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.

Why is IT Asset Management important?

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 IT Asset Management 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 - IT Podcast

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? The ITAM process

There’s no single way to approach IT Asset Management — each organization tailors its strategy to fit its needs.

But even though every organization has its own process, that doesn’t mean you have to start from scratch. If you need a little boost, you can check out our IT Asset Management checklist, which includes everything you need to kickstart your journey.

That said (and with so many possible approaches), 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

An effective ITAM strategy helps organizations gain complete visibility into their assets, reduce unnecessary costs, and minimize security and compliance risks. In short, it ensures every asset supports business goals while delivering maximum value.

A successful ITAM strategy starts with a clear plan built around these key steps:

Assess your current situation: Identify existing IT Asset Management practices, gaps, and risks to understand where you stand.
Define ITAM policies: Establish clear rules for asset planning, procurement, operation & maintenance, and disposal to ensure consistency across the organization.
Select the right tools: Decide whether to use manual methods (like spreadsheets) or implement dedicated ITAM software that offers automation and scalability.
Engage key stakeholders and train people: Involve IT, finance, security, and procurement teams to align goals, encourage collaboration, and ensure long-term success.
Keep improving: Review and refine your ITAM strategy regularly to stay aligned with evolving goals and technologies.

With these steps, your ITAM strategy becomes a continuous process that strengthens control, accountability, and long-term value across your organization. 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 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 IT Asset Management 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.

This ensures that when an employee reports an 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 IT Asset Management tool 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.

ITAM automation: What can be automated and why it matters

One of the biggest advantages of using ITAM software is automation. It takes repetitive, error-prone tasks off your team’s plate (like updating asset records, tracking license renewals, or monitoring asset health) so they can focus on more strategic work.

Automating these processes ensures that your inventory stays accurate, your compliance is always on track, and no key updates or alerts fall through the cracks.

ITAM automation also plays a crucial role in improving response times and decision-making. From real-time asset discovery and automated status changes to triggering workflows in your ITSM platform, automation keeps everything in sync across your tools. The result? Less manual effort, fewer mistakes, and a more efficient way to manage the entire IT asset lifecycle.

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.

IT Asset Management 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 specializes 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.