--- sourceDocument: Australia Asset Management sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/it-asset-management Release : - australia ft:locale : - en-US ft:publication_title : - Australia Asset Management ft:clusterId : - itam bundleId : - itam workflow : - Technology --- # Asset Management # Asset Management {#ariaid-title1} * Release version: Australia * * Updated April 20, 2026 * * ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 3 minutes to read ServiceNow® Asset Management gives organizations complete visibility and control over their technology and enterprise assets throughout their entire lifecycle on a single, unified platform. Built natively on the ServiceNow AI Platform®, Asset Management brings together IT Asset Management (ITAM) and Enterprise Asset Management (EAM) to help organizations track, manage, and optimize assets across hardware, software, cloud resources, and enterprise environments. By sharing a single data model with IT Service Management (ITSM), Configuration Management Database (CMDB), and Security Operations, it eliminates data silos and enables cross-functional automation across your entire asset estate. Figure 1. Asset Management product hierarchy ## Asset lifecycle {#asset-management-landing-page__section_awq_z52_2jc} Every asset managed by ServiceNow Asset Management moves through a defined set of lifecycle states. Automated workflows and AI agents drive transitions between states, trigger approvals, and surface optimization opportunities at each stage. Figure 2. Asset lifecycle management ## Asset Management products {#asset-management-landing-page__section_xdf_kv2_2jc} The following table provides an overview of each product in the Asset Management suite. {#asset-management-landing-page__table_gvy_nlw_cjc__entry__3} | Product | What it does | Key capabilities | |-|-|-| | IT Asset Management products ||| | [Software Asset Management](https://servicenow-prod.fluidtopics.net/uIcQ7ztdHrvBgmXAUVzc0w "The ServiceNow Software Asset Management (SAM) application systematically tracks, evaluates, and manages software licenses, compliance, and optimization. You can reclaim unused software rights, purchase new software rights, and manage allocations for entitlements.") | Manage software licenses, ensure compliance, and eliminate risk with real-time entitlement tracking. | * ServiceNow Otto for Software Asset Management (SAM) for Software Asset Management to streamline and automate the software asset management tasks * Software request via service catalog * Discovery, normalization, and inventory coverage * License reclamation and cost optimization * License Compliance and Reconciliation * SaaS license management {#asset-management-landing-page__ul_qqd_g3x_fjc} | | [Hardware Asset Management](https://servicenow-prod.fluidtopics.net/1gFdYP7mmzxsRLe9y9e3AQ "The ServiceNow Hardware Asset Management (HAM) application is a licensable application that on activation provides advanced workflow, automation, and mobile capabilities to maintain your assets.") | Manage the physical technology assets from the moment a purchase request is raised to the day a device is securely retired ensuring end-to-end visibility. | * ServiceNow Otto for Hardware Asset Management (HAM) for Hardware Asset Management to streamline and automate the hardware asset management tasks * End-to-end lifecycle management * Loss prevention and asset visibility * Automation and guided workflows * Barcode and QR scanning (mobile app) * Security and compliance tracking {#asset-management-landing-page__ul_g1n_h3x_fjc} | | [Cloud Cost Management](https://servicenow-prod.fluidtopics.net/rGMB4yUHy0aVqBCD4nZR~Q "ServiceNow Cloud Cost Management application (formerly Cloud Insights) gives you visibility and control of your cloud usage and spending. It helps you to discover cloud resources, break down cloud spend by cost center, business service, and other entity, provides optimization recommendations, and automates repetitive cost-saving tasks.") | Gain complete visibility and control over your cloud estate and usage. | * Unified multi-cloud spend visibility across Cloud providers, Kubernetes and AI services * Allocate costs to teams with flexible showback and chargeback * Set budgets, track spend, and get automated overage alerts * Automate rightsizing and shutdowns through native change management workflows {#asset-management-landing-page__ul_ugm_ctd_3jc} | | [Asset Audit Response](https://servicenow-prod.fluidtopics.net/hWzZ37tc6PhoqwZRtLSb5w "The ServiceNow Asset Audit Response application, which is part of ITAM for Financial Services, provides prescriptive workflows to manage and respond to your regulatory audits.") | Centralize vendor audit management, automate evidence collection, and reduce financial exposure. | * Prescriptive audit response workflows * Centralized audit workspace with built-in regulatory content * Asset governance workspace for evidence request tracking * Proactive data gap identification and remediation with SME task assignment * Audit trail cataloging and point-in-time reporting for future audits {#asset-management-landing-page__ul_zss_5nm_2jc} | | Enterprise Asset Management ||| | [Enterprise Asset Management](https://servicenow-prod.fluidtopics.net/XX6KTgqUq7GfZiFQuuNoIA "Enterprise Asset Management is a business application that manages the entire life cycle of your enterprise connected and non connected assets.") | Manage the entire lifecycle of physical and non-IT business assets, including planning, procurement, deployment, maintenance, and disposal, while connecting asset data with financial, risk, and operational teams in real time. | * ServiceNow Otto for Enterprise Asset Management (EAM) for Enterprise Asset Management to streamline and automate the enterprise asset management tasks * Automate the full enterprise asset lifecycle * Schedule and manage maintenance plans to maximize asset uptime * Track total cost of ownership across