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By Aron Vaughan; Edited by Paul Shread

What is IT Asset Management software? 

IT asset management (ITAM) is the process of inventorying, tracking, and managing all hardware and software components within an organization’s IT environment. It involves overseeing the lifecycle of assets from procurement to retirement, ensuring optimal utilization, regulatory compliance, and mitigation of security risks. Through effective ITAM, businesses can make informed decisions about investments and strategies, leading to cost savings, improved efficiency, and reduced risk of IT overspend and software license non-compliance.

Best IT Asset Management platforms

Based on our evaluation of 27 titles, the best IT asset management software solutions are: 

Freshservice – Best for integrated IT service management


Pros

  • Integrated ITSM features
  • Cloud based
  • Ease of use
  • Extensive automation capabilities

Cons

  • Limited mobile functionality
  • Difficulty in managing large volumes of data
  • Complex setup for automation rules
  • Proactive problem management: Freshservice’s problem management feature aims to identify the root cause of an issue and proactively prevent incidents before they occur, promoting efficiency and reducing downtime.
  • Powerful AI chatbot: Their Freddy AI chatbot offers assistance for tasks such as raising requests, providing updates, and answering commonly asked questions, enhancing user experience and service speed.
  • Project management: Freshservice’s Project Management feature allows users to plan, track, and collaborate on IT projects within the same platform, offering a unified workspace for IT operations.
  • Service catalog: The Service Catalog feature allows businesses to showcase the services they provide in a custom-branded portal, ensuring employees easily find and request the IT services they need.

Free trial available

Starter: $19/agent/month when billed annually or $29/agent/month when billed monthly

Growth: $49/agent/month when billed annually or $59/agent/month when billed monthly

Pro: $95/agent/month when billed annually or $115/agent/month when billed monthly

Enterprise: $119/agent/month when billed annually or $145/agent/month when billed monthly

We recommend Freshservice for integrated IT service management due to its proactive problem management feature and powerful AI chatbot, Freddy. With an ability to preempt issues, coupled with Freddy’s instant assistance, IT operations become seamless. Its unified platform further enhances efficiency by housing project management, a service catalog, and a self-service portal, easing navigation and improving user experience. Lastly, Freshservice’s automation and orchestration capabilities streamline processes, making it a versatile tool for modern IT service management.

Freshservice is a leading ITAM software, blending ITIL best practices with AI-driven automations. Perfect for modern enterprises, it delivers a comprehensive solution for tracking, controlling, and managing IT assets. Its integrations, cloud-based structure, and user-friendly interface set it apart. Freshservice’s advanced reporting and analytics tools provide insightful data, elevating IT strategies. As of 2023, it’s a standout tool for streamlining ITAM in an evolving digital landscape.

UpKeep – Best for small businesses


Pros

  • User-friendly interface
  • Excellent mobile functionality
  • Detailed reporting and analytics
  • Highly customizable

Cons

  • No barcode scanning feature
  • No offline mode
  • Preventive maintenance: UpKeep’s preventive maintenance feature schedules regular maintenance tasks and reduces unexpected equipment downtime, a key factor for small businesses.
  • Work order management: UpKeep offers a streamlined work order management system, allowing businesses to create, assign, and track maintenance tasks effectively and in real-time.
  • Inventory management: UpKeep provides an effective inventory management system that ensures accurate tracking of all parts and inventory to avoid shortages or overstocking.
  • Mobile maintenance management: UpKeep’s mobile-first approach ensures that maintenance teams can access data, create work orders, and update statuses from anywhere using their mobile devices.

Free trial available

Starter: $45/user/month

Professional: $75/user/month 

Business Plus: Contact UpKeep for a customized quote

UpKeep’s user-friendly interface, coupled with a mobile-first approach, makes it an excellent choice for small businesses. Its simple yet powerful features like preventive maintenance scheduling, work order management, and inventory tracking, keep everything in order and reduce unexpected downtime. Additionally, its comprehensive reporting and analytics offer valuable insights for decision-making. Advanced features in the Professional plan, like the requests portal and signature capture, elevate its functionality. This flexibility, convenience, and scalability make UpKeep a top pick for small businesses in the IT asset management space. 

