---
sourceDocument: Australia Asset Management
sourceDocumentLink: https://www.servicenow.com/docs/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
Summarize  
![AI sparkle icon](https://servicenow.com/docs/portal-asset/ai-sparkle-icon) Summarized using AI  
This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete.  

## Summary of Asset Management

ServiceNow Asset Management provides organizations with comprehensive visibility and control over technology and enterprise assets throughout their full lifecycle on a unified platform.
Built on the ServiceNow AI Platform®, it integrates IT Asset Management (ITAM) and Enterprise Asset Management (EAM) to manage hardware, software, cloud resources, and other enterprise assets seamlessly.
Sharing a common data model with IT Service Management (ITSM), CMDB, and Security Operations, it eliminates data silos and enables cross-functional automation across the asset estate.
Show full answer Show less  
The asset lifecycle is managed through defined states, with automated workflows and AI agents facilitating state transitions, approvals, and optimization opportunities.

## Key Features

* **IT Asset Management Products:**
  * **Software Asset Management (SAM):** Manages software licenses, compliance, and risk via real-time entitlement tracking, automated workflows with ServiceNow Otto, license reclamation, cost optimization, and SaaS license management.
  * **Hardware Asset Management (HAM):** Tracks physical technology assets end-to-end from purchase to secure retirement, including loss prevention, barcode/QR scanning, automation, and compliance tracking with ServiceNow Otto.
  * **Cloud Cost Management:** Provides unified multi-cloud spend visibility, cost allocation with showback/chargeback, budgeting, automated alerts, and rightsizing through native change management workflows.
  * **Asset Audit Response:** Centralizes vendor audit management, automates evidence collection, tracks regulatory compliance, manages audit workflows, and provides audit trail cataloging.
* **Enterprise Asset Management (EAM):** Manages physical and non-IT business assets' full lifecycle including planning, procurement, deployment, maintenance, and disposal. Supports real-time connection with finance, risk, and operations teams, maintenance scheduling, cost tracking, risk mitigation, and mobile-first asset maintenance with ServiceNow Otto.
* **Common Applications Supporting Asset Management:**
  * **Base Asset Management:** Acts as the single system of record for all IT assets, tracking key attributes and lifecycle stages.
  * **Contract Management:** Links licenses and maintenance contracts to assets with automated renewals.
  * **Procurement:** Automates purchase orders, approvals, and delivery receipt to create asset records.
  * **Product Catalog:** Standardizes hardware, software, and cloud SKUs and provides an employee-facing request portal.

## Key Outcomes

* Complete lifecycle visibility and control over technology and enterprise assets.
* Elimination of data silos enabling automation and enhanced decision-making across ITSM, CMDB, and Security Operations.
* Streamlined asset tracking and management from procurement through retirement, reducing risks and optimizing costs.
* Improved compliance and audit readiness with centralized audit response and contract management.
* Efficient cloud cost governance with spend visibility, budgeting, and automated rightsizing.
* Empowered field teams and better maintenance management through mobile-enabled Enterprise Asset Management.  
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.  
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| Product | What it does | Key capabilities |
|-|-|-|
| IT Asset Management products |||
| [Software Asset Management](https://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/rGMB4yUHy0aVqBCD4nZR~Q "ServiceNow Cloud Cost Management application (formerly Cloud Insights) gives you visibility and control of your cloud usage and costs. It helps you discover all your cloud resources, break down cloud spend by cost center, business service, and other entities. You also get recommendations on how to reduce cloud spend and automate repetitive cost optimization 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://www.servicenow.com/docs/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://www.servicenow.com/docs/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]

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## 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://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/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]

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## Applications and features {#asset-management-landing-page__section_vpq_1j1_pjb}

* [Base Asset Management](https://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/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://www.servicenow.com/docs/rGMB4yUHy0aVqBCD4nZR~Q "ServiceNow Cloud Cost Management application (formerly Cloud Insights) gives you visibility and control of your cloud usage and costs. It helps you discover all your cloud resources, break down cloud spend by cost center, business service, and other entities. You also get recommendations on how to reduce cloud spend and automate repetitive cost optimization tasks.")
* [Asset Audit Response](https://www.servicenow.com/docs/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://www.servicenow.com/docs/qgSjJIKOysTgcmHgyiWZhg "The IT Asset Management Content Service team manages and supports content requests from IT Asset Management customers.")
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