ITSM and ITAM refer to how companies manage their information technology. ITSM stands for Information Technology Service Management, while ITAM stands for Information Technology Asset Management. ITSM is a set of practices companies use to manage the services they deliver to customers. It includes incident, problem, change, and service-level management. ITAM is a set of practices companies use to manage their assets—the hardware and software they use to deliver customer service. It includes software asset management, hardware asset management, and virtual asset management.