IT asset management (ITAM) software assists with IT asset lifecycle management. The central purpose of ITAM software is to create and maintain a database encompassing the company’s digital, physical, and virtual components. This allows IT teams to gain insight into the current state and capacity of the company’s infrastructure. IT managers can utilize this information to make long-term procurement plans for IT asset purchase, maintenance, disposal, and replacement.
On top of building asset databases, ITAM tools often contain features to manage contracts, finances, and risks associated with inventory. Companies can further use these tools for software patching and policy governance. ITAM software ensures each connection is approved, properly formatted, and updated, thereby reducing security risks. Real-time monitoring features allow ITAM products to identify new connections and inform administrators of new and potentially unapproved devices. Some ITAM tools not only manage hardware but also contain the capabilities of software asset management tools.
To qualify for inclusion in the IT Asset Management category, a product must:
Create a central IT asset database that includes common physical IT assets such as workstations, laptops, servers, printers, routers, and various Internet of Things (IoT) devices
Report the status of each IT asset, including license, warranty, contract, lifecycle, and user information
Automatically discover or manually create new IT assets