the entire asset lifecycle * Mitigate risk through asset traceability * Empower field teams with mobile-first asset maintenance {#asset-management-landing-page__ul_pz3_thx_fjc} | [Table 1. Asset Management products] {#asset-management-landing-page__table_gvy_nlw_cjc} ## Asset Management common applications {#asset-management-landing-page__section_itj_tv2_2jc} Asset Management works with the following ServiceNow applications to support asset lifecycle management across procurement, finance, and service management. {#asset-management-landing-page__table_x1j_xv2_2jc__entry__2} | Application | Role in IT Asset Management | |-|-| | [Base Asset Management](https://servicenow-prod.fluidtopics.net/GbeHo5cj99hHILqQM4qROA "The Base Asset Management application integrates the physical, technological, contractual, and financial aspects of information technology assets. Base Asset Management focuses on the financial tracking of company property.") | The Asset Management application provides a single system of record for all IT assets, including hardware, software, and cloud assets. It captures and stores key attributes such as asset type, ownership, location, status, and cost. It tracks assets through every stage of their lifecycle, from procurement and deployment to maintenance and retirement, ensuring no asset goes unaccounted for. | | [Contract Management](https://servicenow-prod.fluidtopics.net/nghPpaJYcejpam9TmhbvxA "Manage and track contracts with the ServiceNow Contract Management application.") | The Contract Management application links license and maintenance contracts directly to asset records with automated renewal workflows. | | [Procurement](https://servicenow-prod.fluidtopics.net/p6Gk2TBD70_jLx2m~DxNNA "Procurement managers can use the ServiceNow Procurement application to create purchase orders and to obtain items for fulfilling service catalog requests.") | The Procurement application automates purchase orders, approvals, and receiving to create asset records on delivery. | | [Product Catalog](https://servicenow-prod.fluidtopics.net/aud0zK751ppqwqck6h9KfQ "The product catalog is a set of information about individual models. Models are specific versions or various configurations of an asset. Asset managers use the product catalog as a centralized repository for model information.") | The Product Catalog application standardizes hardware, software, and cloud SKUs used across ITAM with an employee-facing request portal. | [Table 2. Asset Management common applications] {#asset-management-landing-page__table_x1j_xv2_2jc} ## Applications and features {#asset-management-landing-page__section_vpq_1j1_pjb} * [Base Asset Management](https://servicenow-prod.fluidtopics.net/GbeHo5cj99hHILqQM4qROA "The Base Asset Management application integrates the physical, technological, contractual, and financial aspects of information technology assets. Base Asset Management focuses on the financial tracking of company property.") * [Software Asset Management](https://servicenow-prod.fluidtopics.net/uIcQ7ztdHrvBgmXAUVzc0w "The ServiceNow Software Asset Management (SAM) application systematically tracks, evaluates, and manages software licenses, compliance, and optimization. You can reclaim unused software rights, purchase new software rights, and manage allocations for entitlements.") * [ServiceNow Otto for Software Asset Management (SAM)](https://servicenow-prod.fluidtopics.net/voV7qWwwt8gAAA9nIprPsA "Use the ServiceNow Otto for Software Asset Management (SAM) application to integrate generative AI capabilities into your daily workflow, thereby minimizing manual tasks while enhancing compliance visibility and optimization insights.") * [Hardware Asset Management](https://servicenow-prod.fluidtopics.net/1gFdYP7mmzxsRLe9y9e3AQ "The ServiceNow Hardware Asset Management (HAM) application is a licensable application that on activation provides advanced workflow, automation, and mobile capabilities to maintain your assets.") * [ServiceNow Otto for Hardware Asset Management (HAM)](https://servicenow-prod.fluidtopics.net/NC2Pk55FZHMbxs0x1JLq_A "Use the ServiceNow Otto for Hardware Asset Management (HAM) application to streamline and automate the hardware asset request process and the repair process with the agentic workflows.") * [Enterprise Asset Management](https://servicenow-prod.fluidtopics.net/XX6KTgqUq7GfZiFQuuNoIA "Enterprise Asset Management is a business application that manages the entire life cycle of your enterprise connected and non connected assets.") * [Cloud Cost Management](https://servicenow-prod.fluidtopics.net/rGMB4yUHy0aVqBCD4nZR~Q "ServiceNow Cloud Cost Management application (formerly Cloud Insights) gives you visibility and control of your cloud usage and spending. It helps you to discover cloud resources, break down cloud spend by cost center, business service, and other entity, provides optimization recommendations, and automates repetitive cost-saving tasks.") * [Asset Audit Response](https://servicenow-prod.fluidtopics.net/hWzZ37tc6PhoqwZRtLSb5w "The ServiceNow Asset Audit Response application, which is part of ITAM for Financial Services, provides prescriptive workflows to manage and respond to your regulatory audits.") * [Contract Management](https://www.servicenow.com/docs/access?context=c_ContractManagement&version=australia&pubname=australia-it-service-management&ft:locale=en-US) * [Procurement](https://www.servicenow.com/docs/access?context=c_Procurement&version=australia&pubname=australia-it-service-management&ft:locale=en-US) * [Product Catalog](https://www.servicenow.com/docs/access?context=c_ProductCatalog&version=australia&pubname=australia-it-service-management&ft:locale=en-US) * [IT Asset Management content request](https://servicenow-prod.fluidtopics.net/qgSjJIKOysTgcmHgyiWZhg "The IT Asset Management Content Service team manages and supports content requests from IT Asset Management customers.") {#asset-management-landing-page__ul_od3_cj1_pjb}