IT asset tracking: How to safeguard your tech and your budget

Chicago Public Schools reported more than 77,000 laptops and tablets missing in 2021. These were no small potatoes; the devices added up to being worth over $23 million. And in some schools, every single student-assigned device had been marked lost or stolen. This type of asset loss isn’t unique to the education sector — far from it. In fact, any organization without proper visibility of its devices, licenses, or accounts risks the same outcome.

That’s where IT asset tracking comes in, allowing you to keep tabs on every piece of technology, so you’re not wasting budget or creating compliance headaches. This guide explores IT asset tracking in more detail, including why it matters, the features to look for, and the best tools, like monday service, that put your IT asset tracking goals into practice.

Key takeaways

• Asset loss is expensive. Untracked IT resources like missing laptops or unused software licenses cost millions every year.
• Feature-rich systems with real-time visibility, automation, and AI insights actively prevent waste and compliance risks.
• Barcodes and QR codes are great entry points to asset tracking. Features like RFID, GPS, and IoT sensors are better suited for scale, mobility, or high-value equipment.
• Good habits like automating routine tasks and segmenting individual assets by criticality multiply the impact of tracking IT assets.
• monday service unifies asset tracking and IT workflows, giving teams a single, central platform to manage devices, requests, and reporting, powered by automation and AI.

What is IT asset tracking?

IT asset tracking is the practice of keeping a record of your organization’s technology, including laptops, phones, servers, software licenses, even cloud accounts. At its core, this type of tracking is about knowing where your IT assets are and who’s using them.

Without a formal system, you end up guessing what’s going on. Maybe a laptop gets passed to a new employee but never logged, for example, or an old subscription keeps renewing long after the team stopped using it. But with a system, you can see those details in one place instead of chasing them down across emails and spreadsheets.

Why does your business need an IT asset tracking system?

When organizations don’t know exactly where their technology lives or who’s using it, the costs mount quickly. Here’s how an IT asset tracking system can provide a significant return on your investment.

Prevents loss and theft of assets

Untracked devices tend to disappear. In the UK, government departments reported more than 2,000 missing laptops, phones, and tablets in a single year, worth roughly £1.3 million. An IT asset tracking system creates accountability at every step by recording who has which device and when it was issued, so you can keep proper tabs on your kit.

Maximizes productivity

Employees are more effective when they aren’t chasing down equipment or waiting for replacements. IBM research shows that structured asset management can raise productivity by as much as 28%. With an IT asset tracking platform in place, staff spend less time on logistics and more time doing the work they were hired to do.

Reduces inventory repair and maintenance

The same IBM study found that organizations with better visibility into their assets also cut repair and maintenance costs by 18%, because they can spot issues sooner and avoid unnecessary fixes. Keeping a clear log of device health, warranties, and service history helps IT intervene at the right time rather than wasting money on premature or redundant repairs.

Improves compliance and audits

Accurate records are essential for meeting regulatory standards. Without them, the risk of penalties or breaches rises. The 2024 Cost of a Data Breach report found the average incident now costs $4.88 million, which is an all-time high. An IT asset tracking tool gives auditors the documentation they need and enables IT to demonstrate control over every device, greatly reducing compliance headaches.

Supports smarter budgeting

Tracking also shines a light on underused or unnecessary assets. It’s the type of insight that makes budgets easier to plan and defend because IT leaders point to real usage data instead of guesstimates. Asset tracking turns financial decisions into evidence-based ones, which cuts waste while equipping teams with the tools they need.

What features should you look for in an IT asset tracking system?

Selecting the right software features is an important part of the vendor and product selection process. Get your features wrong, and you’ll end up with another clunky database that nobody wants to use. Get them right, and suddenly you have real-time visibility, fewer surprises at audit time, and a much easier way to keep budgets under control. These are the IT asset tracking features to pay attention to, starting with the basics, then building up to advanced and emerging options.

