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What is Asset Management? | A to Z Guide of Asset Management [Wiki]

Written by Team Kissflow | Oct 17, 2023 11:51:13 AM

Managing IT assets isn’t just about inventory. It’s about orchestrating a dynamic system of people, processes, and technology—across procurement, deployment, support, and retirement. And without structured workflows, things fall through the cracks.

IT Asset Management (ITAM) has evolved into a core operational function. But most organizations still treat it as an afterthought, relying on disconnected tools and manual oversight. That’s a problem.

This guide explains what ITAM really involves, why workflow automation is critical for scaling it, and how modern IT teams are doing both with platforms like Kissflow.

What is IT Asset Management?

IT Asset Management is the structured approach to tracking, maintaining, and optimizing an organization’s IT assets throughout their lifecycle—from acquisition to decommissioning.

This includes:

  • Hardware (laptops, servers, routers, etc.)

  • Software (licenses, SaaS subscriptions)

  • Network components and peripheral devices

  • Digital resources and access credentials

A good ITAM system provides visibility, ensures compliance, reduces cost, and improves asset utilization. But here’s the catch—none of this works without repeatable, automated workflows.

Why ITAM needs workflow automation

ITAM sounds straightforward until you break down the volume of processes behind it:

  • Who approves a laptop purchase?

  • Who assigns software licenses?

  • What’s the process to initiate repairs?

  • How are audit records maintained?

  • Who signs off before asset disposal?

Every question is a workflow. And when those workflows aren’t standardized or automated, you get:

  • Delays in provisioning

  • Missed renewals

  • Lost or untracked assets

  • Failed audits

  • Security gaps from unauthorized access

According to McKinsey, employees spend up to 60 percent [1] of their time duplicating tasks in manual processes. Workflow automation doesn’t just save time—it builds trust in your IT systems.

The five pillars of IT asset management

1. Asset Inventory Management

Maintaining a live asset inventory is foundational. But the value of inventory data depends on the processes that feed it.

Without workflows to govern check-ins, transfers, or retirements, inventory records get outdated fast. With workflow automation:

  • Every asset movement updates the system in real time

  • Role-based approvals ensure accountability

  • Location and usage logs are captured without manual entry

2. Software License Management

Licenses are tricky. Underuse wastes money. Overuse risks compliance.

A workflow-led approach ensures:

  • Automated alerts for renewals and expirations

  • Role-specific license assignment requests

  • Real-time license usage tracking tied to user workflows

3. Lifecycle Management

Assets go through planning, procurement, deployment, maintenance, and disposal. Workflow automation:

  • Ensures compliance at every stage

  • Reduces handoff errors

  • Supports conditional logic (e.g., skip maintenance for assets under 6 months old)

With Kissflow, organizations create asset workflows in minutes—no code needed—and manage conditions, SLAs, and escalations visually.

4. Compliance and Audit Readiness

Audit readiness isn't just documentation—it's proof that processes were followed.

Automated workflows create:

  • Time-stamped activity logs

  • Built-in validation checks

  • Enforced SOPs across teams

You eliminate dependency on memory or emails to track actions.

5. Decommissioning and Disposal

IT teams often overlook end-of-life asset management. But improper disposal can lead to:

  • Security risks from unformatted drives

  • Unclaimed depreciation

  • Unused licenses still incurring cost

Workflows for decommissioning handle:

  • Data sanitization checklists

  • Sign-offs from finance/security

  • Vendor handover coordination

  • Post-disposal compliance reporting

Workflow automation: From reactive to strategic IT

Organizations that automate ITAM workflows see more than just operational benefits.

According to Gartner [2], organizations that standardize ITAM through automation reduce compliance audit costs by over 30 percent.

For CIOs and IT leaders, this means:

  • Less firefighting, more forward planning

  • Easier integration with ITSM and security tools

  • Better resource planning from real-time data

And as Kissflow’s research shows, IT teams can cut app development time by 80 percent, freeing up time to build workflows that actually move the needle​.

Real-world proof: How Kissflow helps enterprise IT teams

Take Puma Energy, operating in over 40 countries with 5,000+ employees. Using Kissflow:

  • 2,000+ users are part of asset workflows

  • 100+ custom asset and procurement apps were created

  • A 73 percent increase in productivity was achieved across functions like asset request, vendor coordination, and refueling workflows​

And they did it without code, using Kissflow’s drag-and-drop workflow builder, built-in SLAs, analytics, and integrations.

Best practices for workflow-led ITAM

To make automation stick, follow these practices:

  • Start with core workflows: Procurement, maintenance, and decommissioning

  • Define ownership clearly: Who approves, who executes, who audits

  • Integrate across systems: Connect with ITSM, ERP, and license management tools

  • Train your teams: Especially process owners, not just IT admins

  • Review and refine: Use real-time dashboards to spot bottlenecks

Automate what matters

IT Asset Management isn’t just inventory control. It’s about creating processes that let IT teams operate predictably, securely, and efficiently at scale. With Kissflow’s low-code platform, IT teams can easily automate and manage these processes, ensuring smooth operations while maintaining flexibility and control.