IT Asset Management (ITAM) is the discipline of managing IT assets throughout their lifecycle.
If IT Service Management (ITSM) is primarily concerned with efficient delivery of services, then ITAM is primarily concerned with managing the costs and risks of using the IT assets that underpin services. Like ITSM, ITAM should be considered an on-going commitment and practice rather than a short-term project.
It is important for the disciplines of ITAM and ITSM to be aligned within the IT department since most lifecycle stages of an asset are delivered or in some way interact with the Service Desk. ITSM is the source of asset changes; by working close together with ITAM the organization can ensure the risks associated with changes can be proactively managed.