Core must-haves

At a minimum, your asset tracking system should provide:

• Centralized inventory database: A single source of truth for every hardware device, software license, and cloud account your organization owns.
• Lifecycle management: Visibility into an asset from the moment it’s purchased to when it’s reassigned, retired, or disposed of.
• Integrations: The ability to connect with HR systems, finance tools, and IT service management platforms, so updates happen automatically rather than through manual entry.

Advanced features

For organizations that need more control and efficiency, look for tools that include:

• Real-time tracking: Instant visibility into where an asset is and its current status.
• Alerts and notifications: Reminders for warranties, compliance checks, overdue returns, or missed maintenance.
• Automations: Features that take repetitive work off IT’s plate, like auto-assigning devices, generating reports, or updating asset records.
• AI insights: Capabilities that highlight underused equipment, suggest budget optimizations, or flag patterns that might otherwise go unnoticed.

Emerging tech add-ons

These aren’t essential for every business, but they’re worth considering if you have specific needs or a distributed workforce:

• RFID (Radio Frequency Identification): Bulk scanning technology that doesn’t require line-of-sight, often used in warehouses or data centers.
• IoT sensors: Devices that monitor usage and environmental conditions (like temperature or humidity) for sensitive assets.
• Mobile scanning: The ability to use smartphones or tablets to scan barcodes or QR codes, keeping records up to date in the field.
• Barcodes and QR codes: Low-cost tags that make it easy to start tracking assets, widely adopted by smaller teams.
• Wi-Fi sniffing/triangulation: Network-based tracking that shows when and where devices connect inside office environments.
• GPS tracking: Live location data for assets in transit, such as vehicles, field equipment, or traveling staff laptops.

Asset technology at a glance

Different tracking technologies work better in different settings. Some are cost-effective entry points, while others are designed for scale or highly mobile workforces. Here’s a quick comparison to help you see where each one fits.

How to choose the right IT asset tracking software in 10 steps

With dozens of tools on the market, which is the best fit for your organization? The best approach is to break the decision into clear steps, moving from understanding your needs, through evaluating features, to feeling positive that the vendor can support your organization’s long-term goals.

1. Define your needs

Before you even look at vendors, draw a clear picture of what asset tracking means in your organization. For some teams, it’s as simple as keeping tabs on laptops and phones. For others, it includes servers, network equipment, and even cloud software licenses. The scope here will decide everything else, from the type of system you need to the budget you’ll need to justify.

One way to make this exercise concrete is to use the SMART goal framework to choose goals that are specific, measurable, achievable, relevant, time-bound. For example, instead of writing “track all IT equipment,” you might set a target like:

• Specific: Track every laptop, monitor, and corporate phone issued to employees.
• Measurable: Build an accurate record for 2,500 devices across 5 offices.
• Achievable: Start with employee laptops in the first phase before expanding to monitors and shared equipment.
• Relevant: Reduce the number of unreturned laptops when staff leave the company.
• Time-bound: Complete a full inventory management log and load it into the system within 90 days.

Defining your needs at this level of detail means you can walk into vendor conversations with something more concrete than “we need better visibility.” Instead, you’ll be able to say, “We need a system that can handle 2,500 assets, produce audit-ready reports, and scale as we expand headcount over the next two years.”

2. Match the tool to your business size

The right tool for a 20-person startup is rarely the right tool for a 5,000-person enterprise asset management initiative. Smaller businesses often need something lightweight, easy to set up, and affordable, like a barcode-based system or SaaS subscription that doesn’t demand heavy configuration. Larger organizations, on the other hand, usually need enterprise-grade platforms that can integrate with HR, finance, and IT service management tools, while spanning multiple locations.

Ask yourself: “If we double in size, will this tool still work? If we stayed small, would this tool be overkill?” It’s a simple lens that prevents wasted money on oversized solutions or costly migrations later.

