IT Asset Management (ITAM) is the management of the hardware and software assets in an organisation.
One of the main processes of IT Asset Management is tracking the complete lifecycle of your IT assets. This includes employee request for a new asset, management approval, procurement, provisioning, recycling, and retirement.
An ITAM strategy helps establish the proper procedures for Asset procurement. e.g., Lets say you have a service request portal for your employees to request assets, This will ensure that IT is aware of new asset requirement. Thus, eliminates the possibility of shadow IT.
It also helps IT start the approval process as well the procurement process. Managing every part of the asset lifecycle assist IT with providing employees with a quality service and keeps them informed to make the right decisions.
In short ITAM keeps track of all your IT and non-IT assets in stock or in use. Be it contracts, hardware, software, and other configuration items, evaluate their values, and plan purchases with up-to-date information of all assets.