--- 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 --- # IT Asset Management # IT Asset Management {#ariaid-title1} * Release version: Australia * * Updated March 12, 2026 * * ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 3 minutes to read The ServiceNow® IT Asset Management application gives you a unified view of hardware assets, software licenses, cloud assets, regulatory audits, contracts, and procurements to help reduce costs, maintain compliance, and manage assets. Figure 1. IT Asset Management life cycle stages ## Get started {#it-asset-management__section_kys_xfv_rjb} |-|-|-| | [Software Asset ManagementDiscover, normalize, and optimize your software licenses to reduce spend and maintain compliance across your enterprise.](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.") | [Hardware Asset ManagementTrack and manage your organizational assets such as hardware and consumables.](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.") | [Cloud Cost ManagementOptimize your cloud usage and costs for multiple cloud service providers.](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 ResponseStreamline audit risk management with automated evidence collection and centralized vendor audits.](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.") | [Related applicationsCentralize all IT assets in a single, unified repository and synchronize asset records with the CMDB.](https://servicenow-prod.fluidtopics.net/lyCPrzd_AEQ9wtvNHA9E2w "Asset Management application relies on a seamless integrated ecosystem of applications to deliver complete visibility, control, and optimization of IT assets throughout their lifecycle.") || [ ] {#it-asset-management__navigation-itam} |-|-| | | [Normalize software assets](https://servicenow-prod.fluidtopics.net/vG8lAIxzv4koYNa8DBnGBQ "Standardize discovered software model data within the Software Asset Management application through the process of software model normalization.") Automatically normalize your software assets with updates from the Software Asset Management content service. | | | [Manage software rights](https://servicenow-prod.fluidtopics.net/hfPyaf4VADycaWaFDLX5ww "A software model is a profile of the software that you've purchased, including information about the publisher, version, and discovery map. Software entitlements are used to relate the software model to the rights that you've purchased.") Track and manage rights for your software products by creating or importing software entitlements. | | | [Leverage publisher packs](https://servicenow-prod.fluidtopics.net/5bZTMtTsec6VuJxJZrp_DQ "With Software Asset Management, there are several publisher packs that can be used to extend functionality between the ServiceNow AI Platform and your third-party software applications.") Use license metric data for specific software publishers to accurately track your software usage. | | | [Track SaaS subscription usage](https://servicenow-prod.fluidtopics.net/ibxB~LgwXWioC8f5Nls79w "SaaS License Management helps organizations track and control cloud-based applications and service subscriptions as part of Software Asset Management (SAM). It promotes ownership, visibility, agility, and accountability, enabling better cost control and efficient use of resources.") Integrate with SaaS applications and SSO providers to track your SaaS subscription usage. Use this data to manage compliance and optimize licensing for your subscriptions. | | | [View and take action on your license position](https://servicenow-prod.fluidtopics.net/Ct5YAvsPFESpnVaeLwu5_w "Use the license usage view as a single plane to understand the license position of all software products, remediate non-compliance, view reconciliation results, view, or add removal candidates, and view Software Asset Management related reports.") Use the License usage view (Software Asset Workspace) or License Workbench (Software Asset Management Core UI) to view your license compliance position and remediate any license compliance issues. | | | [Track software spend](https://servicenow-prod.fluidtopics.net/iLOC3VtYqeqnCrfNr7ssmg "Use the ServiceNow Software Spend Detection application to track, analyze, and optimize software spending from imported financial data.") Track and manage financial transaction data for your software products to optimize your software spend. | | | [Normalize hardware assets](https://servicenow-prod.fluidtopics.net/PyZB~F8MrX8lqYOGS7z7hg#hardware-normalization "Asset Management Hardware Model Normalization enables you to normalize the details, such as manufacturer, product, model, and device type, of your hardware and consumable models. Data from the models is compared against the data in the Hardware Model Normalization Content Service.") Use the extensive hardware Content Library to normalize manufacturer and model data for your assets and to populate important life cycle dates for improved visibility into your asset estate. | | | [Asset life-cycle automation](https://servicenow-prod.fluidtopics.net/6yrhRiHj3FPc1y4rxTzTIA "Automate the update of your asset records throughout its life cycle and remove the effort of manually maintaining asset accuracy.") Reduce manual effort and improve service delivery using low-code prescriptive workflows based on the industry best practices that are available at each stage of the asset life cycle. Use asset tasks to automate workflows for bulk stock orders; disposal orders; and the deployment, swapping, and retirement of assets. | | | [Refresh aging hardware assets](https://servicenow-prod.fluidtopics.net/YF4shnWRIvWN1WDR7X1TRA#hardware-asset-refresh "Use the Hardware Refresh request flow to track the aged hardware assets that are nearing the end of their life cycle. Replace them with new hardware assets.") Proactively track and plan for aging assets that are nearing the end of their life cycles so that you can reduce replacement costs and the risk of hardware vulnerabilities. | | | [Audit your asset inventory](https://servicenow-prod.fluidtopics.net/ivfYqawui0_yS4CNweZQsA "Perform scheduled or blind audits of stockrooms and other locations, such as offices or datacenters, to confirm accurate inventory information.") Conduct scheduled or ad-hoc audits of your asset stockrooms and other asset locations, such as offices and data centers. | | | [Manage expiring maintenance and lease contracts](https://servicenow-prod.fluidtopics.net/vv0B5WfxWeHhGgiTKbBAXQ "Use the lease contract expiration flow and decide on what to do before your leased hardware asset contract expires. Get notifications about the lease contracts that are nearing their expiration dates.") Take action on your expiring maintenance and lease contracts using task-based workflows within the simplified contract renewal process. | | | [Accelerate your cloud strategy and reduce costs](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.") Accelerate cloud implementation with a streamlined, responsive, and intuitive self-service cloud resource portal and non-intrusive policy guardrails. Reduce costs by rightsizing your cloud resources to match your organization's usage and by automatically turning off cloud resources during non-working hours. | | | [Manage financial regulatory audits](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.") Manage vendor audits from a centralized audit workspace with built-in regulatory content and prescriptive response workflows. | | | [Manage expiring maintenance and lease contracts](https://servicenow-prod.fluidtopics.net/nghPpaJYcejpam9TmhbvxA "Manage and track contracts with the ServiceNow Contract Management application.") Take action on expiring maintenance and lease contracts using task-based workflows within the simplified contract renewal process. | | | [Automate purchase orders and approvals](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.") Automate purchase orders, approvals, and receiving workflows to create asset records on delivery and reduce procurement cycle times. | | | [Standardize hardware, software, and cloud resources](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.") Maintain a single source of truth for all IT products and services used across ITAM with an employee-facing request portal. | [Table 1. A highlight of IT Asset Management features] {#it-asset-management__table_uw5_lxw_sjb} ## Troubleshoot and get help {#it-asset-management__section_frm_lz2_ddc} * [Ask questions and explore other resources for IT Asset Management in the ServiceNow community](https://www.servicenow.com/community/asset-management/ct-p/asset-management) * [Contact Customer Service and Support](https://support.servicenow.com/now?draw=case) {#it-asset-management__ul_sd3_c1f_ddc} ## Applications and features {#it-asset-management__section-itam} * [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.") * [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.") * [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.") * [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.") * [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.") * [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.") {#it-asset-management__ul_od3_cj1_pjb} ## Learn {#it-asset-management__section_lvb_1m3_5rb} [What is IT asset management (ITAM)?](https://www.servicenow.com/products/it-asset-management/what-is-itam.html)