Closing The Circle of the IT Asset Lifecycle

The IT asset lifecycle can be defined as “the sequence of stages that an organization’s information technology asset goes through during the time span of its ownership.” As businesses adapt to changing circumstances, new steps are appearing in the the lifecycle of their IT assets. Laptops and tablets that are generally reserved for use in the office are now being taken home by remote employees, adding new complications for IT departments.

From when you first acquire an asset to its termination of use, the ability to track the full lifecycle helps organizations of all sizes ensure that they are using the asset to its full capacity – and helps companies see where and how they are using their finances. There are a variety of software programs that make the process of tracking assets incredibly easy. What was once a tedious, time-consuming process has been reduced drastically and gives users an abundance of features to save time and money along the way.

It’s no secret that the backbone to keeping any company in business that uses electronic equipment/communication tools is the IT department. From telephones to tablets, computers to printers and everything in between, this invaluable team ensures your organization has working equipment to help the company run on a daily basis.

One of the cornerstone components of the IT department’s job is to track and manage IT assets. They need to know the ins and outs of all equipment, where it’s supposed to be, how it’s being used, and its maintenance/repair history. If they don’t have accurate and up-to-date data about IT equipment, workflow can be impeded.

3 Stages of an IT Asset Lifecycle

Every asset has a lifecycle, which is comprised of 3 stages:

1. Acquisition– This is the beginning of the lifecycle. Once the asset is determined to be needed, researched, purchased and added into inventory, its lifecycle journey begins.
2. Operation/Maintenance– This stage is how the asset is used and maintained through its life. It’s important to track data on who uses the asset, what it’s used for, how often is it used, and where it’s being used. And then how is the asset maintained, repaired, upgraded, etc. Some assets can withstand heavy use while others are only used for a short time. The maintenance data is especially important when it comes to budgets and spending.
3. Disposal – This marks the end of the IT asset lifecycle. In this stage, it’s removed from service, sold, re-purposed, thrown away or recycled. If there is still a need for the disposed asset, the lifecycle begins again with the acquisition of a replacement.