The invention relates to a system and a method of identifying and managing IT assets that aggregates fields and their associated values from multiple event log data sources that share one or more common IT asset identifiers and leverages a prioritization approach to determine the most appropriate values for each of the fields. The system utilizes two inputs, namely event log data source inputs and prioritization inputs. Through aggregation of data from different input data sources, the system pieces together a more comprehensive record of field values for a given IT asset, to generate in real-time the updated asset inventory output.