Enterprise Asset Management (EAM) can be defined as a systematic, logical process of maintaining, upgrading, and operating physical assets in the most cost-effective manner for a particular organisation.

It combines engineering principles (in the case of EAM) with sound business practices and economic theory. It also provides tools to facilitate a more organised, logical approach to decision-making.

As such Asset Management therefore provides a frame work for handling both short and long-range planning processes for any given organisation. These same principles can also be applied to IT Asset Management.