IT asset management practice

IT asset management practice (hereinafter, the Practice) is the practice to plan and manage the full lifecycle of all IT assets. The Practice also relates to service management. This Practice is a part of the ITIL practices.

Definitions

According to the ITIL Foundation 4e by Axelos,

IT asset management practice. The practice of planning and managing the full lifecycle of all IT assets.

Purpose

An IT asset is any valuable component that can contribute to delivery of an IT product or service. The purpose of the IT asset management practice is to plan and manage the full lifecycle of all IT assets, to help the organization to:

• Maximize value
• Control costs
• Manage risks
• Support decision-making about purchase, reuse and retirement of assets
• Meet regulatory and contractual requirements