The IT asset management (ITAM) process usually involves the following steps:

1. Asset identification: The first step in IT asset management is to create a detailed inventory of all IT assets. This enables easy identification and ensures that redundant assets are optimized for greater efficiency.
2. Tracking: This involves using an ITAM tool or system to continuously monitor IT assets. Information collected for tracking each asset includes financial (asset costs), contractual (warranties, licenses and service-level agreements (SLAs)) and inventory data (location and condition of physical assets).
3. Maintenance: IT assets are maintained according to their lifecycle stage. Maintenance involves asset repair, upgrade and replacement. All maintenance activities performed on an IT asset are logged as part of the ITAM process so that the data can be used to assess the performance of the asset.