UpKeep is a maintenance and asset management software known for its practical and user-friendly mobile-first design. It provides organizations with the tools to schedule, manage, and track maintenance tasks efficiently. UpKeep offers features like barcode scanning, requests management, and real-time updates, making it easier to handle assets on the go. Its reporting capabilities allow businesses to track costs and downtime, supporting data-driven decisions.

ServiceNow – Best for enterprises


Pros

  • Comprehensive IT service management
  • Automated asset lifecycle management
  • Customizable reporting and dashboards

Cons

  • Complex setup
  • High cost compared to competitors
  • Complex userface
  • Incident management: ServiceNow’s Incident Management module empowers enterprises to quickly restore services, prevent outages, and eliminate bottlenecks using automated workflows.
  • Configuration management database (CMDB): The CMDB in ServiceNow provides a single system of record for IT, offering a consolidated view of the enterprise infrastructure.
  • Service catalog: ServiceNow’s Service Catalog allows users to explore and request IT services, manage service demand, and optimize resource allocation.
  • Change and release management: ServiceNow offers robust change and release management tools, enabling businesses to minimize risks associated with changes to IT configurations while accelerating successful releases.

Starts at $100 per user/month + standard ITSM package

We highlighted ServiceNow as a premier choice for enterprises due to its integrated IT service management solution. ServiceNow’s comprehensive ITSM suite includes Incident, Problem, and Change Management capabilities. The platform’s powerful Configuration Management Database (CMDB) offers a consolidated view of IT infrastructure, optimizing control and visibility. Furthermore, its Service Catalog streamlines service requests, optimizing resource allocation. Coupled with its Change and Release Management tools that minimize risks while ensuring seamless releases, ServiceNow is a powerhouse tool for enterprises seeking efficiency and integration in IT asset management.

ServiceNow excels at delivering a unified view of an organization’s IT landscape. With its core competency in automating lifecycle processes and tracking assets across departments, it ensures optimal utilization and management of IT resources. Its cloud-based infrastructure, replete with cutting-edge AI-powered analytics, serves up real-time insights, driving informed decision-making.

A significant distinguishing feature is ServiceNow’s ability to map assets to services, offering a comprehensive understanding of dependencies and potential impact points. Its intuitive, user-friendly interface simplifies navigation, making asset management less daunting, even in complex environments.

Integration with a wide array of other platforms is seamless, adding to its versatility. By 2023, ServiceNow has carved out a substantial position within the ITAM sphere, widely recognized for its extensive, yet user-friendly offerings. This combination of depth, breadth, and usability propels ServiceNow as a go-to solution for businesses seeking to streamline their IT asset management.

Ivanti – Best for unified IT management


Pros

  • Provides solutions for ITSM, ITAM, and IT security
  • Powerful patch management features
  • Asset intelligence
  • Workflow automation tools

Cons

  • Limited customization
  • Complexity of license management tools
  • Complex interface

  • Unified endpoint management: Ivanti’s Unified Endpoint Management enables businesses to manage and secure devices, data, and users from a single console, regardless of device type or location.
  • Enterprise service management: Ivanti’s Enterprise Service Management (ESM) streamlines IT services, automates workflows, and eliminates manual processes across the business.
  • Asset intelligence: The Asset Intelligence feature in Ivanti provides deep insights into software and hardware assets, which can assist businesses in understanding usage patterns, optimizing resources, and reducing costs.
  • Patch and security management: Ivanti’s Patch and Security Management feature gives companies the ability to discover, manage, and secure their IT environment, ensuring system compliance and reducing the risk of security breaches.

Contact Ivanti for a customized quote

We recognized Ivanti as the top choice for unified IT management because of its advanced features promoting efficiency and security. Unified Endpoint Management and Asset Intelligence streamline tasks and automate workflows, while Patch and Security Management safeguards against breaches and ensures compliance. Ivanti’s asset management is strategic, offering thorough visibility throughout the asset lifecycle. Plus, Ivanti’s software maximizes operational costs and extends asset lifespan through preventive maintenance. The added asset optimizer enables reclaiming of unused hardware and software, solidifying Ivanti’s place as an exceptional solution for unified IT management.


