What is ITAM? A Complete Guide to IT Asset Management

ITAM stands for IT Asset Management (or Information Technology Asset Management) and it is the process of keeping track of all IT assets an organization owns to make sure everything is used efficiently, stays secure, and follows company rules. 

So, what qualifies as an IT asset? Simply put, an IT asset is any hardware, software, cloud-based service, or information that an organization values, owns and relies on to support its IT infrastructure and business operations. 

There are many types of IT assets, ranging from physical devices like laptops, servers and networking equipment to digital assets like software licenses and cloud subscriptions. 

The key word here is value. IT assets hold value for a business and therefore need to be managed properly throughout proactive IT Asset Management. This includes overseeing the entire IT asset lifecycle—from the moment an asset is acquired until it is retired or replaced—to ensure optimal performance, cost efficiency, and compliance throughout its lifespan.

The importance of IT Asset Management

There’s no doubt that IT Asset Management is essential—and it's not just a personal opinion, but a reality reflected in the growing investments organizations are making in ITAM solutions. According to Technavio, the ITAM software market is projected to grow by 9% in 2025. Why? The rapid adoption of ITAM tools and the increasing importance of asset tracking.

This is because ITAM helps businesses save money, improve efficiency, and reduce risk by keeping IT assets organized and optimized. Here’s how it can positively impact your company:

• Cut costs and eliminate waste.
• Gain visibility and control over your IT assets.
• Improve security and compliance.
• Support other IT Service Management (ITSM) processes.
• Boost productivity.

With ITAM, businesses gain control, reduce risks, and make smarter decisions—ultimately driving efficiency and innovation. 

The ITAM processes

I’ve broken down ITAM into two main processes for the multiple IT assets that compose it: Hardware Asset Management (HAM) and Software Asset Management (SAM). These two disciplines work together to ensure that both physical and digital IT assets are properly tracked, optimized, and aligned with business needs.

“You can't do SAM without HAM. You need to do them both. And that's where ITAM comes into play.”

David Foxen, lead consultant at SAM Beast Consulting Ltd.

Episode 64 of Ticket Volume

Hardware Asset Management (HAM)

Hardware Asset Management is responsible for tracking and managing physical IT assets—such as computers, servers, and networking equipment—throughout their lifecycle, from procurement to disposal. It ensures that hardware is properly maintained, upgraded, and retired at the right time to optimize performance and cost-efficiency. 

Additionally, HAM helps prevent asset loss, supports IT security by managing outdated or unpatched devices, and integrates with ITSM to streamline hardware-related incidents and requests.

Software Asset Management (SAM)

Software Asset Management focuses on controlling and optimizing software assets, including licenses, subscriptions, and application usage, to ensure compliance and cost efficiency. It helps organizations avoid overspending on unused software, reduce risks associated with non-compliance, and ensure that only authorized applications are deployed. 

SAM also plays a key role in IT security by ensuring that software is up to date, properly licensed, and aligned with governance and regulatory requirements.

How to do IT Asset Management?

There’s no single way to approach ITAM—each organization tailors its strategy to fit its needs. Every team and organization has its own strategies and processes. With so many possibilities, I’ve come up with an easy three-step standard process that covers the core activities included in most ITAM strategies.

1. Developing an ITAM strategy

A successful ITAM strategy begins with a clear plan that aligns with business goals. 

The first step is assessing the current situation by identifying existing IT Asset Management practices, gaps, and risks. This is followed by defining ITAM policies for asset tracking, procurement, usage, and disposal. Another key consideration is selecting the right tools—whether using a manual approach, like Excel spreadsheets, or investing in dedicated ITAM software for automation and scalability. Finally, engaging stakeholders across IT, finance, security, and procurement ensures collaboration and long-term success. 

2. Implementing IT Asset Management

Once the strategy is in place, implementation begins with creating a complete IT inventory, which serves as the foundation of ITAM. Organizations must identify and catalog all IT assets, including hardware, software, cloud resources, and data.

Your organization may already have existing inventories or asset categories, though they might be incomplete or outdated. However, they still serve as a good starting point. By combining this data with other asset collection methods—depending on the approach chosen in the previous step—you can build a more accurate and up-to-date IT inventory. Dedicated Inventory Management software and ITAM software offer automated mechanisms to detect and track IT assets efficiently.

3. Maturing ITAM

The final step is achieving ITAM maturity, which goes beyond tracking inventory to managing the entire IT asset lifecycle, from acquisition to retirement. This requires structured processes for procurement, maintenance, and asset disposal.

ITAM software plays a key role in this stage by automating critical tasks like asset performance monitoring, license renewal management, and cost optimization (to name a few). It also integrates with ITSM processes, such as Incident Management, Problem Management, and Change Management, improving efficiency and compliance. 

For example, a company that starts with a basic asset inventory may struggle with outdated hardware and unexpected software renewals. By maturing its ITAM strategy, it implements automated tracking, structured procurement, and proactive maintenance, preventing costly last-minute purchases. Integration with ITSM ensures that when an employee reports a device issue, support teams can instantly access asset details, speeding up resolution and reducing downtime. 

