What is ITIL asset management?

What is ITIL asset management?

Many businesses who are looking to optimize their bottom line will find that creating effective systems to track and optimize their computer equipment’s performance will help immensely. The process of tracking IT equipment throughout its lifecycle is called IT asset management (ITAM). 

Many who are researching ITAM will frequently come across the information technology infrastructure library (ITIL). The ITIL is a great organization that provides guidelines to optimize your ITAM system’s performance. 

This article will explore what asset management ITIL V4 is, its objectives, and the types of asset management that fall under the most recent version of ITIL’s guidelines. Keep reading to get all the details. 

What Is IT Asset Management in ITIL 4?

ITIL v4 defines asset management as a systematic process for tracking and managing IT equipment to optimize its value in an organization. When done right, asset management helps business processes run smoothly, prolongs the life of assets, and facilitates communications between team members. 

The ITIL v4 guidelines are helpful, but they cover so many aspects of IT infrastructure that  the core processes can get confusing for businesses. If you’re wondering where to start, our team at Multiply can help. We’re an experienced team of IT senior service technicians and consultants who are well-versed in the ITIL guidelines to help your ITAM system perform at maximum capacity.

IT Asset Management Example

Let’s look at an example of the IT asset management process to give you a better idea of how it works. 

Jen is in charge of integrating IT equipment and processes between two companies in a corporate merger. With the companies both having several locations and employees on individual teams, she quickly runs into trouble keeping everything organized to inventory all the IT equipment on hand and get all team members on board. 

Jen decides that she will partner with Multiply to help with the process. Upon bringing Multiply on board, a few core principles are updated to help with merging equipment and IT teams. Those processes include:

  • Using IT asset management tools to automate and simplify data gathering and forecasting. 
  • Multiply facilitating controlled communication between teams to get everyone on board with the process. 
  • Implementing scalable processes for asset delivery and recovery using Multiply’s tools. 

With the new system in place, Jen and her team are able to manage the corporate merger successfully. All new and existing IT equipment is documented and recorded successfully, and both teams are able to get on board with new company processes.

What Is the Objective of IT Asset Management in ITIL?

As you can see from the above example, implementing a successful IT asset management framework can be highly beneficial. The core objective of ITAM is to help get the most value out of a company’s IT equipment. ITAM should help you optimize equipment performance at each stage of its lifecycle, manage costs, and help budget for key expenses. 

Other objectives of ITAM include creating organized systems for success and facilitating communication between all teams involved to create a better working environment.

What Are the Types of Asset Management in ITIL 4?

ITIL v4 covers guidelines for several types of asset management, including:

  • Hardware asset management: All businesses have several types of computer hardware they use, like personal computers, hard drives, and switches, that all must be managed effectively. 
  • Software asset management: The software you use to run daily operations, like time tracking software and bookkeeping software, also needs to be updated and managed appropriately. 
  • Fixed asset management: Fixed assets are things like server rooms and storage cabinets that contribute to the organization of assets throughout a business. 
  • Cloud-based asset management: Many businesses use cloud assets for storage and programs like SaaS software that run on cloud servers that should be managed effectively. 

Of these different types of asset management under ITIL v4, hardware asset management, is the most essential and a good starting point for most organizations. Our team at Multiply focuses on hardware asset management and can help with all your needs for physical asset discovery, organization, and auditing. 

What Is an IT Asset Manager?

An IT asset manager is the person in charge of managing the ITAM system and the employees involved in core processes. Having a good manager or leadership team in place is necessary to ensure asset management systems function smoothly.

What Skills Should an IT Asset Manager Have?

An IT asset manager should possess several skills, including: 

  • Knowledge of information security best practices
  • Knowledge of inventory management best practices
  • Previous use of IT asset management software
  • Knowledge of equipment maintenance and functionalities
  • Financial management and budgeting
  • Team leadership and organization


When looking for an asset manager, checking for these core abilities will help you choose the best candidate. In addition to bringing on a great manager, partnering with teams like Multiply to help implement ITAM is a great idea.

How Multiply Can Help

Multiply is a team of IT senior service technicians and consultants. We have years of experience implementing successful ITAM systemsthat make business processes easier. We can help take a lot of the stress and hassle off of your plate that is common when working with complex computer equipment. 

Contact us today to learn more about how Multiply helps with your IT assets and data management!

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