Ivanti is an IT asset management software that integrates IT systems and processes while automating routine tasks. Its strengths lie in managing software licenses, discovering hardware, and ensuring security compliance across an organization’s IT assets. Ivanti’s dynamic dashboard and robust reporting capabilities provide valuable insights, aiding strategic planning. Notably, Ivanti’s patch management feature is industry-leading, ensuring systems stay updated and secure.

SolarWinds – Best for user-friendly IT asset management


Pros

  • Cross-stack IT data correlation
  • Virtual server management
  • Consolidated IT asset management
  • Intelligent automation

Cons

  • Limited installation options for non-windows users
  • Dependency on Amazon Web Services
  • Lack of inbuilt remote support
  • Hardware and license tracking: SolarWinds allows comprehensive inventory management, automatically collecting and tracking details like system updates, server warranty info, installation dates, and software information for efficient IT asset management.
  • Integrated IT asset management: SolarWinds offers a complete service management platform with fully integrated IT asset management, compiling hardware, software, and purchase order details in a single location.
  • Automation and AI capabilities: The platform employs artificial intelligence and machine learning technologies to automate repetitive tasks, streamline processes, and improve service efficiency, optimizing IT asset management.
  • Advanced analytics and reporting: SolarWinds provides advanced analytics and reporting modules to analyze trends, monitor service quality, and continually improve service management processes, facilitating informed decision-making.

Free trial available

Essentials: $39/technician/month ($0.30/month per device)

Advanced: $79/technician/month ($0.50/month per device)

Premier: $99/technician/month ($0.70/month per device)

SolarWinds’ comprehensive suite offers automatic hardware and software tracking, robust analytics, and integrative capabilities, all in a centralized, cloud-based platform. The strength lies in its automated cross-stack data correlation via PerfStack and its virtual server warranty tracking. SolarWinds’ intuitive platform, combined with advanced features such as AI and machine learning technologies, makes it a compelling choice for organizations seeking a unified solution to streamline service management and drive efficient IT operations.

SolarWinds is a comprehensive IT asset management software recognized for its deep-dive network monitoring capabilities. It offers automated asset discovery, detailed hardware and software tracking, and robust reporting tools that allow businesses to optimize their IT inventory management. SolarWinds’ contract management feature is a standout, helping manage lease, warranty, and SLA details effectively. Additionally, the software is praised for its customizable dashboard, enabling a tailored user experience.

IBM Maximo – Best for asset lifecycle management


Pros

  • Comprehensive asset lifecycle management
  • Advanced analytics and AI
  • Flexibility and scalability
  • Integrates with various systems such as ERP and GIS

Cons

  • Complex interface
  • Complex implementation
  • Limited custom reporting  

Integrated asset performance management (APM): IBM Maximo incorporates Asset Performance Management (APM) solutions, allowing organizations to monitor, maintain, and analyze asset performance data in real-time, enabling proactive maintenance and optimizing asset lifecycles.

Comprehensive asset visibility: Maximo provides a 360-degree view of assets through advanced asset profiles, capturing key information such as warranties, purchase data, maintenance history, and usage patterns, facilitating strategic asset management and informed decision-making.

End-to-end lifecycle management: Maximo covers the complete asset lifecycle, from procurement to retirement, enabling organizations to effectively manage assets from acquisition and deployment to maintenance, repairs, and disposal, ensuring optimal utilization and ROI.

Predictive maintenance capabilities: Leveraging AI and advanced analytics, Maximo offers predictive maintenance capabilities, utilizing IoT data from sensors and devices to detect warning signals, reduce unplanned downtime, increase operational efficiency, and extend asset lifespans.

Free trial available

Starting at $250/capacity/month

We recognized IBM Maximo as a top choice for asset lifecycle management due to its comprehensive capabilities and industry-specific support. The integration of advanced analytics, AI, and IoT data empowers organizations to optimize asset performance, reduce downtime, and extend asset lifespans. With a proven track record and a wide range of customers in asset-intensive industries, Maximo offers unmatched industry expertise and functionality. Its end-to-end asset management approach, combined with its scalability and flexibility, positions Maximo as a robust solution for organizations seeking to streamline operations and maximize the value of their assets.

