What Is an IT Asset Inventory Checklist?

What Is an IT Asset Inventory Checklist?

Businesses researching how to create an IT asset inventory may come across the term asset inventory checklist. It’s common to wonder what this checklist is and how to deploy it into your current system of record. We’ll break it down in this article, so stick around to get all the details.

What Is the IT Asset Inventory Approach?

The IT asset inventory approach, also known as IT asset inventory management, is the process of recording all the assets you have on hand and continually tracking and managing data about them. 

Like any investment in your company, your IT assets should be evaluated and managed regularly to get the most value from them. This approach helps implement those management processes seamlessly into your daily operations. 

What Is Meant by IT Asset Inventory?

The IT asset inventory is the system you use to track and record information about all the computer equipment you have on hand. Typically, you’ll see this deployed as a spreadsheet system or using software programs that are regularly updated with the latest performance metrics, maintenance history, and current asset values. 

Asset Inventory NIST Definition

The National Institute of Standards and Technology (NIST) is a standardized approach to IT asset management, with cybersecurity as one of the main concerns. The NIST defines an asset inventory as the way a company lists and provides details about the computer equipment they own. 

Asset Inventory Importance

The NIST specifically cites the importance of an asset inventory for cybersecurity reasons. You want to continuously track, manage, and update all the assets you have on hand to prevent data breaches or loss of crucial information. Your inventory system will help you stay on top of all of that. 

Additionally, asset inventories are essential because they take a lot of the stress out of managing computer equipment. You’ll always have detailed information about the equipment on hand, know its current lifecycle stage, and can easily manage maintenance or repairs, even if emergencies or malfunctions arise.

What Is an Asset Checklist?

Many companies will deploy an IT asset inventory checklist while implementing an inventory management system. This checklist system will ensure no steps are missed during the inventory setup or its continuous management processes. IT asset inventory lists typically include:

  • Ensuring all assets are accounted for during discovery. 
  • Recording everything into software or spreadsheet systems consistently and systematically. 
  • Double-checking that all data recorded is accurate and compliant with regulations. 
  • Scheduling for regular inventory updates, asset maintenance, and audits. 


Usually, the asset inventory checklist will be ongoing to keep everything up to date and processes running smoothly long term. 

What Is the Difference Between Assets and Inventory?

While assets and inventory often go together, there is a difference between the two. 

IT assets are the physical or digital computer equipment you invest in. Examples of IT assets include personal computers, business software, mice and keyboards, or servers. 

An inventory is a system that keeps track of information about assets. This would typically be spreadsheets or software systems with a wealth of financial and performance data about your computer equipment. 

How Do You Manage IT Assets Inventory?

Many businesses make the IT asset inventory a regular part of the IT team’s functions. Either technicians or employees assigned to inventory data management would input new data about assets as they perform maintenance, updates, or audits. The inventory should also be regularly updated as new assets are purchased and deployed and old assets are disposed of. 

Many IT asset inventory systems include a section for where each asset is in its lifecycle. This is a regular part of asset lifecycle management that shows how each piece of equipment progresses to accurately determine when assets need to be replaced and plan budgets accordingly. 

If you’re looking for assistance in asset inventory or lifecycle management, our team at Multiply will be an excellent partner in this process. We can take a lot of the hassle out of planning and managing inventories with our streamlined processes and software that make it much more manageable. We can even act as a bridge for communication between teams to ensure everyone is on the same page.

What Is Included in IT Asset Inventory?

A lot of information can be included in an IT asset inventory. What you have in yours will depend on your business needs and goals. Common IT asset inventory elements include:

  • Asset type and specifications
  • IT asset location
  • Who is using each piece of equipment
  • Maintenance and support records
  • Documentation and licenses for assets
  • How each asset is performing
  • Where each asset is in its lifecycle
  • Cost of assets and their current estimated value


An asset inventory can include tons of information that must be continuously monitored and updated. Many businesses don’t have the resources to continuously update their inventory, even with a well-detailed checklist, but our team at Multiply is here to help with all your needs. 

How Multiply Can Help

Multiply is a team of IT consultants and senior service technicians dedicated to helping businesses with physical assets and data management. We have years of experience helping businesses successfully organize their systems, create inventories, conduct audits, and foster better communication between teams. 

When you partner with Multiply, you get a dedicated service designed to take the stress and hassle out of asset management. It’s a good idea to have experienced professionals in your corner every step of the way as you get started. 

Contact us today to learn more about how Multiply can assist in your IT asset management needs!

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