IT asset management (ITAM) is the end-to-end tracking and management of IT assets to ensure that every asset is properly used, maintained, upgraded and disposed of at the end of its lifecycle.

Benefits of IT asset management:-

Automated detection: IT asset management systems automatically detect all hardware and software installed on an organization’s network of computers.

License management: ITAM software stores IT asset licenses. These are then cross-referred to the relevant inventory data to alert the organization if it’s under-licensed and at risk of breaching a license agreement or over-licensed and acquiring software it underuses or never uses. This functionality can also track the expiration dates of license agreements and inform the organization accordingly.

Version and patch management: Asset management software tracks the deployment of new software patches and versions to keep an organization’s suite of computers secure, up-to-date and running smoothly.

Request management: Some ITAM software can track all requests for IT assets and allow organizations to define asset request workflows. They evaluate license requirements for these assets and manage the acquisition and deployment process.

Inventory management: ITAM tools keep a record of all assets used by an organization. The inventory records asset data like name, type of license agreement and version.

Configuration management database (CMDB): The CMDB is a centralized database that stores information about an organization’s IT assets and the relationships between assets.