IT asset management is the process of maintaining the life cycle of IT assets in an organization. IT assets include hardware, software, cloud, and information resources that are valuable to the organization. It supports IT service management and ITIL best practices by providing a single source of truth for IT assets.

An effective IT Asset Management system with inventory management and cost optimization is required in a business to have a better employee experience. This will enhance employee onboarding and offboarding processes in an organization. Researchers found that employees stay longer in companies that provide a better onboarding experience. On the other hand, if the offboarding process is not efficient, there can be a significant impact on your IT Assets cost.