Businesses are caught up in a network of IT assets due to the unrelenting advancement of technology. How can businesses operate this complex system with ease while maintaining robust security, operational excellence, and compliance with regulations? The answer lies in efficient IT asset management.  

Let’s learn about these five trending best practices for ServiceNow hardware asset management and software assets adopted by forward-thinking businesses. These practices serve as a compass, guiding enterprises towards a future-ready approach, where the complexities of technology are not challenges but opportunities for growth and resilience. 

Top 5 IT Asset Management Practices for Businesses 

Here are five trending IT asset management best practices guiding businesses toward operational efficiency, heightened security, and regulatory compliance. 

1. Discover and Create a Detailed Inventory of All Your IT Assets 

The foundation of effective IT asset management lies in a comprehensive inventory. Businesses must embark on a journey to discover and document all their IT assets meticulously. This includes not only the devices within the company's internal network but extends to remote laptops, mobile devices, and cloud-based tools. 

This practice must be revised to protect businesses from security vulnerabilities and operational inefficiencies. By conducting an inventory audit for hardware asset management, organizations can mitigate risks such as unauthorized access and data breaches. The emphasis is not just on listing assets but on understanding the nuances of each component, creating a robust foundation for further IT asset management strategies. 

2. Techniques for Asset Discovery and Inventory Creation 

Successful IT asset management relies on adopting the proper techniques for asset discovery. Two prominent methods are the agent-based and agentless techniques. 

  • Agent-Based Technique: Installing small software programs (agents) on each device actively monitors and sends data back to a centralized system. While this offers detailed insights such as real-time HAM performance metrics and software license statuses, it requires careful configuration to avoid consuming excessive system resources. 
  • Agentless Technique: IT professionals employ network scanning tools without installing software on devices. This less intrusive method is quicker and less resource-intensive, making it suitable for businesses with budget constraints. 

Choosing the correct technique depends on the organization's specific needs, ensuring a balance between comprehensive data collection and resource efficiency. 

3. Get Everyone on the Same Page about What Counts as an Asset 

In the realm of IT asset management, clarity is paramount. Gartner emphasizes that asset inventory management is not solely an IT responsibility; it requires a collaborative effort across departments. Each department interacts with assets differently, impacting their lifespan and compliance. 

To achieve synergy, setting up a cross-functional team is essential. By fostering a shared understanding of what constitutes an asset, businesses can align their IT asset management efforts. Small items, often overlooked, can pose security risks if ignored. By ensuring everyone recognizes the value of tracking even seemingly minor assets, businesses enhance their overall security posture. 

4. Make IT Department Work for Better Asset Management 

Effective IT asset management extends beyond the IT department. Different business units have unique interactions with assets, influencing their lifecycle and compliance. Collaboration with various departments ensures a holistic approach to asset management.  



  • Finance Team: Collaborate on tax planning and asset depreciation, providing critical financial data for future asset purchases. 
  • Business Operations: Regular updates on tool usage help eliminate redundancies, save costs, and optimize operations. 
  • Facilities: Management of non-traditional assets, like security cameras, contributes to overall security and cost reduction. 
  • End-User IT: Prompt reporting of issues ensures secure and functional devices for tasks like remote work. 
  • Data Center IT: Real-time data on server and storage unit performance aids in timely actions for security and optimization. 

Understanding and respecting each department's unique IT asset management requirements fosters a culture of collaboration, ensuring a more effective and comprehensive strategy. 

5. Meet All Regulatory and Licensing Requirements 

Compliance is a non-negotiable aspect of IT asset management. Businesses must ensure they meet all regulatory commitments, asset usage terms, and licensing conditions before undergoing audits. Failure to do so can result in hefty fines and reputational damage. 

Audits can come from various sources, both internal and external. Critical components required for an audit include hardware inventory, environmental compliance, virtualization inventory, software deployment/consumption, cybersecurity compliance, user data, and entitlement data. 

Preparing for audits with a solid asset management plan ensures smoother processes and fewer mistakes. Businesses should not see audits as a matter of 'if' but 'when,' and being well-prepared is a proactive approach to staying on the right side of the law.


How to Manage Your IT Assets from Start to Finish 

Effectively managing your IT assets is a comprehensive journey that involves strategic planning, meticulous execution, and continuous optimization. From the initial stages of asset discovery to the final steps of retirement and disposal, a systematic approach ensures operational efficiency, cost-effectiveness, and adherence to regulatory standards. 

  • Comprehensive Asset Discovery: 
  • Conduct a thorough audit to identify all IT assets. 
  • Leverage ITAM tools for automated discovery and categorization. 
  • Strategic Procurement and Deployment: 
  • Align IT asset acquisition with organizational goals. 
  • Ensure compatibility and scalability for seamless deployment. 
  • Continuous Monitoring and Optimization: 
  • Implement real-time monitoring for asset usage patterns. 
  • Proactively optimize resources and eliminate redundancies. 
  • Integration of Emerging Technologies: 
  • Explore automation for streamlined asset management. 
  • Embrace AI and machine learning for predictive insights. 
  • Secure Retirement and Disposal: 
  • Develop data-wiping protocols to protect sensitive information. 
  • Adhere to environmental guidelines for responsible disposal. 


By navigating each phase systematically, businesses can not only manage their IT assets efficiently but also ensure a future ready and resilient ITAM strategy that adapts to the evolving technological landscape.




Managing IT assets, especially in the dynamic landscape of technological evolution, demands a strategic and continuous approach. The foundation laid by asset procurement managers is pivotal for the success of an organization's IT asset management program. The adoption of five crucial best practices, including comprehensive discovery, strategic procurement, and integration of emerging technologies, ensures operational excellence and compliance. Embracing these practices, especially within the context of ServiceNow hardware asset management, establishes a resilient foundation for businesses.  


For knowledgeable advice and creative solutions, consider collaborating with inMorphis to start this life-changing adventure. With inMorphis, you will be able to fortify your IT asset management plan and advance your company.