What Is IT Asset Management ITIL?

WHAT IS IT Asset Management ITIL

When researching IT asset management (ITAM), you’ve probably come across the organization ITIL and are wondering who they are and what role ITIL standards play in the ITAM process. This article will cover all the information you need to know about the connection between ITAM and ITIL to understand better how the core processes relate. Keep reading for all the details.

What Is Asset Management in ITIL?

The Information Technology Infrastructure Library (ITIL) is an excellent resource for IT professionals who want to optimize the use of business technology. 

ITIL asset management is defined as a system to help businesses optimize the use of their computer equipment to get the most value from it. ITIL IT asset management processes involve aspects like managing asset lifecycles, maintaining organizational compliance, and individual processes and procedures that help achieve the ultimate goals of ITAM. 

Let’s take a look at an example of how IT asset management ITIL procedures can affect business success. 

IT Asset Management Example

Francisco is in charge of quarterly compliance audits at his company to ensure IT assets and data are being managed successfully and to ensure company finances are organized in case the company is ever audited. 

However, he’s running into several issues. Primarily that the company has 54 locations across the U.S., making it difficult to communicate auditing schedules and how data should be displayed when every location has different leadership and procedures. 

With all these struggles, Francisco decides to meet with company leadership, and they make the call to bring Multiply on board as a partner in the process. 

When Multiply joins the team, some new processes are implemented to run auditing systems more effectively. 

  • Multiply helps streamline audits across technicians and auditors. 
  • Specialized IT asset management tools are used to capture audit findings in real-time and replace complex spreadsheets. 
  • Device remediation and reporting are automated. 


With these new systems, company audits are able to go off without a hitch. It helps the company maintain ITIL standards for success within its asset management system while taking the stress out of all the steps involved.

What Are the 3 Main Deliverables of IT Asset Management?

When researching the ITIL asset management process, you probably want to know what it will help achieve. The three main deliverables of ITAM are:

  1. Create organized systems: ITAM is meant to organize the processes you use to track data and manage the daily functions of computer equipment. It helps workplaces run smoothly for better performance. 
  2. Get better value from IT equipment: Another core purpose of ITAM is to get the most value out of the assets you invest in. That takes place through better equipment performance, optimized spending, and maximizing asset lifecycles, which will all benefit your bottom line. 
  3. Improve communication systems: ITAM is also meant to facilitate better communication throughout the workplace. This helps teams work better together, even when you have several company locations. 

Now that you have an understanding of the deliverables let’s take a look at the core IT asset management process that helps achieve them. 

What Are the 5 Levels in the IT Asset Lifecycle Management?

When reviewing the ITIL asset management process flow chart, there are five key levels you want to pay attention to. Those five primary levels of the IT asset management lifecycle are:

  1. Asset discovery and inventory creation: The first step of ITAM involves deploying discovery systems to locate all the assets your company owns and creating an inventory system that is easy to manage and update throughout the remaining steps. 
  2. Asset procurement: When you purchase new equipment, there should be processes in place to create appropriate budgets and facilitate proper negotiations with vendors to secure the best prices. 
  3. Asset deployment: Once assets are purchased, there must be a plan in place to deploy them with minimal disruption to operations by setting them up correctly and notifying team members of upcoming changes. 
  4. Routine maintenance/updates: Most technology requires maintenance and updates to continue running smoothly. These systems should be scheduled to keep everything organized and everyone on the same page. 
  5. Asset disposition: The disposition phase is when assets age out of usefulness and must be recycled or sold to get the most value back from them. It’s also essential to clear hard drives to ensure data security in the process. 


Overall, following these steps will help achieve a successful ITAM system. 

What Are the Types of IT Asset Management?

There are several types of IT asset management that cover different types of equipment your business owns. The most common types of ITAM are:

  • Hardware asset management – Involves physical computer equipment like hard drives, personal computers, servers, and switches. 
  • Software asset management – Manages business programs like accounting software and time-tracking software, associated licenses, and any documentation. 
  • Fixed asset management – Any assets related to the property you own, like server rooms or storage cabinets. 
  • Cloud-based asset management – Any cloud-based storage systems, SaaS programs, or PaaS programs. 


While all these types of ITAM are important, the first one you should optimize is hardware asset management. Your computer hardware runs the core functions of daily business operations, so one malfunction can interrupt everything involved, like the use of software or cloud-based programs. That’s why our team at Multiply specializes in hardware with our systems. 

What Should Be Included in IT Asset Management?

There are several aspects and layers that should be covered in a full ITAM system. 

  • Your inventory will be essential to keep track of all the data. 
  • You should have documentation of policies and procedures to ensure defined processes are implemented throughout your workplace. 
  • And lastly, roles and responsibilities should be defined for all employees involved. 


While these aspects are essential, there are several other steps involved in ITAM to make it a success. If you’re not sure where to start, our team at Multiply can help. 

How Multiply Helps With IT Asset Management

Multiply is a team of senior IT service technicians and consultants who partner with businesses to streamline their asset management systems. We can assist in aspects like asset discovery, audits, inventory creation, bridging communications between teams, and much more. With us on your side, you can rest assured that all your ITAM needs will be handled.

Contact us to learn more about how Multiply can make a difference for your team! 

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