Asset management coordinates the asset lifecycle of all assets. Information about assets is kept within the Asset Register.  An asset is obtained from a supplier through procurement. 

Assets and CIs are overlapping concepts. 

Configuration Management focuses on the various elements or configuration item (CI) in the IT infrastructure and their relationships. The Asset Register contains much information that is also found within the Configuration Management System (CMS). For this reason, the Asset Register and the CMS can be based on some similar underlying physical data models, but are logically different. 

The preceeding statements are true of assets in an IT operations context.  However, within an IT development context, Asset Management has very little relationship to Configuration Management.

Physical changes to assets are typically referred to as IMACs.