IT assets refer to any kind of hardware or software owned by an organization. IT asset lifecycle management (ITALM) incorporates strategic procedures to ensure optimal use and maintenance of assets throughout their lifecycle. It helps to increase business productivity by providing insights to make critical decisions about a company’s IT assets. IT asset lifecycle management also helps track unwanted expenses on software licenses and reduces overspending.
A robust ITALM plan also ensures that there is no use of unauthorized software within the organization. It even ensures better transparency in making purchasing decisions and gives a clear idea of the total cost of ownership
Let us take a detailed look at the key stages in IT asset lifecycle management:
Planning: The first stage in IT asset lifecycle management is planning. Company leaders must verify the need for the asset in question and how it will add value to the organization. A thorough appraisal of the existing assets must be done to decide this. They must also have an idea of how much this asset is going to cost the company, both initially and long-term planning for maintenance of wear and tear in the future
Asset Procurement: After adequate planning is done, business leaders need to make arrangements for procurement. Ample research must be done to ascertain the best price and vendor for the product. The logistics of acquiring the actual product must also be detailed in the plan. Once the asset is delivered and integrated into the system, the stakeholders must ensure seamless operations.
Maintenance: Once the asset has been incorporated into the system, a team needs to put in place to ensure that regular maintenance procedures are being undertaken to prolong its health and keep it working in good condition for longer. This allows organizations to maximize the value of the product. It must also be constantly monitored to check whether any improvements can be made to it. Stakeholders must also identify primary points of contact from the vendor for any possible repairs. Maintenance is an ongoing activity and can sometimes last years depending on the asset.
Asset Disposal: Once the asset is no longer a boon to the organization, but is constantly in need of repairs, it is time for an upgrade. Some assets may be resold or repurposed, while others need to be disposed of, safely and keeping the environment protocols in mind. The data available on the asset must be erased to prevent potential breaches of company data.
Every organization needs to have a detailed plan for IT asset lifecycle management to optimize its use and garner maximum value from each of its assets. Netlabs Global offers IT asset lifecycle management services that will help organizations execute technological and organizational change while increasing the company’s business value. Talk to our ITALM expert to fix an appointment today.