3. Map features to requirements

Once you know your scope, build a requirements checklist. Start with the core features and then mark which advanced features matter most to your team. For example, a distributed workforce may prioritize mobile scanning and GPS tracking, while a finance-driven team might care more about AI-powered budget forecasts.

Warning: This step is where many buyers slip up. They collect feature wish lists from vendors instead of mapping features back to their own goals. Flip it around by highlighting which features directly support your business needs, then treat the rest as “nice to have.”

4. Evaluate integration options

An asset tracking system is rarely a standalone tool. To deliver real value, it needs to connect with what you already use. That might mean:

• Syncing with HR software for automated onboarding and offboarding
• Linking with finance systems for depreciation and budgeting
• Integrating with your service desk so asset data appears in support tickets.

Make a list of your top 3 systems that absolutely must connect, then ask vendors to show you a live example of how the integration works.

5. Calculate your total cost of ownership

Licensing fees are only the start. Implementation, training, data migration, customization, and ongoing support can all add to the price tag. There may also be hidden costs, like downtime during rollout or expensive consultants if the system requires specialized setup.

A practical exercise: Ask vendors for a breakdown of all costs over 3 years. Compare this to the resources you’d need in-house to keep the system running. Sometimes the cheaper subscription isn’t actually the cheaper option when you zoom out.

6. Assess ROI potential

If you need to build a business case for an investment into a new asset tracking tool, you’ll need to understand the specific value it could bring to your business, which means knowing your numbers.

Example: If your company loses an average of 20 laptops a year at $1,500 each, that’s $30,000 in losses. If a $12,000 tool can prevent even half of that, it’s already paid for itself.

7. Test usability with your team

No organization wants to plunge a ton of money into a new tool and have no one use it.
Get around this by running a pilot or free trial to discover how people interact with the system daily — not just IT admins, but also department managers or staff who might need to check equipment in and out.

Pay attention to the little things: do employees need training to perform simple updates? Can non-technical users navigate the system without frustration? Adoption is often the difference between a tool that succeeds and one that quietly fades away.

8. Check vendor reliability

When you buy asset tracking software, you’re choosing a partner, not just a product. Investigate how often the vendor releases updates, how responsive their support team is, and whether they’ve worked with organizations like yours before.

A reliable vendor should be able to connect you with customer references or case studies that prove their track record.

9. Prioritize security and compliance

Your asset database will hold sensitive details that make security non-negotiable. Think employee names, device IDs, and possibly even software usage patterns.

Start by asking vendors how they handle encryption, role-based access, and data residency. Next, confirm whether they comply with regulations like GDPR, HIPAA, or ISO standards relevant to your sector.

It’s also worth asking to see sample audit logs. If the system can’t provide clear, timestamped records of asset changes, audits will still be a headache no matter how advanced the tool looks on paper.

10. Plan for growth

Your IT environment today won’t look the same in three years. As your company expands, you may add new device types, adopt more SaaS tools, or shift to hybrid work models. The asset tracking system you choose should be able to handle those changes without forcing you into a full replacement.

Look for scalability in pricing tiers and in features. Can the system support emerging technologies like IoT sensors or RFID if you need them later? Can it scale from a few hundred devices to 10s of thousands? The more flexible the tool, the longer it will serve you well.

Top 5 IT asset tracking software

With dozens of platforms on the market, it’s hard to separate the gimmicks from the real value. The 5 tools below each offer their own approach to tracking IT assets across your organization.

1. monday service

Best for: organizations requiring a modern, AI-powered service platform where IT asset tracking, ticketing, and cross-department collaboration all live in one intuitive workspace.

monday service is a full service management platform designed to connect every moving part of your organization. IT leaders can track hardware, software, and cloud assets alongside tickets, projects, and HR or finance processes, all on a single intuitive interface. With no-code customization, powerful automations, and AI built into workflows, monday service helps teams resolve requests faster, reduce manual work, and keep complete visibility over the asset lifecycle.

