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IT Asset Management is a critical aspect of any organization's overall IT strategy. Many organizations, however, are not able to achieve their desired IT Asset Management goals due to the lack of a well-defined approach or the right solution. As a result, they often suffer from a high cost of ownership, low asset utilization, and increased security risks. This is why effective IT Asset Management is becoming increasingly important in the current economy. To achieve this, organizations need to follow a set of essential steps to ensure their IT Asset Management strategies are working correctly.