IT Asset Management (ITAM) is something many businesses know they need, but few have fully figured out. Keeping track of your company’s laptops, monitors, software licenses, and other devices can easily get out of hand.
One week you’re trying to locate a missing laptop, the next you’re renewing software licenses you don’t even use anymore. ITAM tools help you organize, track, and manage all your IT assets in one place, making your job easier and your business more efficient.
In this blog, we’ll explore 5 IT asset management tools that are worth trying.
What is IT Asset Management (ITAM)?
IT Asset Management (ITAM) is the practice of tracking, organizing, and managing all of your organization’s technology assets. This includes everything from hardware like laptops, phones, and servers to software licenses, cloud subscriptions, and even accessories like routers and projectors.
The purpose of ITAM is to give you complete visibility into what you own, how it’s being used, where it’s located, and when it needs to be maintained, updated, or retired.
Why does ITAM matter?
Imagine this:
Your company hires a new employee. On their first day, you scramble to find an available laptop, only to realize one was sitting unused in a storage cabinet for months. Later, you discover you’re paying for 25 software licenses, but only 12 people are actually using them. That’s wasted time and money.
With an ITAM tool in place, you would’ve known:
- There was already a spare laptop available
- You only needed 12 software licenses
- The warranty on that unused laptop is still active
- That license renewal coming up next week needs approval
ITAM helps prevent these kinds of issues by giving you a central source of truth for all your IT assets.
Now that you know what ITAM is and why it’s important, let’s talk about what makes a great IT asset management tool.
1. AssetLoom ⭐ #1 Quality & Cost-Effective Platform
If you’re looking for a modern, reliable, and budget-friendly IT asset management solution, AssetLoom should be at the top of your list. Designed to help businesses of all sizes stay in control of their IT infrastructure, AssetLoom combines powerful features with a clean, user-friendly interface.
Key Features
- Inventory and Lifecycle Management: Monitor every asset from purchase to retirement. Track status, usage, assignment history, and important lifecycle milestones like warranty expiration or scheduled replacement.
- Asset Booking: Reserve, approve, and manage IT asset bookings with full control. Ensure assets are available when needed and avoid conflicts through a streamlined reservation process.
- Automation: Reduce manual work with smart automation. Trigger alerts for renewals, flag overdue maintenance, and assign assets based on predefined rules.
- Customization: Tailor AssetLoom to fit your business needs. Add custom fields, set specific workflows, define asset categories, and build reports that match your internal processes.
- Integrations: Connect AssetLoom with the tools you already use, such as Microsoft 365, Google Workspace, help desk systems, or barcode scanners, to streamline your workflow.
Pros and Cons of AssetLoom
Pros
- Easy to set up and use with a clean, intuitive interface
- Comprehensive tracking of hardware, software, accessories, and licenses
- Robust lifecycle management with alerts and reporting
- Customizable to match different workflows and asset types
- Cost-effective compared to many enterprise alternatives
- Seamless integrations with tools like Microsoft 365 and Google Workspace
- Supports asset booking with approval workflows
- Cloud-based access for managing assets from anywhere
Cons
- It may be too feature-rich for very small teams with minimal asset tracking needs
- Currently optimized for IT assets—non-IT asset tracking may require configuration
- Mobile experience available via responsive web, but no standalone mobile app yet
Bottom line:
AssetLoom combines the functionality of enterprise-level platforms with the simplicity and affordability smaller teams love. If you’re looking for a smart way to manage your IT assets without overcomplicating the process, this is the tool to try.
Best For
- Small to enterprise businesses looking for a scalable, cost-effective IT asset management solution
- IT teams that need centralized tracking, lifecycle visibility, and booking management
- Organizations with dynamic asset movement and shared device usage
- Businesses seeking automation to reduce manual tasks and improve accuracy
- Companies that want integration with tools like Microsoft 365, Google Workspace, and help desk platforms
- Teams preparing for audits or compliance checks with up-to-date asset records and reporting
2. ServiceNow IT Asset Management
ServiceNow IT Asset Management (ITAM) is a robust, enterprise-grade platform built for organizations that need powerful automation, deep integration, and full control over their IT asset lifecycle. As part of the broader ServiceNow ecosystem, it’s especially well-suited for businesses already using ServiceNow for IT service management (ITSM), operations, or HR.
Key Features
Lifecycle Asset Management: Track IT assets from procurement to retirement, including hardware, software, cloud resources, and non-IT items. Every asset is connected to a single system of record.
Automation and Workflows: ServiceNow’s powerful workflow engine allows you to automate everything from onboarding asset requests to offboarding and disposal. Custom rules and logic help eliminate manual steps and reduce errors.
Software License Management (SAM): Identify unused or underutilized licenses, monitor compliance, and avoid overspending with detailed license usage data.
