What does IT Asset Management mean?
IT asset management is a combination of business processes and practices that encompass financial, contractual and inventory processes in order to support life cycle management and enable strategic decision making for the organization.
Assets being managed are primarily of an IT nature, such as software and computer hardware, but may also include support and basic assets like furniture used in the business environment.
Techopedia explains IT Asset Management
IT asset management maintains and develops standards, policies, processes, measurements and systems which enable the organization to properly manage its IT assets with respect to risk, control, governance, costs and business compliance and the performance objectives that have been set by the organization.
IT asset management is an integral part of an organization’s IT strategy, as it involves intensive data gathering of detailed software and hardware inventory information. This data is then used for informed decision making regarding future software and hardware redistribution and procurement. IT asset management enables organizations to manage their IT resources more effectively, saving money and time by having the ability to distinguish unnecessary purchases and the knowledge to leverage existing resources. This also helps in the minimization of risks that are related to the costs of advancing IT infrastructure portfolio projects based on old and incomplete or inaccurate information.