IT Asset Management Inventory is the process of managing and tracking computer hardware and software assets throughout their lifecycle. It involves identifying, cataloging, and monitoring an organization’s physical hardware or software assets to ensure that the most up-to-date data and information is available to support inventory management decisions. This process helps organizations maintain accurate records on what they own, what it cost and where it is located. It also helps in budget planning and allows companies to optimize their use of resources while reducing costs associated with lost, stolen or obsolete items.