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An IT asset is classified as any company-related information, system or hardware used during business activities. The IT asset management process involves collecting and managing a detailed inventory of an organization's hardware, software, integration and network assets. IT asset management provides data on IT inventory, making the company's IT infrastructure transparent. The information gained from IT inventory management is used to make informed business decisions about IT-related purchases and redistribution.

In the IT industry, asset management (ITAM-IT Asset Management) is used to optimize IT spending and manage the lifecycle of assets in the IT environment. IT asset management is a suite of business applications that combines financial, inventory and contracting functions to support strategic decision making.

IT asset management is also sometimes referred to as IT inventory management. Because it often involves collecting detailed hardware and software inventory information, which is then used to make decisions about acquisitions and how assets are used. Having an accurate inventory of IT assets helps companies use their assets more effectively and avoid unnecessary asset purchases by reusing existing resources. IT asset management also enables organizations to reduce the risk costs of unknowingly building new IT projects on old (or unknown) infrastructure foundations.

Application Portfolio Management Software

Application Portfolio Management software is a digital solution that enables businesses to manage all their applications and software. Businesses can manage their application inventories through the platform and evaluate their efficiency.