Disclosed below are representative embodiments of methods, apparatus, and systems for managing and classifying assets in an information technology (“IT”) environment using a tag-based approach. The disclosed tag-based classification techniques can be implemented through a graphical user interface. Embodiments of the disclosed tag-based classification techniques can be used to allow a user to easily and quickly select, and perform actions on groups of one or more assets (e.g., monitor policies, perform upgrades, etc.). For example, the tag-based classification techniques can automatically classify assets into “tag sets” (or “tagged sets”) based on node properties or user-selected criteria or conditions (e.g., criteria or conditions that are established in a user-created tagging profile or rule). The tagged assets can then be further filtered to identify even deeper relationships between the assets.