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IT Asset Management (ITAM) refers to a comprehensive approach for overseeing, tracking, and optimizing the entire lifecycle of IT assets within an organization. It encompasses software as well as hardware assets, ensuring they are effectively managed to maximize their value while minimizing risks and costs. This includes activities such as planning, procurement, deployment, maintenance, utilization, and disposal of IT assets. By implementing robust ITAM practices, organizations can make informed decisions about their technology investments, improve operational efficiency, reduce compliance risks, and enhance overall business performance.