IT asset management services, popularly known as asset management is a set of practices that combines financial, contractual and the inventory operations. It helps support the life cycle management and strategic decision for the IT sector. In addition, it keeps track of the software and hardware assets that often forms part of the business environment. The basic objective of the asset management services is to enable an agency to meet its objectives concerning the service delivery in an effective manner.

Functions of IT asset management services:

An effective IT asset management performs several essential tasks such as follows:

•    It ensures the proper usage and maintenance of IT based assets, thereby making most of their service potential.
•    It minimizes the demand for new assets without eating into your budget through non-asset service delivery alternatives and effective management techniques.
•    It adds value for money by evaluating several economic options that take into account life cycle and complete costs, involvement in the private sector and value management techniques.  
•    It helps reduce the unwanted acquisition of assets by updating the agencies with information related to the payment of the entire cost of holding and using of assets.
•    It focuses on the results by assigning responsibility, accountability and reporting requirements in a specified manner.