IT Asset Management is essential in any enterprise utilizing IT, since this discipline can
help optimize the cost effectiveness of IT resources through strategic deployment. With IT
Asset Management, an asset portfolio is tailor made for the company to optimize its IT
assets and mitigate the risks. It is a practice in business that is meant to support the
life cycle management of the IT environment. Assets include all the elements of software
and hardware.
Software Asset Management includes the control and management of software licensing,
configuration management, standardization of images and compliance with regulatory and
legal restrictions (inclusive of copyright law and software publisher contractual
compliance.) Hardware asset management, on the other hand, is the management of the physical
components of computers and their  networks. It is monitored from its acquisition to
disposal (which may involve resale or destruction). This process may include request and
approval processes, procurement, life cycle management, and redeployment and disposal
There are several IT Asset Management groups available to choose services from, but it is
always a good idea to choose the best for the company. The basic services that should be
provided by this group should include: optimization of asset usage; identification of
security risks; flexibility in improvement of change control; and asset information for
decisions regarding IT assets, control of inventory, enhancement of performance of assets,
and life cycle management and risk reduction through standardization, documentation, and
loss detection. The service provider should be able to provide a support for strategic
decision making to allow for managed cost and therefore significant savings for the entity.
IT Asset Management utilizes automation in monitoring, managing and even discovering
assets. It may require integration with other systems as well such as the supply chain,
help desk, procurement and HR systems (when necessary.)