Everything you need to know about IT Asset Management

You’ve spent a lot of time and money on technology for your organization, but are you getting the most out of your IT investments? Collecting inventory data and tracking contract statuses throughout the lifecycle of an asset is critical. Capturing your asset data in one location enables better IT asset management and tracking of hardware, software, licenses, ticket history, and even non-IT assets.

What is an IT asset?

The definition of an IT asset may vary slightly, but here we divide IT assets into three categories:

Hardware assets

Includes all physical hardware in the organization such as servers, clients, printers, network components. Managing these assets is referred to as Hardware Asset Management (HAM).

Software assets

This includes both traditional on-prem software and cloud-based SaaS. Managing these is referred to as Software Asset Management (SAM). Some frameworks split these into separate subcategories.

Intangible assets

Includes user accounts, backup jobs, server clusters – assets not categorized as hardware or software but still important to document and manage.

What is IT Asset Management (ITAM)?

IT asset management (ITAM) is a framework of business processes tied to IT infrastructure and assets. ITAM is more than cataloging – it combines financial, inventory, contractual and risk responsibilities for managing IT assets across their lifecycle.

ITAM is often part of IT Service Management (ITSM), covering all activities related to IT services.

ITAM fundamentals and key process areas

The International Association of Information Technology Asset Managers (IAITAM) defines 12 key process areas to guide organizations in ITAM.

12 key process areas of ITAM

What are the benefits of ITAM?

A well-executed ITAM strategy helps organizations:

Reduce security risks and vulnerabilities
Eliminate shadow IT
Ensure compliance with regulations
Improve efficiency and productivity
Reduce licensing costs
Identify and remove underutilized assets

What should you expect from an ITAM solution?

There are many ITAM tools available. They typically help align hardware/software inventory, asset ownership, and location data. Organizations must first understand their needs.

Types of ITAM solutions:

Inventory management

Track and document physical IT assets (servers, clients) throughout their lifecycle.

Examples: AssetCloud, Asset Panda, Sensolus, vScope

Software asset management

Track software licenses, users, contracts, and automate license-related tasks.

Examples: Cherwell, Snow, vScope

All-in-one solutions

Comprehensive tools that provide a complete view of all IT assets and usage insights.

Examples: vScope, ServiceNow, SysAid,

Licensing models

Tiered model

Vendors offer different feature packages. Pricing ranges from $25 to $3000/month according to Gartner.

Pay-per-asset

Charged based on number of assets managed. Assets may include IP devices, licenses, databases, etc. Price range: $69–$2,490.

Pay-per-user

Price based on number of users. Typical pricing: $9–$99 per user/month.

Curious to learn more about ITAM?

This article provided an overview of ITAM. If you’re interested in an all-in-one ITAM platform that inventories assets and creates powerful reports, check out:

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