Creating an efficient asset lifecycle management strategy

08.04.2021 | By Mark Speyers

IT asset lifecycle management is a broad term, but the overall goal of lifecycle management is to help ensure the best performance and reliability of IT assets, including hardware, software, network configurations, and data. Though lifecycle management covers many key disciplines, when it’s well-coordinated and executed, the result is better efficiency, productivity, and cost savings for your organization.

Without lifecycle management, IT systems may not run optimally, and it may be more difficult than necessary to make changes to IT systems when business needs change.You may purchase new things without realizing you already have the same thing sitting idle on-site, for example. Lifecycle management is ultimately about effectively managing IT processes within the organization. Here are some key practices of effective lifecycle management.

Hardware Asset Management

Managing your IT hardware inventory through an effective asset management program allows businesses to make maximum use of existing hardware and sometimes avoid making purchases due to unused equipment being available. When your IT asset management system supports automatic discovery of hardware assets, keeping track of everything is much easier. Knowing the types of devices and their locations with the help of a comprehensive IT asset management system helps with planning and provisioning, cost accounting, and security monitoring.

Software Asset Management

As with hardware, software asset management helps organizations make the most of the software they have and avoid buying copies of software when copies are already sitting idle somewhere. When your software asset management program allows software to be installed from a centralized location, it’s easier for the IT department to keep track of software and related licenses and generally lets employees get their software sooner than if software installation has to be done deskside. And you’ll run less risk of fines if you are audited by a software provider.

IT asset management software that keeps track of software versions, patches, and settings, and that can detect unauthorized software installations can keep your organization from breaching software licenses and from paying for licenses on software that isn’t used. Centralized management of security and patch management is another good way to protect your network, keep vulnerabilities to a minimum, and ensure software version uniformity throughout your organization.

The IT Service Desk

Lifecycle management goes much more efficiently if your organization has a great IT service desk. Businesses that have integrated procedures for reporting problems and submitting service requests through multiple, convenient channels help IT teams concentrate on fixing problems rather than sifting through notes and requests. An IT service desk with social media integration and a self-service portal reduces the number of frantic phone calls to IT, keeps costs down, and automates processes that used to have to be done manually. Investing in your IT service desk is an investment in your organization’s lifecycle management success.


IT service management software that allows for easy report creation lets your IT team document lifecycle management procedures, and keeps management informed about how lifecycle management benefits the organization. Moreover, reporting on lifecycle management helps organizations identify problems so repetition of mistakes can be avoided. And finally, reporting on lifecycle management makes it easy to document compliance with important regulations.

When an organization’s IT processes are undergirded with a solid lifecycle management program, business runs more smoothly, money is saved, and IT assets are used more effectively. SymphonyAI Summit is the most innovative IT service management software on the market.

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