Creating an IT Asset Management policy might not sound like the most exciting part of your day, but trust us, it’s worth it. Without a clear set of rules for how your organization handles its IT assets, things can get messy fast.
That’s where a solid IT Asset Management policy comes in. It helps you stay organized, secure, and in control of your technology landscape.
In this article, we’ll walk you through what an IT Asset Management policy actually is, what key elements to include, and we’ll even share a simple example to help you get started.
Let’s dive in!
ITAM software
4.4
Gartner
What is an IT Asset Management policy?
An IT Asset Management policy is a set of rules that helps organizations keep track of their IT assets (laptops, software, servers, and more). It explains how these assets should be bought, used, maintained, and retired, so nothing falls through the cracks.
While some companies might manage this informally (think emails or verbal agreements), having a clear, written policy makes everything smoother. It helps teams stay organized, avoid unnecessary costs, stay secure, and make sure they’re playing by the rules when it comes to licenses and regulations.
Why do organizations need an IT Asset Management Lifecycle policy?
When it comes to managing IT assets, having a general policy is great — but having a policy that covers the full lifecycle of those assets? Even better. Let’s break it down.
An ITAM policy lays out the general rules for how an organization handles its IT assets. It defines what assets are, who’s responsible for them, how they should be used, and how the organization stays compliant and secure. Think of it as the big-picture playbook.
On the other hand, an IT Asset Management Lifecycle policy zooms in on each stage of an asset’s journey. It’s a more detailed view that helps make sure nothing gets overlooked along the way.
Recommended reading
IT Asset Lifecycle Management: The 9 Stages to Manage Your IT Assets
Why it’s important to have both
Having a general ITAM policy without lifecycle coverage is like having a travel guide that skips directions. You know where you’re going, but not how to get there.
Meanwhile, focusing only on the lifecycle without broader guidelines can lead to inconsistencies, unclear responsibilities, or missed compliance requirements.
By putting both in place:
- You ensure assets are managed consistently from start to finish
- You reduce risks like security gaps or license violations
- You make smarter decisions about purchasing, maintenance, and replacements
- You extend asset life and improve ROI
In short, combining both policies gives you a solid foundation and a clear roadmap — so your IT environment runs smoother, safer, and more efficiently.
What to include in an IT Asset Management policy?
If you’re ready to put together an IT Asset Management policy, the first thing to know is this: you don’t have to start from scratch. Working with an IT Asset Management policy template can help you structure the document, cover all the essential areas, and save a lot of time (and headaches). You can always tailor it to fit your organization’s size, structure, and tools.
Now, let’s walk through the key elements your policy should cover:
1. Purpose and scope
Start by explaining why the policy exists and what it applies to. Are you covering all hardware and software? Just company-owned devices? Be clear about what’s included (and what’s not).
2. Roles and responsibilities
Outline who’s in charge of what. This could include IT managers, procurement teams, department heads, and even end users. Everyone should know their role in managing, reporting, or using assets properly.
3. Asset Lifecycle Management
Detail how assets are handled through each stage of their life — planning, acquisition, deployment, maintenance, and disposal. This is where your IT Asset Management Lifecycle policy fits in, or you can include it as a dedicated section.
4. Inventory and tracking
Explain how assets are recorded and tracked. This includes tools or platforms used, tagging processes (QR codes for Asset Management, barcodes, etc.), and how often inventories are reviewed or updated.
5. Security and compliance
Lay out guidelines to ensure assets are used securely and in line with regulations and software licensing requirements. This helps avoid legal trouble and keeps sensitive data protected.
6. Audits and reporting
Include information on how asset data will be reviewed, reported, and audited—whether it’s for internal use, financial reporting, or compliance checks.
7. Policy enforcement and exceptions
What happens if someone doesn’t follow the rules? Detail how non-compliance will be handled and whether exceptions can be requested (and how).
Recommended reading
Bring Your Own Device Policy: Maximizing Benefits and Minimizing Risks
IT Asset Management policy example
To help you visualize how an IT Asset Management policy might look in practice, here’s a sample section that could appear in the actual policy document or internal guidelines. This example focuses on the process of handling IT assets during employee offboarding, a common and critical part of the asset lifecycle
Employee offboarding and asset return
To ensure proper recovery and management of IT assets during employee offboarding, the following steps must be followed:
- The People Operations team must notify the IT department at least 5 business days before an employee's departure.
- The departing employee must return all assigned hardware (e.g., laptops, monitors, mobile devices) and peripherals on or before their last working day.
- IT staff will inspect returned assets for condition and verify serial numbers against inventory records.
- Devices will be logged as “returned” in the asset management system and flagged for redeployment, repair, or disposal.
- Any data stored on returned devices must be securely erased following internal data sanitation procedures and using approved tools.
- If an asset is not returned, the cost of replacement may be deducted as outlined in the company’s IT usage agreement.
This is just one example of a policy in action. A complete IT Asset Management policy would include similar sections for asset acquisition, maintenance, software tracking, secure disposal, and more. If you're starting from scratch, working with a clear template can help you cover all the right bases and customize it to your organization’s needs.
Recommended reading
How to Manage Employee Returning Equipment During an Offboarding Process
Conclusion
Having a solid IT Asset Management policy is essential for any organization that wants to work in an organized way and avoid unpleasant surprises. It really doesn’t matter whether you manage a dozen devices or hundreds, it’s always a smart move.
And remember: you don’t have to build the perfect policy overnight. Start with the essentials, use a template if you need to, and shape it around your organization’s real-world needs. As your tech stack grows, your policy can evolve with it.
Ready to take control of your assets? Your policy is the first step.
