ITAM stands for Information Technology Asset Management. It is a type of operational management that ties in directly to the IT infrastructure of an enterprise. ITAM allows professional managers the ability to review all of the business hardware and software inventory. It also allows asset managers to make comprehensive choices about sourcing and all other aspects that relate to the lifecycle of an asset. This is often the best way for a business to monitor all of its hardware and software assets in a single location.
Essentially, ITAM is a type of business process management (BPM) that focuses mostly on the overall deployment, usage, and lifespan of an asset. This differs from other styles of IT management components. ITAM asset managers have the responsibility of controlling inventory and ensuring all of the assets align with the organization’s operating requirements. Additional ITAM goals include maintaining compliance with industry standards, ensuring best practices, and overseeing the efficient asset usage, reuse, or purchases.
ITAM goes beyond merely creating an asset inventory. It is also useful for continually utilizing gathered data to maximize returns, reduce risk, and increase the perceived value of the business. ITAM allows organizations to avoid unnecessary or redundant asset purchases. It also makes the most of current resources available. IT asset managers can minimize software licensing and eliminate wasteful spending practices.
ITAM is useful for understanding a business’s value and can improve communication between departments. ITAM is also helpful in enforcing cybersecurity policies as well as regulatory and licensing requirements. Increased understanding between departments is possible, and ITAM can reduce the overhead costs of managing an IT department.
ITAM can also be effective in improving visibility and control over IT assets. Stolen hardware or components can quickly be identified and replaced. ITAM also makes systems more agile and allows for more straightforward adaptation or migration of services.