Software is used in almost all the departments of an organization for automation needs. The IT product developed for the purpose of asset management is called as asset management system . It is normally developed by software development companies. The software is aided by a few hardware components in terms of data capturing about the movement of each and every asset in an organization. The total system which consists of the asset management software and the hardware components like barcode scanners and terminals is called as asset management system. It helps the organization to exercise control over its assets.