IT Asset Lifecycle Management: The Ultimate Guide for 2023

A teammate in Brazil, another in China, and a third in Germany make for a logistical nightmare when managing company-owned assets. While remote work has enormous gains for employees and companies, overseeing assets worldwide is no small task. IT Asset Lifecycle Management is crucial for companies to manage and maintain their IT assets effectively.

When it comes to managing IT assets, traditional inventory management techniques, such as using physical lists or outdated software, are no longer sufficient for businesses with distributed teams. It's impossible to be in two places simultaneously, let alone five different countries.

Thankfully, technology is here to help. IT Asset Lifecycle Management is a process that enables companies to effectively manage their IT assets throughout their entire lifecycle, from procurement and planning to retirement and decommissioning.

Across industries, asset management is crucial for daily operations. From keeping equipment healthy to anticipating downtime, on-site businesses have streamlined processes to ensure everything runs smoothly. In distributed environments, remote IT asset management is even more essential since assets are not kept in the same physical space.

As remote work becomes more ubiquitous, companies must prepare to tackle asset management tasks from wherever their team is located. Let's dive into why it is important, how it can benefit businesses, and best practices.

Stages of IT Asset Lifecycle Management 

Procurement / Planning

Planning is essential for effective procurement. These two concepts go hand in hand as companies must identify their needs and plan to procure accordingly. The procurement and planning stage involves budgeting, forecasting, and identifying the right vendors. Planning will make it easier to make informed decisions for purchasing based on the costs and benefits of different assets.

Deployment

Once the assets are procured, they are deployed to the appropriate users. This stage involves setting up, configuring, and installing the assets and training users on how to use them. Ensuring that assets are deployed to the right users, configured, and set up correctly to ensure optimal performance is vital for easy operations within companies.

Operation & Maintenance

After assets are deployed, they enter the operation and maintenance stage. This is where the organization ensures that the assets are in good working condition and that they are being used properly. Regular maintenance and monitoring are necessary to ensure that assets function correctly and any issues are identified and resolved quickly. Companies can stay ahead of trouble by having a preventative maintenance checklist in place.

Support

As assets age, they may require additional support. This stage involves providing helpdesk and technical support to users and troubleshooting to resolve any issues. It is crucial to ensure that users can access the support they need to use and maintain their assets effectively.

Retirement & Decommissioning

Eventually, assets will reach the end of their useful life and need to be retired. This stage involves decommissioning assets and disposing of them in an environmentally friendly manner. It is important to ensure that retired assets are correctly disposed of and that any sensitive data is securely erased.

Why Is IT Asset Lifecycle Management Important Process For Remote Firms?

IT asset lifecycle management for remote firms becomes complex without a central office from which all devices can be tracked and managed. Companies must turn to technology to ease the burden of keeping tabs on all company equipment.

When your team is spread across the globe, you want complete visibility of each asset's location and status.

These solutions can help remote firms manage their IT assets by providing a systematic approach to procurement, deployment, operation, maintenance, support, and retirement.

Aside from keeping devices in good working condition, the reasons for remote companies to have ALM in place can range from cutting costs to increasing efficiency.

Cost savings

By effectively managing IT assets, organizations can reduce costs associated with purchasing, deploying, and maintaining assets. Companies can avoid unnecessary spending by tracking assets and identifying those no longer needed.

Improved security

Adequate managing of tech assets can help organizations improve security by ensuring that assets are correctly configured, that security software is up-to-date, and that sensitive data is securely erased before assets are retired.

Increased efficiency

By managing assets effectively, organizations can ensure that they are being used efficiently and that users can access the assets they need to perform their work. This can lead to increased productivity and efficiency.

What Are the Benefits of Remote IT Asset Lifecycle Management?

Lower costs 

IT asset lifecycle management can help you reduce costs by automating manual tasks and eliminating the need for physical staff. This will free up resources that can be reallocated to more critical projects.

Improved visibility into your inventory

You'll better understand how many assets you have and where they are located, which will help you plan for future needs and avoid costly mistakes.

Faster deployment times

It also enables you to deploy new equipment faster, so your business can get back on track quickly when equipment fails or needs replacing.

Increased flexibility

By managing assets remotely, organizations can send devices to onboard employees or pick up equipment from employees who are leaving, regardless of location. This can lead to increased flexibility and improved ability to scale quickly.

Best Practices for IT Asset lifecycle management 

Regular audits

Regular auditing of your IT assets can help you to identify any issues and ensure that assets are being used efficiently. This can also help you to identify assets that are no longer needed, so you can retire them and reduce costs.

Automation tools

These tools can help you streamline your tech asset management process by tracking, scheduling maintenance, and generating reports.

Monitor KPIs

Stakeholders and decision-makers can make data-driven decisions by having regular performance reports. They will be able to determine whether the changes have positively affected the company operations, identify areas for improvement and ensure goals are being met.

Keep stakeholders in the loop 

IT managers, network administrators, and other staff members need to be kept in the loop throughout the entire process of managing your IT assets. Communicating with these stakeholders regularly ensures that everyone is on board with your plans for managing assets and that any changes are made promptly.

Proper documentation 

By keeping accurate and up-to-date records of your purchases, you can ensure that you have a complete and accurate inventory, which can help you to make informed decisions. 

Conclusion 

Many companies have struggled to manage their IT assets as more employees work from home. All the more reason to implement IT Asset Lifecycle Management services that can effectively manage and maintain them.

This technology provides a systematic approach to procurement, deployment, operation, maintenance, support, and retirement that can benefit companies. Improving efficiency, reducing costs, or increasing flexibility are only a few ways ALM help business.

If your organization is looking for a solution to manage IT asset for distributed teams. We set up, equip and scale remote companies while taking care of the full IT asset lifecycle. You get complete visibility over your assets from our powerful dashboard so you can focus on what’s important. Request a demo today to experience streamlined and unlimited growth.  

FAQs

What is IT Asset LIfecycle? 

IT Asset Lifecycle refers to the stages an asset goes through, from procurement to retirement. It includes procurement, deployment, operation, maintenance, support, and retirement stages.

What are the benefits of following the Asset Lifecycle Management Process? 

Following an IT Asset Lifecycle Management process can provide several advantages, such as cost savings, improved security, increased efficiency, reduced IT costs, increased flexibility, and enhanced ability to scale quickly.

What is the purpose of IT asset lifecycle management? 

IT Asset Lifecycle Management aims to effectively manage and maintain an organization's IT assets throughout its entire lifecycle, from procurement and planning to retirement and decommissioning. This includes budgeting, forecasting, identifying the right vendors, setting up, configuring, installing, training users, monitoring, providing helpdesk and technical support, troubleshooting, resolving issues, and decommissioning assets securely.

What are the four phases of the asset lifecycle?

The four main phases of the asset lifecycle are procurement and planning, deployment, operation and maintenance, and retirement and decommissioning. However, the phases can be divided into more specific steps depending on the asset or a company’s needs.

How can IT Asset Lifecycle Management improve compliance?

IT Asset Lifecycle Management can be used to improve compliance with regulatory requirements by ensuring that all IT assets are properly configured and maintained and that sensitive data is securely erased before assets are retired. This can involve implementing security best practices, such as regular audits and software updates, and ensuring that all purchases are adequately tracked and inventoried. Additionally, it can help organizations meet regulatory requirements by providing that they have accurate records of their IT assets and can quickly respond to audits or security incidents.