What Are the Steps of the IT Asset Management Lifecycle?

Any organization can benefit from IT asset lifecycle management. Keeping track of assets throughout their lifecycle is the best way to optimize performance and ensure you get the most value from all the computer equipment your business uses. 

There are five key stages in the asset lifecycle. You will want to implement detailed processes to get the best results during each phase. This article will review all five stages and some asset lifecycle management best practices you’ll want to implement. Stick around to the end to get all the details. 

What Are the 5 Key Stages of Asset Lifecycle Management?

The five key steps in the asset management process are:

  1. Creating a complete inventory of IT assets
  2. Procurement of new assets for business use
  3. Deployment of newly purchased assets
  4. Daily maintenance and audits of current assets
  5. Disposition of assets as they age

Each stage has core processes that should be followed to ensure they are as effective as possible. The following sections will cover each in more detail. 

Creating a Complete Inventory of IT Assets

The first step you’ll want to take in the asset lifecycle management process is creating a complete inventory of all the computer equipment you own. Your inventory will be essential for going back and reviewing information about the assets you own throughout this process. 

It’s also essential to ensure your management systems comply with regulations throughout the organization, which can be tough to keep track of in large enterprises or global corporations. 

If you’re wondering where to start with this, Multiply can help you create an inventory or do company-wide audits of IT assets. We’ll implement streamlined asset discovery and tracking systems that make this process much easier. 

Procurement of New Assets

You will always find times when you must purchase new computer equipment for business operations. This is common when equipment ages and needs to be replaced or during company expansions where your technology needs are growing alongside your company. 

Whatever the reason for purchasing new equipment is, you’ll want to manage this stage effectively. Your IT team can work with vendors to find the best equipment and negotiate for the most economical prices at this stage. 

Deployment of Newly Purchased Assets

Once assets are purchased and inventoried, you’ll want to get them set up within regular business operations. This can feel like a tricky process since it isn’t uncommon to have early issues with new technology. It’s an adjustment that your entire business will have to manage accordingly. 

Fortunately, the right processes can make this part much more manageable. Having a knowledgeable IT team who can set up equipment without issue and help employees throughout the company learn how to use it effectively will make this process go smoothly. 

In addition, IT professionals like Multiply can plan installation times outside of regular work hours to avoid interrupting daily operations.

Daily Maintenance and Audits of Current Assets

Your asset lifecycle management system should have systems in place for routine maintenance and audits of assets. Frequent maintenance helps extend the life of assets while ensuring they function at the highest efficiency. After all, you don’t want slow technology disrupting your most essential business functions. 

Regular maintenance and audits will also help determine when technology is no longer functioning as it should to replace it before any major problems occur. 

Disposition of Assets as They Age

At a certain point, assets will stop functioning as they should and must be replaced. The disposition process will help manage this part efficiently. 

An IT partner  will aim to negotiate with vendors to sell old equipment for the best possible price to get value back from it. If any assets can’t be sold, they’ll be recycled using proper regulations while ensuring all data is erased from hard drives and memory banks. 


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

The stage where you would modify or upgrade an asset would be during daily maintenance and audits. Typically, your IT team would discover that equipment isn’t functioning as it should during routine check-ins. They could then find solutions to upgrade or modify equipment so it can get back to performing at the highest functionality. 

Asset Lifecycle Management Best Practices

To get the best results from asset lifecycle management, there are some best practices you can use. Common best practices are:

  • Have an IT asset lifecycle management policy: Your asset lifecycle policy will create standardized systems at each step in the process. That way, employees know their roles and the necessary steps to be successful. 
  • Implement systems for communication: Whenever a decision is made, all teams who will be affected should be notified. For instance, if you are maintaining the company’s database at a specific time, everyone should know about it to avoid any disruptions. 
  • Emphasize hardware asset management: Your IT hardware, like personal computers and hard drives, are the backbone of business operations. If your hardware isn’t functioning correctly, you won’t be able to access important software or save files. So you should emphasize the hardware’s importance in your management system. 

If you’d like help with IT hardware asset management, conducting audits, or setting up systems that will be successful throughout this process, Multiply will be a great resource for your needs. 


How Multiply Can Help Manage the IT Asset Lifecycle

​​Multiply is a team of IT consultants and senior service technicians. Our team has been working with our clients for years to provide better solutions for managing the asset lifecycle effectively. When you partner with us, we can help you do the same in your own organization. 

If you’re tired of all the headaches of dealing with the ups and downs that come with computer equipment, we can help take the weight off your shoulders. We’ll implement systems that make it much easier and bridge communications with all teams involved throughout the process. 

To learn more about how Multiply helps with IT asset and data management, contact us today!

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