IT Asset Management (ITAM) is the coordinated activity of an organization to realize value from IT assets. IT Asset Management is a subordinate practice of Asset Management, specifically aimed at managing the lifecycles and total cost of IT equipment and infrastructure. ITAM can include hardware asset management, software asset management, and information asset management. The purpose is to plan and manage the full lifecycle of all IT assets to assist the organization in the following:
- Maximize values
- Control costs
- Manage risks
- Support decision making regarding purchase, reuse, decommissioning and disposal of assets.
- Meet regulatory and contractual requirements
When IT asset management interfaces well with other practices, including service configuration management, incident management, change enablement, and deployment management, asset status information can be maintained with less effort.