IT asset management (which is also known as ITAM) is the process of tracking, deploying, maintaining, upgrading, and disposing of an organization's assets as needed. Simply put, it's ensuring that your company's precious assets, both actual and intangible, are recorded and employed.

So, what exactly is an IT asset? An IT asset is any hardware, software, or information that a company values. The machines and software licenses that let us produce, sell, and support our product and the servers we host it on are some of Atlassian's most valuable assets.

IT assets have a limited lifespan. The It Asset Management lifecycle can be proactively managed to optimize the value a business can derive from them. Planning, procurement, deployment, maintenance, and retirement are all parts of the lifecycle that each business defines differently. Applying procedures across all lifecycle stages to determine the total cost of ownership and maximize asset use is an important aspect of IT Asset Management.

IT departments for IT asset management could previously control assets inside their jurisdiction. IT asset management is a business now extends well beyond the gear that has received an official IT stamp of approval. New asset management difficulties arise due to subscription-based software and employees' expectations to customize the tools they use through marketplaces and app stores.

Conclusion:

IT asset management has grown crucial to various departments as teams outside of IT begin to embrace service management. Companies have used asset management software to manage everything from fleets to fish to insurance to musical instruments.