From the webpage: "The Belarc Advisor builds a detailed profile of your installed software and hardware, network inventory, missing Microsoft hotfixes, anti-virus status, security benchmarks, and displays the results in your Web browser. All of your PC profile information is kept private on your PC and is not sent to any web server." http://www.belarc.com/free_download.html
Never heard of it before, but just found an Android version that looks for vulnerabilities and is quite highly regarded... https://play.google.com/store/apps/details?id=com.belarc.securityadvisor&hl=en
I have used this for several years, excellent, even displays the serial numbers of your installed software. Good to have these details to hand if you have a serious problem with your system, I have a pdf print uploaded to "the cloud" as part of my backup/recovery plan.
License keys can get lost and if your hard disk crashed you are up the creek without a paddle. But such tools don't always show the correct licence key so it is also a good idea to check this before relying on what Belarc reports and then save the document somewhere safe (such as cloud storage as suggested by Dave-E) I have my fiancée's old laptop in the UK with the intention of re-installing Windows XP Home Edition (which it came with) as somehat in the Philippines installed a pirated version of XP Professional. But the licence key for XP home has worn away from the base of the computer so I cannot re-install. The best I can do is check for viruses on the XP Professional, install all the Windows updates etc etc. WIndows XP is no longer supported by Microsoft so there will be no more updates now except the malicious software removal tool until May this year. But you cannot install that on a pirated version of Windows.