The term "IT asset management" refers to the process of overseeing and managing a company's IT assets throughout their lifecycle. This includes tracking hardware, software, licenses, and other technological resources to optimize their use and value. IT asset management helps organizations maintain efficient inventory, ensure compliance with licensing agreements, and reduce costs associated with waste or underutilization. By diligently managing IT assets, businesses can enhance performance, streamline procurement processes, and improve strategic decision-making regarding future technology investments.