessary purchases
Manage vulnerabilities and user permissions
Avoid penalties and ensure compliance
IT Asset Management is a set of business practices and processes designed to manage the lifecycle and inventory of an organisation’s IT assets.
The main concepts of ITAM include managing the asset lifecycle, maintaining an accurate inventory, controlling costs, ensuring compliance with legal and regulatory requirements, and optimising asset usage.
ITSM focuses only on service delivery and therefore the operational phase of an asset. On the other hand ITAM focuses on the entire lifecycle of an asset, focusing mainly on an asset’s financial, contractual and operational risks and implications.
A return merchandise authorization (RMA) form is a document that is used when products need to be returned to a company. The form will outline the reason for the return as well as the next steps. It can be included with the product (inside the packaging) or sent out to customers when requested.
An IT asset management analyst is the one in charge to provide support for IT asset management analytics, operations and overall administration.
The ISO standards for asset management would refer to the ISO 55001 is a framework that specifies requirements for any asset management system. The framework is designed to standardise effective asset management practices. It applies a plan, do, check, act cycle to help continuous improvement in a systematic manner.
The ISO 27001 asset management policy is the practice of identifying information of assets of the business, assessing the associated risks and establishing security controls for protecting them.
ISO IEC 27001 defines an asset as any valuable component within a business’ systems where sensitive information is stored, processed or accessed. This includes physical devices like an employee’s computer, laptop or company phone, as well as the sensitive data stored on these devices. Both are considered assets.
An asset management framework is a structured approach that outlines the processes, policies, tools and responsibilities needed to effectively manage a business’ assets throughout their lifecycle. The key components include:
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