Integration with Procurement and Finance: Align IT asset data with financial records and purchasing systems for accurate cost tracking and budgeting.
Cloud Resource Tracking: Manage cloud-based assets alongside physical infrastructure. Monitor usage, cost, and compliance across AWS, Azure, and other services.
Pros and Cons of ServiceNow ITAM
Pros
- Highly customizable and scalable for complex enterprise environments
- Deep automation capabilities and robust workflow engine
- Seamless integration with the full ServiceNow platform (ITSM, HR, security, etc.)
- Strong reporting and compliance tools for audits and risk management
- Centralized visibility across on-prem and cloud assets
Cons
- High cost, making it less practical for small or mid-sized businesses
- Requires significant setup and ongoing configuration
- Best suited for teams already using or planning to adopt ServiceNow ecosystem
Best For
- Large enterprises with complex IT environments and dedicated ITAM/ITSM teams
- Organizations needing advanced automation across asset and service lifecycles
- Companies already invested in ServiceNow looking to expand capabilities
- Enterprises managing a hybrid IT environment, including cloud and on-prem assets
- Highly regulated industries that need strong compliance, audit, and governance tools
3. ManageEngine AssetExplorer
ManageEngine AssetExplorer is an on-premises IT asset management tool designed for businesses that need complete visibility into hardware, software, and license usage. It’s a solid option for mid-sized organizations that prefer in-house control and integration with IT service desks.
Key Features
- Automatic Asset Discovery using agent-based or agentless scans
- Lifecycle Management from procurement to disposal
- Software License Compliance with alerts and usage tracking
- Contract & PO Management for vendors, warranties, and renewals
- Integration with ServiceDesk Plus for unified IT operations
- Audit-Ready Reports for usage, depreciation, and compliance
Pros
- Strong discovery and license tracking
- Works well with other ManageEngine tools
- On-premise deployment with one-time purchase
- Detailed reports and compliance tools
Cons
- Dated UI compared to modern SaaS tools
- Limited cloud support
- Requires IT involvement for setup
Best For
- Mid-sized companies with on-prem IT environments
- Teams focused on compliance, procurement, and internal control
- Organizations already using ManageEngine products
4. Freshservice
Freshservice by Freshworks is a cloud-based IT service management (ITSM) platform that includes powerful IT asset management features. It’s known for its clean interface, ease of use, and seamless integration between service desk and asset tracking—ideal for modern IT teams looking for an all-in-one solution.
Key Features
- Unified Service Desk and Asset Management in one platform
- Asset Discovery with support for Windows, macOS, and network devices
- Lifecycle Tracking with assignment history and maintenance logs
- CMDB Integration for relationship mapping and impact analysis
- Automation Tools for approvals, workflows, and alerts
- Cloud-Based Access with mobile-friendly design
Pros
- Simple, user-friendly interface
- Fast setup with minimal learning curve
- Native integration with service desk functions
- Strong automation and workflow tools
Cons
- May lack deep customization for complex enterprise needs
- Advanced features are only available in higher-tier plans
- Asset management features are secondary to the ITSM core
Best For
- IT teams need a combined help desk and asset tracking system
- Small to mid-sized businesses using cloud-based tools
- Companies are prioritizing ease of use and fast implementation
5. Snipe-IT
Snipe-IT is a free, open-source IT asset management tool popular among tech-savvy teams that want full control and customization. It’s ideal for organizations with in-house technical resources and a preference for self-hosting or flexible deployments.
Key Features
- Asset Tracking for hardware, software, accessories, and users
- Custom Fields and Labels to fit unique tracking needs
- Check-in/Check-out System for asset assignments
- Email Notifications for warranty, license, or audit events
- Role-Based Access Control for security and collaboration
- API Access for building custom integrations
Pros
- Free to use with no license fees
- Highly customizable and developer-friendly
- Great for internal IT teams with technical expertise
- Active community and regular updates
Cons
- Requires setup, hosting, and maintenance
- No built-in support (paid support available separately)
- Limited advanced automation out of the box
Best For
- Startups and tech teams looking for low-cost ITAM
- Organizations with DevOps resources
- Companies that prefer open-source tools and data ownership
Final Thoughts
Choosing the right IT asset management tool can make a big difference in how efficiently your business handles its technology. From tracking hardware and software to managing licenses and lifecycle events, ITAM helps reduce waste, stay compliant, and support better decision-making.
If you’re looking for a flexible, cost-effective solution that grows with your business, AssetLoom is a standout choice. If you are Jira users, you can take a look at AssetIT – IT Asset Management for Jira. With features like asset booking, automation, and real-time reporting, it’s built to simplify your IT operations—without breaking the budget.
