IT asset management (information technology asset management) is a set of business practices for optimizing spending and supporting strategic decision making within the IT environment while also increasing the company-wide understanding of IT's business value.
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An IT asset is classified as any company-owned information, system or hardware that is used in the course of business activities. The IT asset management process typically involves gathering a detailed inventory of an organization's hardware and software and then using that information to make informed decisions about IT-related purchases and redistribution. By avoiding unnecessary asset purchases and making the best use of current resources, IT asset managers can eliminate waste and improve efficiency.