An Introduction to IT Asset Lifecycle Management
Managing the large number of ever-changing IT assets that your business uses on a daily basis can be an immense challenge. When bearing in mind the asset lifecycle, which revolves around efficiency and cost-effectiveness of your current solution and potential replacements, finding the best solution can seem impossible.
At CAB IT, we’re here to give you the solution. We provide a comprehensive range of IT support services for businesses in Bristol and the Southwest, and in this article we’ll discuss what IT asset lifecycle management is, the stages involved, and the benefits of good management for this process.
If you’re in need of support for your IT assets or systems, get in touch today.
What is IT Asset Lifecycle Management?
IT asset lifecycle management (ITALM) is a framework for managing your business’ IT assets. It involves assessing where your current assets are in their product lifecycle, and finding out when they’ll be worth replacing.
Over time, assets will depreciate. This isn’t because of a fault in the asset, but rather a natural state of affairs. One manner in which things can depreciate is through the breaking down of physical or digital assets. This can be because of legacy software, integration issues caused by updates, or simply the passage of time.
A more hidden way that your IT assets can depreciate in value is due to their cost-effectiveness versus getting a more modern replacement. While it might seem best to continue on with what you’ve already got, a new solution could present an even greater gain than you stand to spend.
In any case, carrying out this process is a delicate balance of research, estimation, and making the most of what you have – until it’s time to find something better.
The 4 Key Stages of IT Asset Lifecycle Management
To help you through the IT asset lifecycle management process, there are four distinct steps to follow. Each of these stages can be further broken down, and there is the occasional overlap to ensure your IT systems have maximum uptime, but by following this framework you’ll find it much easier than if you were to simply try and replace all your systems on an ad hoc basis.
1. Planning
The first step to good ITALM is thorough planning. Your asset manager or team needs to create a detailed brief as to what you’re actually looking for. This document should cover:
- What your business needs
- What you currently have
- Market research on what assets and solutions are available
- Which assets have the features you need
- How the assets align with your budget
- Whether it’s worth upgrading based on the cost-to-value of your current versus prospective new asset
- Timeframes for ROI, adoption rate, and predicted operational life of the new asset
This stage is all about ensuring the solution you end up with is effective, affordable, and futureproofed. Once you’ve considered all the different impacts that the new IT asset could have on your business, and selected the one you want, it’s time to procure it.
2. Procurement
Having selected the asset you want, it’s time to purchase it. This stage starts off with negotiation, getting the contract, license, or purchase plan you need to ensure a cost-effective integration of the new software.
Once you’ve sorted out the financial side of things, you can add the new asset into your workflow. At this stage of the IT asset lifecycle, you should ensure everything is working together as intended, and that the new IT asset has been factored into your budget.
After everything appears to be in order, you can give final approval for the new IT asset to be used in your operations. You should add it to your assets inventory, and then create a plan for maintenance.
We can support you with procurement for your assets – find out more >
3. Operation
With the acquisition finally out of the way, you can start reaping the benefits of your new IT asset. However, involvement with the asset doesn’t end here; there is a series of processes that still need to take place between now and the end of the asset’s lifecycle. These include:
- Maintenance
- Audits
- Repairs
- Updates
- Keeping a log of the asset’s history
- Calculating the asset’s depreciation to see when an upgrade will be more beneficial
This stage is all about achieving the maximum value out of the asset, and ensuring it stays as functional as possible for as long as it’s profitable to do so. Once the asset has run its course, it’s time to begin the archival process and search for a new asset.
See how CAB IT can act as your asset managers, providing support for your whole asset lifecycle >
4. Archival
It might seem easier to just dispose of your asset and quickly move on, but following the proper procedure will ensure your business is prepared for the change – stopping any downtime of your activities.
It’s crucial to keep note of the software integrations your IT asset was part of, and where it sat in your workflow. These will be used to both inform what you need in a replacement, and highlight places that will need addressing to ensure a smooth adoption of a new asset.
You should also consider: how good was your previous asset? What were its strong points, and what would you want to be better next time around? You can use data from your logs and insight from your businesses to inform your next purchase.
As you begin the process of sunsetting your old IT asset, you should start the planning and procurement process of your next. This will make the transition go smoother, as you’ll already have something in place by the time your old asset has been removed.
Now that you’ve got your new asset, you can dispose or archive of the old one and start enjoying the benefits of a fresh, new system.
The Benefits of Effective IT Asset Lifecycle Management
Carrying out the four steps above effectively will ensure your ITALM process offers the most benefits to your business. There are many great advantages to IT asset lifecycle management, some of which are crucial in ensuring your business stays compliant with regulations.
The top benefits of effective ITALM are:
- Compliance and security. Some certifications, especially things like Cyber Essentials and Cyber Essentials+, require you to have the most up-to-date firmware to keep your business and data secure.
- Cost savings. By replacing your IT assets at the appropriate time, you can improve your operations while saving money at the same time.
- Improved asset performance. You’re sure to notice a stark difference in how your new IT asset performs, both due to the depreciation the old one would have suffered and also from the newer tech you’d now be working with.
- Good IT asset lifecycle management keeps you on top of all of your systems. This means you know what’s working, what isn’t, and whether repairs are needed or a full-blown replacement.
- Increased efficiency. Your IT assets are an integral part of your business. Whether it’s the data stored in your server, your communications, your internal network, or any other asset you might have, your business needs them to be effective to run. Once you’ve performed the necessary stages of the ITALM, you’re sure to notice a knock-on effect of increased efficiency for many of your business’ processes.
Streamlined IT Asset Management from CAB IT
IT asset lifecycle management ensures you have the best systems for your business, at the right price. By following the four stages of the lifecycle effectively, you can streamline this process and make sure you’re always making the most out of your IT assets.
At CAB IT, we provide IT asset management services to take the weight off your shoulders. We can assist you with every stage of the process, from planning and procurement through to maintenance, upgrades, and final disposal. Find out more by visiting our service page, secure your asset management solution by getting in touch, or read on with some related articles below.
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