How do IT asset management tools work

How do IT asset management tools work? Understand in detail

As we know, keeping track of IT assets used in their business is very important for any organization. But today, manually tracking assets is becoming very difficult and time-consuming because of the complex nature of IT assets. Also, there are many chances of discrepancies in the manual process. So, the IT asset management tools help organizations manage their IT assets more effectively. Let us understand some key features of IT asset management tools.

What is IT Asset Management?

IT Asset Management or ITAM is a business process that ensures the proper track of all the IT assets used in the organization. This process involves the maintenance, up-gradation, accounting, etc., up to the disposal of assets. ITAM helps to make track of the valuable assets, tangible or intangible items in your organization. In any organization’s lifecycle, IT asset management plays a vital role in making decisions to maximize return on investment through every asset.

When optimizing IT asset management, one must consider how to choose a bank to safeguard and grow these investments.

In other words, ITAM is sometimes called IT Inventory Management as it is the process of tracking details of software and hardware inventory in the organization. ITAM becomes more effective as it uses electronic records and metadata to track IT assets. Metadata describes tangible and intangible, i.e., hardware and software assets, and delivers the supporting information required for ITAM decisions.

GARTNER SAID about IT Asset Management software, “IT asset management (ITAM) provides an accurate account of technology asset lifecycle costs and risks to maximize the business value of technology strategy, architecture, funding, contractual and sourcing decisions”.

How Does Asset Management Software Work?

Keeping track of many assets is a time-consuming and challenging task. But IT asset management software makes it easier and time-saving. In other words, ITAM is a central system that keeps track of all the assets used in the organization. It helps track all the real-time details of assets and manage them accordingly. Asset management tools minimize administrative costs as well as operation costs. IT asset management tool keeps a record of assets being used in the organization such as:

  • Lease agreement and type
  • Start and end date
  • Monthly Payment
  • Fair market value

Asset management tools allow you to find your asset easily and control the performance by monitoring. To find your asset, you can use different criteria such as asset type, location, owner, purchase date, etc. It also allows the organization to determine the total cost of their asset.

Why Is Asset Management Software Important?

Asset management software is used to track and manage organizational assets. It is beneficial to businesses as other than tracking IT assets; it provides services like:

  • Measure vendor performance
  • It helps to optimize the cost of licensing.
  • Optimize supplier portfolio.
  • In addition, it maximizes the utilization and value of assets.
  • IT asset management tool manages services as well as assets.
  • Enable informed decision-making through cost transparency.
  • It allows organizations to find an asset quickly.
  • Above all, Asset software prioritizes service tickets.

Key Features of IT Asset Management Tools

We all know that almost all industries use IT assets, from small businesses to large enterprises. No company can deal with IT assets without using IT asset management tools. Therefore, IT asset management is essential for any business or industry. Moreover, some IT asset management tools are free to use. ITAM tools are required to manage and track the records of all the IT assets in the organization. Let’s discuss some key features of the best IT asset management software:

Alerts and Notification

IT asset management tools help you with critical alerts and notifications regarding each activity of your IT asset. It always keeps you updated and informed about your IT assets. For example, a signal is received when any software asset license expires.

Asset Tracking

Asset tracking is one of the best features of IT asset management tools. Firstly, it provides real-time information about your IT assets. Secondly, it assists in scheduling the maintenance of your IT assets.

Real-time Information

Real-time information is the most crucial feature of ITAM tools. Likewise, organizations can know real-time information about their assets. For instance, what is the location of purchase? Who is using it? Etc.

Check-in Check-out

Companies with multiple assets are using IT asset management tools. Meanwhile, the Check-in and check-out features of ITAM tools help them manage various assignees in a single transaction. Further, it allows the organization to know the accurate location of the asset and when the asset will be made available for others.

Mobile-Friendly interface

A mobile-friendly interface is another essential feature of IT asset management software. Therefore, it lets businesses manage their physical assets from the office only. For example, for companies with big machines and equipment that need physical inspection, this mobile-friendly feature helps them monitor such assets from a desk.


