A system configured to manage IT assets associated with an entity (e.g., a company, an institution, etc.), in accordance with one or more embodiments of the invention. The IT assets may include hardware assets, software assets, telecommunications assets, and/or other IT assets. The system enables substantially all of the information relevant to the individual IT assets to be organized within a single repository throughout the life cycle of the IT assets (e.g., from order to disposal). By organizing the relevant information within a single repository, automation and dynamic system interaction may be leveraged during the life cycle of a given IT asset to track and/or monitor the given IT asset with an enhanced efficiency. In some embodiments, the system may include a common database, and an asset implementation manager, an asset ownership manager, an asset process manager, a service manager in operative communication with the common database.