What Are the Key Activities Involved in IT Asset Management?

What are the key activities involved in IT asset management

Any company trying to get started with IT asset management (ITAM) will want to know what key activities they must account for in the process. This can include software asset management, hardware asset management, and more. After all, you want to ensure you have all the appropriate boxes checked to achieve the primary deliverables that ITAM has to offer. 

This article will provide you with a comprehensive guide to each of the core components of asset management. By the end, you’ll have a better understanding of how this system can be implemented effectively and the resources needed to ensure success. Stick around for all the details.

What Are the Areas of IT Asset Management?

One of the first things you may be wondering about is what goes into the IT asset management framework to make it successful. There are several key areas it is comprised of, including:

  • IT asset inventory management: A successful ITAM system involves creating a comprehensive inventory of all IT assets that you own. This process involves asset discovery, regular updates, and choosing the right software for your needs. This applies to both software assets and hardware assets.
  • IT asset lifecycle management: Another aspect of ITAM is managing assets through each phase of their lifecycle. That includes when equipment is purchased, routine maintenance, and end-of-life disposition. 
  • IT asset vendor management: ITAM teams will be tasked with negotiating with vendors when assets are procured and when they are disposed of to buy and sell for the best prices. Building relationships with vendors or working with teams who have those relationships is crucial to success in this aspect. 

A lot can go into each of these three areas of ITAM. If you need a team to assist in the process, Multiply can help each step of the way. We’re an experienced team of IT asset and data management professionals who can help you set up inventories, negotiate with vendors, and implement a full asset journey platform that’ll help you keep tabs on your assets throughout their lifecycles.

What Are the 3 Main Deliverables of IT Asset Management?

Now that the key areas of ITAM have been covered, you may still be wondering about IT asset management’s meaning or what its deliverables are. The primary deliverables are:

  • Get the most value out of computer equipment and IT assets: The IT asset management Gartner Glossary definition states that ITAM is a process of tracking and managing computer equipment to optimize its use and get the most value from it. You’ll typically see that in operational efficiency and profitability in your business. 
  • Establish organized systems: ITAM is meant to establish systems for success throughout an organization. It helps all team members understand their roles, core processes, and how to get the best results while maintaining data compliance. Creating an asset management system is crucial in the IT asset management process.
  • Facilitate communication: ITAM helps team members communicate better with each other through the above-mentioned organized systems. It creates a happier and more productive working environment. Plus, teams like Multiply can help bridge communications for further assistance. 

With these deliverables in mind, you can tell ITAM has a clear impact when trying to improve business processes.

What Are the 5 Levels in IT Asset Management?

Next, let’s look at the five levels of ITAM, also known as the IT asset management lifecycle. These levels are:

  1. Asset identification, discovery, and inventory creation for all the assets your business owns. Our team at Multiply can help with this with our asset discovery tools and by implementing our asset journey platform that makes data about assets more accessible and easier to understand. 
  2. Procurement of assets to help achieve business needs while negotiating the best prices with vendors during the negotiation process. 
  3. Deployment of assets while ensuring everything is set up correctly to avoid disruptions in daily operations. 
  4. Maintenance of assets and auditing processes to ensure top performance and compliance with company standards. 
  5. Asset disposition, including selling old assets, clearing old storage drives, and recycling equipment that can’t be sold in accordance with proper regulations. 


If you need help implementing all five of these steps of asset lifecycle management, our team at Multiply can assist in all your needs from beginning to end. 

What Are the Activities Involved in IT Asset Management?

Along with the key activities in the asset lifecycle, ITAM also involves:

  • Establishing roles and responsibilities for everyone involved in the process. 
  • Creating policies and regulations to ensure compliance. 
  • Creating budgets for current and future IT-related business expenses. 

Each of these activities also contributes to the success of the overall system and achieving the primary deliverables of getting the most value and creating organization throughout a company. 

How Do You Keep Track of IT Assets with Asset Management Software?

In addition to using ITAM software, the way a business would keep track of IT assets is through an established IT asset inventory that includes all the necessary information about equipment. 

Using IT asset management best practices like establishing roles and responsibilities and policies and procedures will help you keep your inventory data compliant. That way, you prevent losses and ensure your business is protected if you’re ever audited. 

If you’d like help keeping track of assets or establishing effective lifecycle management, our team at Multiply is here for all your needs.

How Multiply Can Help with Your IT Asset Management Processes

IT asset management can help increase the business value of IT assets over their asset lifecycles. This can result in time savings as well as improved total costs of IT assets. With the help of Multiply’s best ITAM and business practices, you can mitigate risks, improve your hardware and software assets’ lifecycle, and delay asset retirement.

When you partner with our team at Multiply, you get a full team of IT consultants and senior service technicians who can help you each step of the way. That includes asset discovery, inventory creation, negotiating with vendors, bridging communications between teams, asset tracking, and much more. 

We’ll be there to walk alongside your team and set you up for success in managing all the equipment you own. We will be your trusted partner for every step of your IT asset management process. Our goal is to help you save money in the long run. 

Contact us today to learn more!

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