Data center asset management (also referred to as inventory 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.

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IT asset management generally uses automation to manage the discovery of assets so inventory can be compared to license entitlements. Full business management of IT assets requires a repository of multiple types of information about the asset, as well as integration with other systems such as supply chain, help desk, procurement and HR systems and ITSM.

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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.

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Software asset management

Software Asset Management is a similar process, focusing on software assets, including licenses. Standards for this aspect of data center management are part of ISO/IEC 19770.