I am using LANDesk 8.7 SP6. I was deploying a software through Policy to a client. The client's IP address is different when I ping the hostname than what is present in inventory. Now my question is Will the deployment through Policy work in this scenario? If No, any possible resolutions to make it work?
It depends on which policy configuration you used but generally, policy based distributions are a "pull" from the client side and not a "push" from the server. What will happen is the agent will check in on its policy schedule and pull the package. At that time, the core and agent will make the destinction.
Generally, IP or computer name is for remote control discovery (among other things). I think the device ID is what is used when targeting in scheduled tasks and alike.