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What does IT Asset Management mean?

What does IT Asset Management mean? 

Source: ITAM Institute 

IT Asset Management (ITAM) is a multi-phase process that includes the planning, acquisition, deployment, management and disposal of technology products. IT Asset Management also involves monitoring and providing the financial return during an IT product’s “vital life”. Put simply, it’s making sure all IT products in your organization are tracked, managed, and upgraded to optimize productivity and minimize risk for your organization. An organization’s IT assets include hardware, software systems, or information and organization values. 

Why is there such a strong focus on ITAM in 2024? 

Organizations have now become so technically dependent that it’s critical to make IT Assets a major focus to ensure smooth operations. 

Proper lifecycle planning can significantly reduce your asset and deployment costs. Today, many companies are realizing that proper IT Asset Management is critical to maintaining smooth business operations. 

How can IT Asset Management help your business?’ 

IT assets have a finite length of life, and you want to make sure you get the most from them during that lifecycle. In addition, as a result of past and potential future supply chain challenges, IT Asset Management teams have made a shift to keeping spare assets available to avoid critical, long-term equipment shortages. 

An important part of IT Asset Management is implementing a process across all lifecycle stages to get the total cost of ownership and optimize the use of your IT assets. Let’s take a look at some of the specific benefits. 

Here are some other benefits of IT Asset Management: 

  • Reduces your unexpected downtime by replacing IT infrastructure before it fails. 
  • Avoids delays caused by outdated software and hardware. 
  • Allows you to make informed purchasing decisions before a crisis forces you to act before you’re prepared. 
  • Provides the true cost of ownership, including maintenance and repairs. 
  • Prevent security failures that result from outdated systems. 
  • What are the stages of the IT Asset Management lifecycle? 

The Five Stages of ITAM 


This is the first step in IT asset acquisition and involves researching possible solutions to find the best fit for an organization’s needs. It’s important to research and explore all options, as IT assets typically require significant upfront investment and ongoing investment over the life of the asset. 


After determining which IT assets best suits your needs, the next step is to acquire them. Here you need to consider your company’s budget and long-term financial outlook. Be sure to speak to consult multiple IT service providers to ensure you are getting the most value for your new assets. 


Once your asset is delivered, installed, and ready for operation, it’s time for it to enter what will be the primary stage of the asset’s lifecycle – deployment. During this time, you need to ensure your IT teams have everything they need to efficiently operate the asset.  


After IT assets are deployed, they enter the management stage. This is where you need to be sure the assets are used properly and in good working condition. Regular maintenance and security monitoring are necessary to ensure that assets function correctly and any issues are identified and resolved quickly. Companies can stay ahead of trouble by training employees on cybersecurity risks. You can learn more about this in our Cybersecurity Awareness Training blog post. 

Choosing the right IT service partner can give you real-time access to the performance and maintenance data you need to ensure your equipment remains in the best possible condition throughout the entire asset lifecycle. 


The final stage of an asset’s lifecycle is disposal. Your organization will reach this point when it determines the long-term value of the asset no longer justifies the cost of maintaining it. An experienced IT services partner can supply the data-driven facts you need to determine exactly when it makes financial sense to dispose of an asset. 

When is the right time to implement IT Asset Management? 

ITAM can be implemented at any time, but getting a jump start gives you time to design and 
schedule a strategic deployment plan that will have positive impacts on your long term financial 

Have questions or want to learn more? 

There’s much more to IT Asset Management than we can cover here, and the current supply chain disruption has added even more complexity. WIN Technology has strong partnerships with our IT hardware vendors giving us priority access and advantageous pricing. For a no-obligation ITAM consultation, talk to a WIN Specialist today