The IT Asset Management function is the primary point of accountability for the life-cycle management of information technology assets throughout the organization. Included in this responsibility are development and maintenance of policies, standards, processes, systems and measurements that enable the organization to manage the IT Asset Portfolio with respect to risk, cost, control, IT Governance, compliance and business performance objectives as established by the business. IT Asset Management requires integrated software solutions that work with all departments that are involved in the procurement, deployment, management and expense reporting of IT assets. As such, the need for effective tools can determine the success of the ITAM manager's program after clear process, compliance and education have been covered. ITAM further extends to that of contract management. Due to the increased need for digitization, the requirement for effective contract management has become essential in all departments throughout an organisation from procurement to legal.