IBM Maximo is an enterprise asset management (EAM) software, acclaimed for its scalability and industry-specific solutions. It helps businesses manage their physical assets throughout their lifecycle, from procurement to disposal. Maximo’s strong predictive analytics and AI capabilities assist in proactive maintenance, minimizing downtime and extending asset lifespan. It’s particularly appreciated in industries like utilities, manufacturing, and transportation for its capacity to handle complex and large-scale operations.

ManageEngine Asset Explorer – Best for IT asset discovery


Pros

  • Automated asset discovery
  • Real-time asset tracking
  • Customizable asset reports
  • Integration and collaboration

Cons

  • Limited advanced features
  • Complex configuration
  • Complex User interface
  • Discovery rules engine: Asset Explorer utilizes a powerful discovery rules engine that allows users to define custom rules and criteria for asset discovery, ensuring accurate and targeted identification of assets.
  • Software metering and usage analysis: Asset Explorer offers software metering capabilities to monitor software usage and analyze usage patterns, helping organizations identify underutilized licenses and optimize software allocation.
  • Software compliance and license optimization: With built-in software compliance features, Asset Explorer assists organizations in maintaining license compliance by providing insights into license entitlements, usage, and potential compliance risks.
  • Agentless asset discovery: Asset Explorer employs agentless asset discovery, eliminating the need for installing agents on individual devices, simplifying deployment, and reducing resource overhead.

Up to 250 IT assets: $955/year

Up to 500 IT assets: $1,795/year

Up to 1,000 IT assets: $2,995/year

Up to 1,500 IT assets: $4,195/year

Up to 2,000 IT assets: $4,795/year

Up to 3,000 IT assets: $7,195/year

Up to 5,000 IT assets: $9,595/year

Up to 10,000 IT assets: $11,995/year

ManageEngine Asset Explorer has emerged as the top choice for IT asset discovery due to its comprehensive features and industry recognition. With its powerful discovery rules engine, Asset Explorer enables organizations to accurately identify and inventory all connected assets on the network. This, combined with its agentless asset discovery, simplifies deployment and reduces resource overhead. The software’s software metering capabilities and software compliance features provide in-depth insights into software usage and license compliance, helping organizations optimize software allocation and maintain licensing standards. ManageEngine Asset Explorer’s user-friendly interface and customizable reports ensure efficient management and visibility into IT assets, making it a preferred solution for IT asset discovery.

ManageEngine AssetExplorer is an ITAM software known for its full-lifecycle asset management capabilities. It offers features like asset discovery, contract management, and software license management. AssetExplorer excels in providing detailed IT inventory tracking and insightful analytics that help organizations reduce costs and make data-driven decisions. The software’s Purchase Order Management feature simplifies the acquisition and procurement process.

Find your new IT Asset Management software

How IT asset management software works

IT asset management software is designed to help organizations track, manage, and optimize their IT assets throughout their lifecycle. The software typically offers a centralized database or repository where all asset-related information is stored, including hardware, software, licenses, warranties, contracts, and other relevant details.

The process begins with asset discovery, where the software scans the network to identify and collect data about connected devices and software installations. This data is then organized and categorized within the system for easy reference and management.

IT asset management software enables organizations to track asset details such as purchase dates, vendor information, location, usage, and maintenance history. It also facilitates the management of software licenses, ensuring compliance and avoiding over- or under-licensing.

Asset lifecycle management features allow organizations to plan and schedule maintenance activities, track asset depreciation, and make informed decisions about repairs, upgrades, or replacements. Additionally, the software can generate reports and analytics to provide insights into asset performance, utilization, and costs.

Integration capabilities with other IT systems, such as help desk software or procurement systems, streamline workflows and enhance operational efficiency. Some advanced IT asset management software may also incorporate features like automated asset discovery, barcode scanning, mobile access, and integration with configuration management databases (CMDBs).

IT asset management software simplifies the complex task of managing IT assets, enabling organizations to optimize resource allocation, reduce costs, ensure compliance, and make informed decisions for their IT infrastructure.

ALSO READ: AI & Machine Learning in IT Service Management (2023)

What are the common features of IT Asset Management apps?

