What is an IT asset?

An IT asset is a hardware or software within an IT environment. Not that tracking of IT assets within an IT asset management system is crucial to the operational as well as the financial success of an enterprise. IT assets are integral components of the organization's systems and network infrastructure. An undeniable fact about IT assets is that they have a limited life cycle. Hardware breaks down. Software becomes obsolete. And systems lose their effectiveness. IT managers must receive actionable asset risk intelligence to keep their systems up to date and error-free.

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The management of these IT assets requires clear policies and well-developed processes. An efficient IT asset management software tracks physical devices, software licenses and instances, and the cabinets that house them. IT teams should be able to capture the warranty, vendor information, and understand how each asset contributes to the IT environment. Managers must also change control procedures to manage upgrades and replacement effectively. Furthermore, IT assets are important to financial managers. From procurement to disposal to operations, each IT asset comes with a cost. The decision to replace, upgrade, or remove an IT asset must be made with full insights and understanding of the financial impact on the business.