In a corporate context, an asset is part and parcel of a company’s financial worth. Assets hold economic value and future benefits, as they have the ability to generate cash flow. For this reason, IT asset management, or ITAM for short, is quintessential in today’s tech landscape.
Technology is indispensable for the contemporary enterprise, and therefore IT asset management is as well. But what is IT asset management? What does its implementation mean, and more importantly what does it look like? Let’s find out.
What Is IT Asset Management?
Before understanding what IT asset management can do for your organization, you need to first understand what ITAM is. The International Association of Information Technology Asset Managers (IAITAM) defines IT asset management as:
a set of business practices that incorporates IT assets across the business units within the organization. It joins the financial, inventory, contractual and risk management responsibilities to manage the overall life cycle of these assets including tactical and strategic decision making.
IT assets are important because they help to maintain the CIA triad. CIA comes from confidentiality, integrity and availability: “At the core of information security is information assurance, the act of maintaining the confidentiality, integrity and availability