---
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


---

# Common applications

# Asset Management common applications {#ariaid-title1}

* Release version: Australia
* 
* Updated May 19, 2026
* 
* ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read

Asset Management application relies on a seamless integrated ecosystem of applications to deliver complete visibility, control, and optimization of IT assets throughout their lifecycle.

The following table highlights the related applications that underpin effective Asset Management.
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| Product | Why it is required |
|-|-|
| [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.") | Serves as the foundational layer for IT Asset Management, providing the core data model, asset repository, and tracking framework. Without it, there is no central system of record for asset attributes, states, relationships, or lifecycle stages. All other IT Asset Management capabilities are built on top of this base. |
| [Contract Management](https://servicenow-prod.fluidtopics.net/nghPpaJYcejpam9TmhbvxA "Manage and track contracts with the ServiceNow Contract Management application.") | Enables license compliance and financial accountability by linking assets to their associated agreements, entitlements, warranties, and support contracts. Without this, organizations risk over-spending on renewals, missing expiration dates, or falling out of compliance during audits. |
| [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.") | Ensures that every asset entering the organization is tracked from the moment it is ordered. Integration with Procurement ties purchase orders, vendor details, and delivery timelines directly to asset records. |
| [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.") | Provides a standardized library of hardware and software models that normalizes asset data across the enterprise. It ensures consistent naming, classification, and attribution, reducing data quality issues and enabling accurate reporting, spend analysis, and lifecycle planning. |
[Table 1. IT Asset Management common applications]

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