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Plan, Optimize and Manage the Lifecycle of your IT Assets
The process of managing all IT equipments under specific regulatory, environmental and business protocols for cost-effective disposition.
IT Assets and Network Discovery
KPI and Expense Metris
An IT asset is defined as “Any asset which comes under the environment of information technology.” These assets are mission-critical since their performance affects the overall performance of the business. They need to be effectively managed, so that daily operations are seamless, synchronized, and disruption-free.
What is IT Asset Lifecycle Management?
ITALM (IT Asset Lifecycle Management) is a process through which organizations can quickly gain information about their IT needs. In turn, it enables them to increase the productivity of their workforce. The ITALM process is multi-staged, and it provides valuable insights to guide the organization on how to deal with assets; when to scrap, when to replace, when to purchase a new asset, and so on. Another important aspect of ITALM is that it helps better manage time and resources. This can go a long way to increase future technology adoption, improve asset ROI, and avoid audit-related problems. Furthermore, this process extends the lifetime of these assets.
The costs likely to be incurred throughout the lifecycle differ as each organization has different assets that are aligned to various business goals. However, the cost of IT asset management software generally ranges from $50 to $100 a month - which is rather low for even SMEs, considering the ROI and future-proofing possibilities of ITALM.
How to structure your IT Asset Lifecycle Management Process
While structuring the IT Asset Lifecycle Management Process (ITALMP), it is crucial to understand and build the three foundational blocks of the process journey.
Building an effective strategy and ensuring that the right plan is in place is the first block because that sets the pace for the rest of the journey. There should be clear communication between the IT department and those responsible for taking executive-level decisions within the organization. It will lead to smoother implementation and help garner enterprise-wide support.
Without the right team, ITALMP is bound to fail because each stage of the process is dependent on users who are expected to have a specialized skillset. But the responsibility does not end with hiring since it is equally important to ensure that users are fully aware of their roles and responsibilities.
Where some organizations tend to falter is that they look at their IT asset management plan as a one-time or short-term activity. The reality is that ITALMP efficiency is driven by long-term planning. Organizations must be in a position to forecast future needs and make asset investments accordingly. They should also analyze the costs involved in each investment to help allocate resources based on current capacity.
What are the different phases of the IT Asset Lifecycle?
The IT Asset Lifecycle Management Plan is categorized into four phases:
Organizations finalize their requirements and evaluate investment costs - their responsibilities include designing assets, long-term financial planning, etc.
Organizations zero in on the ITALM solution - they compare and negotiate prices and ensure that the price of acquiring those assets meets the budget.
Operation and Maintenance
Organizations track the status of their assets - they focus on maintenance and upgrade to increase the asset lifespan and ROI.
Organizations dispose of their assets and replace them with new ones - they go through the final stage if the asset is no longer cost-effective or it has become completely ineffective.
Primary benefits of an effective IT Asset Lifecycle Management solution
- Be equipped with a 360-degree view and control of the IT environment - making it easy for users to control and manage asset inventory
- Easily deploy the right software in case of need and be sure that they are using the right software with verified licenses (thanks to the Definitive Media Library)
- Manage hardware assets by forecasting their needs and ensuring the availability of the right stock
- Increase the visibility of assets – leading to accelerated and improved governance
Especially in this age of remote work and digital-first user experiences, it is pertinent for organizations to create a culture of thorough IT asset lifecycle management. Merely recording and tracking assets barely touch the tip of the iceberg of what is required to enable daily operational efficiency and workforce productivity. It’s why organizations must be proactive about asset management by taking a strategic approach to planning the structure of the IALMP.