What Are the IT Asset Management Processes?

What are the IT asset management processes

Implementing an IT asset management process can feel daunting if you’re unsure about each of the steps involved. 

If you’re searching for an IT asset management process document to guide you, this article is the right place to startWe’ll detail everything you should know about the process, how you can manage it and its importance. By the end, you’ll have a better understanding of where you can start to set your company up for success.

What Is the IT Asset Management Process?

The IT asset management process, sometimes referred to as the IT asset management framework, is a set of steps that can be followed throughout the lifecycle of computer equipment your business owns. 

By following this process, you can ensure you get the most value out of assets while preventing troublesome times when equipment malfunctions, causing stress and confusion throughout operations. 

Nobody likes it when servers malfunction, and it takes tons of time to locate the issue and get things back up and running correctly, along with numerous other frustrations that can be a hindrance without proper planning in daily functions. 

Let’s take a look at the five key asset management process steps. 

What Are the 5 Key Stages of Asset Lifecycle Management?

The five key asset life cycle stages are:

  1. Asset discovery and inventory creation: The first stage involves locating all the computer equipment you own and documenting its information in an inventory. Many companies will want to use asset lifecycle management software like our asset journey platform at Multiply to help in this process. 
  2. Asset procurement: There will always be times when you must purchase new tech for your business. This can be due to your business growing, equipment aging or better solutions becoming available. Whatever the reason for purchasing, it’s important to have policies established to remain within budget and negotiate the best prices. 
  3. Asset deployment: Once purchased, assets must be deployed effectively. Deployment involves planning times to set up the new equipment with minimal disruptions to operations and ensuring all new users are up to date on how to use it successfully. 
  4. Regular maintenance and audits: After assets are deployed, the job isn’t finished there. New updates are always coming out, and there will be times when equipment must be maintained to ensure peak performance. Plus, it can be a good idea to conduct self-audits to ensure compliance standards are always being met. 
  5. Asset disposition: The disposition process occurs when assets age and no longer serve a use within operations. They’ll first have storage drives cleared of important information and then be sold or recycled in accordance with proper regulations while attempting to get the most value back from them. 


Within each of these five steps are several unique processes that must be managed effectively. If you need a partner to help you through it, our team at Multiply can help each step of the way, including inventory creation, tracking and managing of assets in remote or office based environments, , conducting successful audits, and more.

At Which Stage of the Asset Lifecycle Would You Modify or Upgrade an Asset?

Typically, you would discover during maintenance and audits that assets need to be modified or upgraded. Those assets would then move into the disposition stage if they need to be taken out of operations, and new assets would be procured to serve as an upgrade.

How Do You Manage Asset Management?

IT asset inventory management will be at the center of your asset management processes. Your inventory will provide you with the information needed about each asset you own to make proper business decisions at each phase of equipment lifecycles. 

Additionally, establishing procedures, roles, and responsibilities throughout an organization helps manage everything effectively.

IT Asset Management Software

Many businesses that are looking to manage asset management processes effectively will benefit from IT asset management software. A software program is usually much more efficient than manual spreadsheets or other processes. 

Suppose you’re looking for a good option. In that case, our team at Multiply has developed a platform that provides information about the computer equipment you own in a way that’s much easier to understand. That includes visuals and detailed data displays that your team can use throughout decision-making processes.

What Is the Importance of Asset Management?

IT asset management is very important for several reasons. One of the main reasons is that it helps you get the most value out of the equipment you own. Like any investment in a business, your IT equipment should be optimized to use it effectively. It’ll keep your daily business functions running at top efficiency and improve your bottom line. 

In addition, having more organized processes creates a happier and more motivated workforce throughout your company. Employees will communicate and work better together while finding more motivation to do a great job to achieve company goals.

How Multiply Can Help

Our team of IT consultants and senior service technicians at Multiply can help you achieve all the goals of IT asset management. We’ve partnered with several organizations to conduct successful audits and facilitate better systems for success. With over a decade of experience in the field, we’re confident we can assist with all of your needs too. 

If you’d like to get started with a more functional IT asset management system, contact us today to learn more! 

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