IT Asset Management Software

IT asset management software (ITAM software) is an application for organizing, recording, and tracking all of an organization s hardware and software assets throughout their entire lifecycle. As a company grows, managing and tracing all the intricate details of its assets from procurement to disposal- become more complicated. ITAM enables organizations to manage a wide variety of hardware assets and devices, such as servers, networking equipment, PCs mobile devices, as well as virtual assets like software licenses, cloud services, and other subscriptions.

Traditionally, companies track their assets through a manual inventory using spreadsheets. They then generate periodic reports, which can be time-consuming, less cost-efficient, and do nothing to improve asset tracking. Asset management software makes managing IT assets easier and can improve cost efficiency by making sure that hardware and software are used optimally.

Benefits of ITAM software

ITAM software is beneficial for the business as it allows companies to:

  • Maximize the use and value of IT assets, make cost-efficient and transparent decisions, and comply with licensing rules

  • Ensure that all hardware and software assets are used optimally to avoid unnecessary hardware and license purchases

  • Organize and track all asset information in different categories, such as description, location, usage, users, date, and other details

  • Manage the tools employees use either in the office or in the field, letting managers assign assets, conduct inventory, and generate reports quickly

ITAM software capabilities are not limited to tracking assets. With it, you can also assess a vendor s performance, conduct audits and policy compliance, optimize licensing costs, and simplify procurement.

ITAM platforms vary in their offerings and services. Some offerings are cloud-based, some are on-premises, and others a hybrid of both.

Typical ITAM features include the following:

  • A cloud-based interface for asset management and inventory deployment

  • Add, move, change, and remove assets

  • Asset audit options

  • Tracking tools such as check-in/check-out, alerts, and notifications

  • Customizable data fields

  • Dispose and recover assets

  • Secure access and mobile flexibility

  • Accuracy of information and reporting

Webopedia Staff
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