What if something as simple as managing your IT assets could save your business from costly penalties? In February 2025, Indian Clearing Corporation Ltd. (ICCL) was fined ₹5.05 crore by SEBI for failing to maintain an accurate IT asset inventory, highlighting the real risks of neglecting asset management.
For startups and SMEs, this oversight can lead to compliance risks, operational inefficiencies, and costly penalties.
In this blog, we’ll show you how IT asset management software can solve these issues, helping businesses like yours track and manage assets efficiently while staying compliant.
IT asset management software helps businesses track, manage, and optimise hardware and software assets throughout their lifecycle.
It addresses common challenges like inaccurate inventories, compliance issues, and inefficient asset utilisation.
Centralised asset tracking ensures assets are monitored and maintained, reducing risks and ensuring compliance.
ITAM software automates key processes, providing real-time updates, reporting, and asset performance analysis.
Effective IT asset management leads to cost savings, improved operational efficiency, and better compliance with industry regulations.
IT Asset Management (ITAM) software is a tool that helps businesses track and manage their IT assets, such as hardware, software, and services. It provides a central system to monitor the full lifecycle of these assets, from procurement to maintenance and retirement. This software ensures assets are tracked properly and used efficiently.
What Does IT Asset Management Software Do?
ITAM software helps businesses manage their IT assets in an efficient and streamlined manner.
Centralising Asset Tracking: ITAM software keeps all asset data in one place, giving businesses a clear view of the status, location, and usage of both hardware and software.
Managing Hardware and Software Assets: It helps track both physical assets like computers and servers, and software assets like licenses and applications, ensuring proper use and maintenance.
Automating and Real-time Updates: ITAM software automates asset updates, maintenance reminders, and renewals. This ensures accurate and up-to-date asset information without manual effort.
Understanding what is IT asset management software helps you recognise how its key features make asset management easier and more efficient.
ITAM software offers several features that help businesses manage their IT assets in an efficient way.
1. Asset Lifecycle Management
Asset lifecycle management tracks the journey of assets from the time they are bought until they are retired. It helps businesses ensure that their assets are well-maintained and fully used throughout their life.
From the moment they are purchased, through their maintenance, and until their disposal, this feature helps businesses make the best use of their IT resources.
2. Compliance Management
This feature helps businesses follow all the rules and regulations related to their software licenses, hardware, and legal requirements. ITAM software keeps track of these details and sends reminders for renewals or audits. It ensures that businesses avoid legal problems or penalties related to non-compliance.
3. Software License and Hardware Management
This feature tracks both software licenses and hardware assets, helping businesses avoid the risks of over-buying or missing out on necessary software. It ensures that all licenses are up to date and that hardware is tracked correctly. This prevents unnecessary costs and helps in maintaining the right inventory.
4. Reporting and Analytics
With this feature, businesses can get detailed reports and insights on asset performance, costs, and usage. ITAM software helps businesses make better decisions by providing clear data on how assets are performing, their repair needs, and the total cost they incur. These reports are vital for making informed decisions and controlling costs.
5. Integration with Other Tools
ITAM software easily connects with other business tools, like procurement, finance, and inventory management systems. This integration reduces the need for manual data entry, ensures smooth operations, and keeps asset data consistent across all systems.
With these features in place, ITAM software helps businesses overcome common challenges and improve asset management efficiency.
Founders, HR, finance, and IT heads often struggle with tracking assets, ensuring compliance, and maintaining cost control. ITAM software provides solutions to these issues and helps businesses stay on top of their IT asset management.
1. Lack of Transparency
Businesses often face the frustration of not knowing where their IT assets are or how they’re being used, leading to unnecessary purchases and inefficiencies.
Challenge: Without clear visibility into asset status, location, and usage, making informed decisions becomes difficult, resulting in wasted resources.
Solution: ITAM software gives real-time visibility of assets, allowing businesses to optimise resources and make better decisions.
2. Inaccurate Asset Inventory
Finance heads and IT managers often rely on manual tracking or spreadsheets, which leads to errors and makes it hard to track assets accurately.
Challenge: Manual tracking and outdated records create confusion, leading to missing assets and errors that affect financial reporting and operations.
Solution: ITAM software automates asset tracking, keeping records accurate and up-to-date, which reduces the risk of errors.
3. Poor Lifecycle Management
As businesses grow, managing IT assets through their entire lifecycle can become overwhelming, especially for HR and IT teams.
Challenge: Without proper tracking, assets may be underutilised or poorly maintained, leading to higher costs and operational inefficiencies.
Solution: ITAM software tracks assets from procurement to retirement, ensuring they are maintained properly and used efficiently, minimising downtime and maximising value.
4. Compliance Issues
Businesses in industries like finance or IT face strict regulations. Non-compliance can result in heavy fines, which is a major concern for SMEs.
Challenge: Failing to track software licenses and compliance requirements can lead to penalties, audits, and damage to the business’s reputation.