IT asset management tools are open source and can help businesses integrate with other software. It also allows organizations to merge with the different technology to generate reports and the best results. With ITAM software, the company can increase the productivity of its employees. For example, for an organization with multiple branches, the automatic network is used when there is a need to merge other units to the central IT department.

Cloud-based Technology

Cloud-based technology of IT asset management provides many advantages to the organization. But, starting from software installation to the update, the cloud itself does this activity and helps in time-saving cost-saving of any organization activity.

List of IT Asset Management Tools

Here, we will discuss the critical IT Asset management tools businesses use to manage their assets. The asset management tools list is given below:


AssetExplorer is ManageEngine’s IT Asset Management solution, that can primarily help enterprises take control of their hardware, and software in their IT environment. The solution offers multiple discovery methods including barcode and QR code scans. IT admins can manage the easily manage the entire life cycle of their asset from procurement till expiry. Further, with the built-in purchase management module, assets can directly be added to the IT asset repository from the purchase orders.

AssetExplorer also makes IT audits a lot easier. With license compliance management capabilities, IT asset managers can always stay on top of the organization’s software usage and their current compliance status. The Reports modules further give detailed analysis to help validate the audits. IT, as a cost center, can also keep track of expenditures, by tracking the asset costs and depreciation, as well.

Beyond all this, AssetExplorer offers a built-in CMDB to visualize the entire IT infrastructure, and a dedicated Contracts module which helps revisit and renew terms as any contract nears its expiry. and a maintenance module for regular fixes on the IT environment. As such, AssetExplorer is a comprehensive solution for IT organizations of all maturities.


  • It manages the organization’s complete IT asset lifecycle.
  • AssetExplorer has dedicated modules to track asset purchases and vendor contracts.
  • IT admins can realize the current value of IT assets.
  • The compliance management capability helps with being IT audit-ready.
  • It has an asset discovery feature to detect Linux, macOS, and Windows in a network.


  • The platform is straightforward and simple to setup and use.
  • It is available as a mobile app for both iOS and Android phones.
  • This tool can handle both software and hardware.


  • Its reporting feature is complicated.
  • Its free trial is short.

Solar Winds:

A Service desk provided by Solar Winds is a web-based system that helps businesses track, monitor, and manage their IT assets. Lastly, it includes information regarding the different inventories used in the same place.


  • We can contact all service providers through a single dashboard.
  • Automate risk detection and policy deviation.


  • It is a cloud-based software and easy to operate.
  • Solar Winds provide good support.
  • Suitable for all kinds of businesses.


  • Implementation of solar winds is a little tricky.
  • Provide limited customization and automation.

Spice Works:

Spice works are designed to manage, control, and monitor all IT assets used in the organization. It is a cloud-based IT asset management tool that helps businesses with the best features. Similarly, Spice works to automate the process of managing IT assets, such as gathering information related to servers, routers, switches, etc., used in any organization.


  • Spice Works keeps updated about organization inventories.
  • It makes a purchase request and helps to check the status.
  • In the same vein, Spice works are used to keep track of IT assets.


  • Easy to deploy and reporting is simple.
  • A simple way of integration


  • The search function is not good.
  • Old interface. So, used to be difficult.


ServiceNow is the best and fastest-growing IT asset management service, provider. Certainly, it is a comprehensive and customizable tool that helps to view complete IT resources across on-premises. To clarify, ServiceNow provides a workspace that resolves the issues related to tracking and managing different IT assets in an organization.


  • ServiceNow is user-friendly software.
  • It provides customizable and comprehensive services.
  • To sum up, workflow for managing deliverables.


  • It has an easy interface. As a result, it can merge with any system or software.
  • Good support.
  • Thirdly, Integration and compatibility with different assets.


  • Speed is slow due to the extensive system.
  • On the other hand, it is time time-consuming and complicated setup.


In conclusion, the IT asset management tool helps an organization manage, control, and track its IT assets. It assists businesses with the asset lifecycle and provides real-time information about every asset. ITAM delivers cloud-based services that help monitor all assets at your desk. The mobile-friendly feature helps large enterprises keep track of the office only in real time. In short, it offers customized and comprehensive services at the organizational level.

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