Asset discovery and inventory

One of the core features of ITAM apps is asset discovery and inventory. These apps enable organizations to automatically discover and catalog all connected devices and software within their network. By scanning the network, they build a comprehensive inventory that includes details such as device type, hardware specifications, installed software, and network connectivity.

ManageEngine Asset Explorer asset discovery screenshot

Asset lifecycle management

ITAM apps provide functionalities for managing assets throughout their lifecycle. From procurement to disposal, organizations can track and monitor assets, including their acquisition, deployment, maintenance, and retirement. This feature helps optimize asset usage, identify underutilized resources, and plan for upgrades or replacements.

Asset configuration management

Configuring and maintaining assets is essential for efficient IT operations. ITAM apps enable organizations to capture and manage asset configurations, including hardware settings, software configurations, network settings, and user-specific configurations. This ensures consistent performance, reduces errors, and facilitates troubleshooting.

ServiceNow IT asset configuration management database

License management

Software license management is a critical aspect of ITAM. These apps help organizations track software licenses, monitor usage, and ensure compliance with licensing agreements. They provide features to manage license entitlements, track license allocations, and reconcile license usage to avoid violations and optimize software investments.

solarwinds license management

Financial management

ITAM apps often include financial management capabilities to track the costs associated with IT assets. They enable organizations to allocate costs to specific assets or departments, track asset depreciation, budget for future purchases, and generate financial reports related to IT asset investments.

Contract management

Managing contracts related to IT assets is important for organizations to ensure compliance and optimize vendor relationships. ITAM apps provide contract management features to store and track vendor contracts, service-level agreements (SLAs), maintenance agreements, and other contractual obligations. This ensures organizations stay on top of renewals, service commitments, and contract terms.

solarwinds contract management

IT service management (ITSM) integration

Integration with IT service management systems enhances the collaboration between ITAM and IT service desk functions. ITAM apps integrate with ITSM tools, allowing seamless workflows for incident management, change management, and request fulfillment. This integration improves efficiency, streamlines processes, and enables better coordination between IT teams.

ivanti itsm integration

Security and compliance

ITAM apps incorporate security features to monitor and enforce compliance with security policies. They provide functionalities for tracking vulnerabilities, applying patches, and ensuring adherence to regulatory requirements. By maintaining an inventory of assets and monitoring their security posture, organizations can mitigate risks and ensure a secure IT environment.

Reporting and analytics

Reporting and analytics capabilities are essential for effective IT asset management. ITAM apps offer customizable reports and dashboards that provide insights into asset utilization, performance, compliance status, and trends. This data-driven approach helps organizations make informed decisions, optimize asset usage, and plan for future IT investments.

Vendor management

Managing vendor relationships is crucial for effective IT asset management. ITAM apps support vendor management by maintaining vendor information, tracking service contracts, monitoring vendor performance, and facilitating communication with vendors. This feature helps organizations evaluate vendor performance, negotiate better terms, and ensure smooth collaboration.

ServiceNow Vendor management

Importance of IT Asset Management software

ITAM software plays a crucial role in modern business operations by enabling organizations to effectively manage their IT assets, optimize resource allocation, ensure compliance, and improve overall IT operations. It provides a centralized platform for tracking, monitoring, and managing assets throughout their lifecycle.

Asset Management software in modern business operations

Businesses heavily rely on IT assets to support their operations. These assets include hardware devices, software applications, licenses, contracts, and other components critical to business continuity. Managing these assets efficiently is essential to ensure optimal performance, reduce costs, mitigate risks, and maintain compliance with licensing and regulatory requirements.

The evolving complexity of IT asset management

As businesses have become more reliant on technology, the complexity of managing IT assets has increased significantly. Organizations now deal with a wide array of assets, diverse vendor relationships, complex licensing models, varying compliance standards, and the need to align IT operations with business objectives. This complexity poses challenges in terms of asset visibility, tracking, compliance management, and resource optimization.

IT asset management software has evolved to address the growing complexity of managing IT assets. It now encompasses a broad range of functionalities, including asset discovery and inventory, configuration management, license management, financial management, contract management, security management, and integration with IT service management systems. The software incorporates advanced features such as automation, analytics, and artificial intelligence to streamline processes and provide actionable insights.