Solution: ITAM software helps businesses stay compliant by automatically tracking licenses, hardware, and other legal requirements, reducing the risk of non-compliance.
5. Budget Regulation
IT managers and finance heads often struggle with balancing cost control while ensuring proper asset management, especially when tracking full ownership costs.
Challenge: Without clear insights into asset usage and costs, it’s easy to overspend or underutilise assets, impacting the company’s budget.
Solution: ITAM software provides detailed reports on asset usage and costs, helping businesses stay within their budget and make informed decisions.
Having understood the challenges, it’s clear that an effective ITAM solution is key, and this is where Craze steps in to make a difference.
Craze helps manage IT assets related to employees. By focusing on employee-specific devices, software, and digital resources, Craze offers a specialised approach that streamlines management for growing businesses.
1. Centralised Asset Management
Craze provides a centralised hub for managing all employee-related IT assets, from hardware like laptops and phones to software tools. This makes tracking and reporting straightforward, ensuring no asset is overlooked.
Benefit: A unified platform for tracking employee assets simplifies data management, ensuring everything is organised in one place for easy access.
2. Seamless Employee Lifecycle
Devices are issued during onboarding and reclaimed automatically at offboarding, integrated into the employee lifecycle.
Benefit: Saves HR & IT time while ensuring new hires are productive from day one, and no device is left unclaimed when employees exit.
3. Policy & Compliance Built-In
Every action, like issuance, approvals, and decommissioning, is logged with audit trails and security checks.
Benefit: Strengthens compliance posture, making audits smoother and reducing the risk of policy violations.
4. Automation That Saves Time
Intelligent workflows automate approvals, reminders for renewals, and upgrade tracking, cutting repetitive manual effort.
Benefit: Reduces IT admin workload by 20% or more, allowing teams to focus on strategic initiatives instead of routine follow-ups.
5. Secure & Efficient Processes
Craze automates end-to-end processes—from issuance to decommissioning—ensuring devices are securely wiped before reuse or disposal.
Benefit: Protects sensitive company data and prevents security breaches while ensuring efficient asset turnover.
Manage your employee IT assets with Craze. Get started today!
Implementing IT asset management software can seem like a big task, but by following a few simple steps, you can quickly get your team set up and start managing your assets efficiently.
1. Setup and Onboarding
Starting with ITAM software is easier than it seems. Follow these steps to set it up and get it running smoothly.
Setup: Begin by configuring the software to suit your company’s asset management needs. Set up asset categories, assign departments, and define user access levels.
Onboarding: Import your existing asset data, such as employee devices and software licenses, to ensure everything is tracked from the start.
2. Training and Support
Training your team is important to make sure everyone can use the software correctly and keep asset data accurate.
Best Practices: Organise training sessions to guide your team on how to use the software for asset tracking, maintenance schedules, and compliance checks.
Ongoing Support: Offer support as your team gets used to the software, ensuring any questions or challenges are addressed quickly.
3. Integration with Existing Systems
Integrating your ITAM software with existing business systems helps keep everything connected and saves time.
Simple Integration: Link the software with your procurement, finance, and inventory systems. This keeps asset data consistent across all platforms, reducing errors and duplication.
Unified Workflow: With integration, data flows automatically between systems, improving work efficiency and cutting down on manual work.
4. Customising the Solution for Your Needs
ITAM software can be adjusted to fit your company’s specific asset management requirements.
Personalised Setup: Set up asset categories, workflows, and reporting features that work best for your business.
Tailored Reports: Customise the reports to focus on what’s most important to your team, such as asset performance or compliance status.
By following these simple steps, your team can quickly get up to speed with IT asset management software and start managing your assets efficiently.
For businesses in sectors like finance, IT, e-commerce, and SaaS, managing IT assets is not just important; it’s essential for smooth operations. Without proper tracking and management, you risk wasting resources, non-compliance, and unnecessary costs that can slow down growth and reduce efficiency.
Q1. How can IT asset management software help small businesses save costs?
A1. IT asset management software helps small businesses avoid overbuying by tracking hardware and software assets. By managing resources efficiently, businesses can reduce unnecessary expenses and improve asset utilisation, leading to cost savings.
Q2. How does IT asset management software ensure compliance?
A2. ITAM software tracks software licenses and hardware assets to ensure businesses follow industry regulations. It sends reminders for renewals and audits, reducing the risk of non-compliance and penalties.
Q3. Can IT asset management software manage both hardware and software assets?
A3. Yes, ITAM software tracks both physical assets (like computers and phones) and software (such as licenses and applications). This helps businesses ensure proper use and maintenance of all assets.
Q4. How does IT asset management software integrate with other business systems
A4. ITAM software integrates with procurement, finance, and inventory systems to keep asset data consistent. This eliminates manual data entry, saving time and reducing errors across platforms.
Q5. Can IT asset management software grow with my business?
A5. Yes, ITAM software is scalable. As your business grows, the software can adapt to manage more assets and users, making it easier to track and optimise IT resources.