Key features

• AI-powered classification and automations
• Cross-department collaboration tools
• Real-time analytics and dashboards

What users say

We as a company are more connected and the visibility into where we are in the development of a project is unmatched. When everyone buys in to use the program, it truly does allow all members to be connected in a way that meetings can’t provide. — Danielle G., a support manager

Pricing

• Pricing starts at $26/seat/mo
• 3 plans available: Standard, Pro, and Enterprise
• 14-day free trial available

2. Freshservice

Best for: mid-sized teams requiring combined ITSM and asset tracking.

Freshservice’s asset module lives inside its ITSM foundation, so support tickets and asset records relate natively. It offers discovery, lifecycle management, and SaaS spend control, within a single system of record.

Key features

• Auto-discovery and agent/agentless scanning
• Integrated CMDB (Configuration Management Database)
• Contract, software, and purchase order management

What users say

“Freshservice is intuitive and easy to use, both for our team and our end users. Implementation with other services is relatively straightforward, and Freshservice offers a broad range of integrations that suit our ecosystem well.

Occasionally, we run into limitations with the API and workflow automations, especially when trying to implement more complex scenarios.” — Guy J., an enterprise vice president

Pricing

• Starting at $19/agent/mo
• 4 plans available: Starter, Growth, Pro, and Enterprise
• Free trial available

3. ManageEngine AssetExplorer

Best for: organizations requiring a mature solution that works on-premises or in hybrid settings.

ManageEngine AssetExplorer includes agentless and agent-based discovery, license compliance, and deep reporting features. Many IT teams use it when they want control over deployment and robust compliance tracking.

Key features

• Asset lifecycle, software license management, audit reports
• Barcoding/RFID support
• Integration with other ManageEngine tools and modules

What users say

“The best thing about this tool is it integrates perfectly with Service Desk Plus for automatic asset management, obtaining useful information about the systems you have within the environment.” — Jonnathan D., an IT administrator

Pricing

• Accurate pricing is available from the vendor on request.

4. ServiceNow IT Asset Management

Best for: large enterprises already using ServiceNow

ServiceNow IT Asset Management lives within the broader Now platform. It merges asset data with change, configuration and incident management, offering visibility into how assets relate to services and process flows.

Key features

• Single asset repository across hardware, software, and SaaS
• Lifecycle automation
• ITSM integrations

What users say

“I like how it makes it easy to keep track of hardware and software stuff in one place. The dashboard is pretty simple, and I can quickly see which assets are used or need replacing. Sometimes, it feels a little slow when loading big data reports.” — Hari T., a developer

Pricing

• Accurate pricing is available from the vendor on request.

5. Asset Panda

Best for: mid-sized organizations needing customization and flexible workflows

Asset Panda is known for its configurability. You can build custom workflows, fields, reports, and mobile tools without coding. Its mobile-first design makes it a good fit for organizations that have equipment out in the field.

Key features

• Custom fields and workflows
• Mobile app with scanning and GPS support
• Unlimited users with a scalable access model

What users say

“The transition process from our old product to AP was seamless and their staff was so helpful in asking the right questions and getting our system configured.” — Paul T., an IT systems administrator

Pricing

• 14-day free trial available
• 3 packages available: Starter, Business+, and Enterprise
• Pricing starts from $50 per user/mo

5 best practices for IT asset tracking

Once you’ve selected a tool, give your new technology a strong chance of success by backing it with good habits. These best practices turn asset tracking from a static inventory into a system that actually drives value.

1. Automate your routine workflows

Instead of letting IT staff burn hours on repetitive admin, set up automations to complete handy tasks like:

• Logging new devices as soon as they’re purchased
• Triggering alerts when warranties are about to expire
• Auto-generating reports for compliance reviews

The goal is to make the “boring stuff” happen in the background so your team can focus on real problem-solving.