While the complexity of IT asset management software presents challenges, such as implementation complexity, training requirements, and integration with existing systems, the benefits are substantial. Organizations can gain better control and visibility over their assets, reduce costs through optimized resource allocation, ensure compliance with licensing and regulatory requirements, minimize security risks, and make informed decisions based on data-driven insights.

IT asset management software helps businesses mitigate risk by providing real-time monitoring, proactive maintenance, and compliance enforcement. It enables organizations to identify potential risks, such as outdated software versions, expiring warranties, or security vulnerabilities, and take necessary actions to mitigate them. Additionally, the software facilitates forecasting of future issues by analyzing asset performance data, identifying patterns, and predicting potential asset failures or capacity bottlenecks.

Effective resource management is a key benefit of IT asset management software. By having a comprehensive view of IT assets and their usage, organizations can optimize resource allocation, reduce waste, and improve operational efficiency. The software assists in tracking asset utilization, identifying underutilized resources, planning for upgrades or replacements, and optimizing software license usage. This enables organizations to make informed decisions about resource investments, streamline operations, and ensure that resources align with business needs.

Finding the right IT Asset Management software for your business

Finding the right IT Asset Management (ITAM) software for your business is crucial to ensure efficient asset management and maximize the value of your IT investments. It’s essential to evaluate your specific requirements, such as integrated service management, small business needs, enterprise-level capabilities, unified IT management, user-friendliness, or asset lifecycle management.

Consider factors like scalability, customization options, integration capabilities, reporting and analytics features, and vendor support when selecting an ITAM solution. Additionally, assessing the software’s ability to streamline asset discovery, inventory management, license tracking, financial management, and security and compliance is vital.

By carefully analyzing and comparing the strengths and weaknesses of different ITAM software options like Freshservice, UpKeep, ServiceNow, Ivanti, SolarWinds, IBM Maximo, and ManageEngine Asset Explorer, you can identify the best fit for your organization’s unique requirements.

Remember that no single solution is perfect for every business, and it’s important to prioritize the features that align with your specific needs and goals. Choosing the right ITAM software empowers your organization to optimize asset utilization, improve operational efficiency, reduce costs, and effectively manage the complete lifecycle of your IT assets.

For a comprehensive list of IT software, check out our IT Software Guide

How we choose our top products

In order to select our top picks for IT Asset Management (ITAM) software, we follow a meticulous research methodology that combines extensive analysis and evaluation of various factors. Our process involves the following key steps:

Needs assessment: We begin by understanding the diverse requirements of businesses seeking ITAM solutions. This includes factors such as organizational size, industry, specific ITAM needs, and budget considerations.

Market research: We conduct thorough market research to identify reputable and well-established ITAM software providers. We examine their market presence, reputation, customer reviews, and industry recognition. For our list of the top ITAM solutions, we selected 21 titles before choosing the seven that cover all business needs. 

Feature analysis: We delve into the features and functionalities offered by each ITAM software solution. This includes assessing core capabilities like asset discovery, lifecycle management, license tracking, financial management, and integration options.

User experience evaluation: We place great emphasis on the user experience and usability of the software. We consider factors such as user interface intuitiveness, ease of implementation, customization options, and vendor support.

Comparison and ranking: We compare the shortlisted ITAM software options based on their key features, user feedback, pricing, and suitability for different business sizes and industries. We then rank them based on their overall performance and alignment with specific ITAM needs.

FAQs

What is IT Asset Management? 

IT Asset Management (ITAM) is the process of effectively managing an organization’s IT assets throughout their lifecycle. It involves tracking, optimizing, and maintaining IT assets, such as hardware, software, and network devices, to ensure their availability, security, and compliance with regulations.

What are the benefits of IT Asset Management? 

The benefits of IT Asset Management include improved asset visibility and control, optimized asset utilization, reduced costs through efficient procurement and maintenance, enhanced security and compliance, streamlined workflows, better decision-making based on accurate data, and increased productivity and operational efficiency. It enables organizations to effectively manage their IT resources, mitigate risks, and achieve a higher return on investment.

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