What does IT asset management (ITAM) primarily focus on?

IT asset management (ITAM) primarily focuses on managing IT assets throughout their entire lifecycle, which includes phases such as acquisition, utilization, maintenance, and disposal. This holistic approach ensures that organizations can keep track of their assets, understand their value, and ensure they are used effectively and efficiently.

The lifecycle management aspect is critical as it helps in optimizing the use of assets, improving compliance with regulations, and reducing the risks associated with asset management. ITAM practices also provide insights into asset-related costs, usage patterns, and potential savings, which is essential for informed decision-making.

Other options suggest unrelated areas. Marketing strategies pertain to how products are promoted and sold, which does not involve asset management directly. Developing new software applications focuses on creation and innovation rather than the management of existing assets. While reducing costs for hardware purchases is a consideration in asset management, it is not the primary focus of ITAM; rather, it is a benefit that arises from effectively managing the asset lifecycle.