IT asset management is the set of business practices that join financial, contractual and inventory functions to support life cycle management and strategic decision making for the IT environment. Assets include all elements of software and hardware that are found in the business environment.
Hardware Asset Management
Hardware asset management entails the management of the physical components of computers and computer networks, from acquisition through disposal. Common business practices include request and approval process, procurement management, life cycle management, redeployment and disposal management. A key component is capturing the financial information about the hardware life cycle which aids the organization in making business decisions based on meaningful and measurable financial objectives.
Software Asset Management
It is a similar process, focusing on software assets, including licenses, versions and installed endpoints.