An asset management software application is designed to track and account for assets from procurement to disposal throughout their life cycles. It provides organizations with critical data about asset locations, identities, and utilization, as well as information about them. Asset management software is used to manage both hardware and software assets. It includes a wide range of capabilities, including vendor audit and policy compliance, cost reduction for licensing, vendor performance analysis, procurement efficiency, and supplier portfolio optimization. Asset management software provides a number of advantages, including maximized asset use and profitability, proactive licensing infringement avoidance, and so on.