2. Segment assets by criticality

Not every asset deserves the same level of control. A lost laptop might be inconvenient, but a lost database server could be catastrophic. Classify your assets into tiers, such as high, medium, and low criticality, then apply strict tracking and alerts to the ones that matter most.

3. Rationalize software licenses

IT budgets regularly leak money through unused licenses. The solution here is to conduct software usage audits that:

• Retire seats no one logs into
• Compares actual demand to your subscription tiers
• Reduces compliance risks when auditors ask about over-provisioned or “ghost” licenses

4. Plan secure retrieval and disposal

End-of-life is where assets can be forgotten about. Mitigate against this risk by creating a standardized process for retrieving equipment when employees leave, and make sure devices are securely wiped or recycled. Once you’ve created a slick process, document it, then rinse and repeat, so nothing depends on individual memory.

5. Track performance with KPIs

Asset tracking should be more than a logbook — it should help you improve your business processes. Define key metrics like utilization rates, mean time to repair, compliance gaps, or cost per asset. Review these regularly to spot trends, whether laptops lasting longer after a policy change or recurring failures with a certain model.

Manage every IT asset in one place with monday service

Unlike traditional ITAM tools that silo asset data from service operations, monday service brings everything into a single, easy-to-use platform. It’s designed for IT leaders who want full visibility into hardware, software, and cloud assets, while also connecting this essential knowledge management with more practical workflows like ticketing and cross-department collaboration. monday service stands out from the crowd by enabling IT teams to:

Locate assets instantly with AI-powered search and classification

AI Blocks can automatically categorize assets, like laptops, servers, and mobile devices, then tag them to the right employee or department. That means IT teams don’t have to rely on manual updates; they can pull up asset data in seconds, filtered by type, owner, or location.

Illuminate asset context with AI

But asset tracking isn’t just about knowing where something is — it’s also about understanding its full story. By using AI in asset management workflows, monday service automatically links each asset to the people, tickets, and history around it. So when a laptop breaks or goes missing, you can instantly see who it’s assigned to, when it was last active, and what issues it’s had before.

Instead of manually cross-checking spreadsheets or service records, IT teams get a live, connected view of every device in context. That means faster root-cause analysis and a clear trail for audits or replacements.

Automate asset assignments with a Digital Workforce

monday.com’s Digital Workforce is a coordinated team of AI-powered agents that work together to handle asset tracking tasks automatically — from assignment to retrieval. Instead of IT manually updating records or chasing devices, Digital Workers take full responsibility for these processes.

When a new employee joins, for example, one agent could assign and log their laptop; another confirms shipment or collection; and a third links warranty and license details to their profile. When someone leaves, the same network of agents triggers retrieval workflows, updates ownership records, and confirms that equipment has been returned or wiped.

Every action is tracked, timestamped, and auditable — so IT leaders always know where assets are, who’s using them, and which Digital Worker handled the change. The result is a fully autonomous layer of IT operations that keeps asset data accurate without consuming IT bandwidth.

Gain real-time asset intelligence with dynamic dashboards

Dashboards in monday service bring all your asset data together in one live view. IT leaders can see, at a glance, which devices are active, overdue, or out of circulation, and drill down into who’s using what and where.

Because monday service connects with 72+ integrations and supports 217+ apps, your dashboards automatically pull in context from HR, finance, and service tools, giving you a unified, real-time snapshot of your entire tech landscape.

Customize the layout with 27+ views and 36+ column types to track metrics like warranty status, asset age, utilization rates, or repair costs. The result is true asset intelligence: live data that illuminates anomalies, forecasts refresh cycles, and makes faster, evidence-based decisions about what to repair, retire, or replace.

monday service redefines how IT operates. With automation, AI, and full visibility built in, your tech estate becomes self-maintaining, self-reporting, and always up to date. The result is a smarter, leaner IT function that spends less time chasing laptops and more time driving what’s next. Take a free trial of monday service today.