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?
In order to understand ITAM, we need to understand what an IT asset is. The definition and details may vary slightly depending on who you ask, but here we divide IT assets into 3 categories:
What is IT Asset Management (ITAM)?
IT asset management (ITAM) is a framework involving a set of business processes and practices that are directly tied to an organization’s IT infrastructure and assets. Some mistake ITAM as simply the process of cataloging, tracking and maintaining the IT assets of an organization. However, ITAM combines financial, inventory, contractual and risk management responsibilities to create a more holistic approach to the management of IT assets throughout their lifespan.
IT asset management is generally a part of IT Service Management (ITSM) which includes all activities related to designing, planning, creating, deploying and managing IT services.
ITAM fundamentals and key process areas
The International Association of Information Technology Asset Managers (IAITAM) is an organization that offers documentation on ITAM to help guide organizations through the process of asset management, see the 12 key process areas below.

What are the benefits of ITAM?
The IT asset management framework allows organizations to gain control over their complex IT infrastructures. When executed properly, ITAM can generate large returns on investment. ITAM can help organisations reduce their costs by:
What should you expect from an ITAM solution?
In order to achieve the aforementioned benefits you might need some help along the way. There are countless vendors that offer solutions that can make ITAM a bit more manageable. ITAM software allows you to align your hardware and software inventory, asset owners, assignments and location information in one place. However, ITAM covers a lot of different aspects. That’s why organizations need to understand their needs and challenges before opting for a solution. Below are some of the most common types of ITAM solutions:
The pricing for different ITAM solutions depends heavily on the range of features offered and the licensing model used. ITAM solutions are usually offered through one of three licensing models listed below.
Curious to learn more about ITAM?
We hope that this article has provided you with everything you want to know about ITAM. If you are interested in learning more about a comprehensive, all-in one ITAM solution that inventories your IT assets and lets you create valuable reports and tables all in one place, check out vScope. You can read more about our inventory and reporting solution here or contact us directly for a demo of our product.