Effective IT Asset Management (ITAM) needs a solution beyond simple ability to scan/discover physical assets on the network. It also needs tracking of the physical, financial, and contractual information about the asset as it can change throughout the asset's life. It needs to factor in costs associated with the asset during its service life, involving install, move, add, and change processes (often referred to as IMAC). Among others, it also needs to record acquisition and disposal costs, which almost accounts for more than 20 percent of the asset’s TCO.