"Each enterprise has a different DNA when it comes to what works for them in asset management. What may be good for one company may be very toxic to another."

Aaron Davenport, Software Asset Manager at HCA

Episode 6 of Ticket Volume - IT Podcast

IT Asset Management examples

Real-life practical examples help better understand the theory we've covered so far and how beneficial IT Asset Management can be. 

• Mirgor, a leading tech and manufacturing company in Argentina, transformed its ITAM strategy by replacing spreadsheets with dedicated software. By automating asset tracking, integrating with ITSM tools, and implementing contract alerts, they saved 2,500 hours of manual work annually while achieving real-time visibility of 85% of their assets.
• Camuzzi, Argentina’s largest natural gas distributor, streamlined IT asset tracking for 3,000 devices across 16 business units. Before implementing ITAM, manual updates led to fragmented data, making lifecycle planning challenging. By adopting software, they automated reporting, improved visibility, and saved over 1,000 hours annually.
• Smartmatic, a global leader in election technology, centralized its IT operations by integrating ITSM and ITAM. By implementing a Configuration Management Database (CMDB), they consolidated inventory data, automated workflows, and enhanced asset tracking, ensuring better compliance and operational efficiency.

These examples show how a well-executed IT Asset Management strategy can benefit organizations. However, these are just a few of the many practices included in the vast range of possibilities that an effective ITAM offers.

Software for IT Asset Management

There is nothing strictly wrong with using Excel for IT Asset Management. But, as seen in the examples, manual methods like spreadsheets quickly become outdated and inefficient, leading to inaccurate records and wasted resources. ITAM software solves these challenges by automating many of its tasks and processes.

With many options available, IT Asset Management solutions vary in features and capabilities, but they all share core functionalities essential for effective Asset Management. These include comprehensive asset visibility, automated performance and status tracking, and tools to optimize IT resources, ensuring better control, compliance, and cost efficiency.

We know choosing a tool isn’t always easy. So, it’s always a good idea to first identify if this is the right call for you, your team, and your organization. How do you know it’s time to switch to ITAM software? Here’s a list of potential situations to keep an eye on: 

• Tracking assets manually is becoming unmanageable.
• Spreadsheets are frequently outdated or inaccurate.
• You’re overspending on hardware and software due to poor visibility.
• Compliance and security risks are increasing due to lack of control.
• Teams are wasting time on repetitive asset-related tasks.

Of course you can continue using spreadsheets or even try a free IT Asset management software, but in the long run, a dedicated ITAM system will make the difference. Let me save you a couple of research minutes. 

With its no-code approach and intuitive interface, InvGate Asset Management offers a comprehensive solution for IT Asset Management. It enables organizations to build a complete IT asset inventory, supports fully automated Asset Lifecycle Management, and integrates seamlessly with ITSM tools. 

IT Asset Management certifications

If you’re looking for formal training, several organizations offer ITAM certifications that provide best practices, frameworks, and specialized expertise to help you manage IT assets effectively. These are the most important ones: 

• IAITAM certifications – The International Association of IT Asset Managers (IAITAM) offers specialized certifications, including Certified IT Asset Manager (CITAM), Certified Software Asset Manager (CSAM), and Certified Hardware Asset Management Professional (CHAMP), making it a trusted choice for ITAM professionals.
• Pink Elephant ITAM certifications – Focuses on hardware, software, and mobile device lifecycle management, along with how ITAM integrates with IT Service Management.
• ITAMORG certifications – Recognized for aligning with ISO 19770-1:2017 and ITIL 4 standards, ITAMORG offers certifications like IT Asset Management Foundation (ITAMF) and Software Asset Management Specialist (SAMS) for a structured approach to ITAM.
• New Horizons CITAM certification – Based on IAITAM’s curriculum, the Certified IT Asset Manager (CITAM) program provides an in-depth overview of ITAM processes and strategies.
• LISA ITAM certifications – The Licensing ITAM & SAM Academy specializes in software licensing management, offering training on IBM, Oracle, and Microsoft compliance.

ITAM experts and influencers to follow

Another source of information and expertise is the ongoing consultation with ITAM experts and specialists. Several names related to the ITAM world came to mind, and I compiled them in the following list:

• Matt Beran - No surprises here since Matt is our Product Specialist at InvGate and the host of Ticket Volume - IT Podcast! He has over 20 years of experience in the field, so he knows what he’s talking about. His best feature? Very approachable person.
• David Foxen - He’s an ITAM expert on its two main practices: HAM & SAM. Founder of SAM Beast Consulting Ltd, David is very active on LinkedIn.
• Aaron Davenport - Aaron specialises in SAM, specifically in license optimization for vendors like Microsoft, IBM, Oracle, and Adobe. He has a strong background in enterprise computing and process optimization.