Asset Lifecycle Management

Which devices are in which lifecycle status and how is the status tracked? Which licenses are currently in use? How do I get an overview of the status of IT assets in different locations? These and other questions often remain unanswered without good asset or IT asset lifecycle management and centralized and automated data collection.

What is Asset Lifecycle Management?

IT asset lifecycle management is the controlled process that uses a software solution to manage, monitor and optimize all IT hardware and software components (assets). This happens throughout the entire lifecycle, from acquisition to decommissioning of the assets. The aim is to maximize the efficiency, profitability and security of the assets.

A software solution for IT asset lifecycle management is used to record, manage and control all steps of an IT asset – be it computers, servers, network devices, software licenses or other technology components – from acquisition through deployment to decommissioning.

What is an Asset?

Assets are, for example, IT components that are used in an organization. These include hardware, software, licenses, and information required to support IT operations. In order to make optimum use of resources and the related assets, it is important to proactively manage and control the lifecycle of these assets.

How ITAM Software works

ITAM software is an indispensable tool for organizations to effectively manage their IT assets, control costs and ensure compliance. It offers a wide range of functions that cover the entire lifecycle of IT resources. The key functionalities of ITAM software that help to optimize IT operations are explained below.

Detection and inventory

It enables all IT assets to be recorded and documented centrally, with details such as date of purchase, warranty periods, technical specifications, location, users and service history being stored.

Demand and order management

The software supports the process of determining requirements, approving purchases and managing orders.

Commissioning and provision

It automates the provision of hardware and software, for example through integration with deployment tools, which simplifies the setup of new workstations.

Maintenance and updates

Regular maintenance schedules and software updates can be monitored and carried out to ensure the operational reliability and performance of the assets.

Monitoring and reporting

The software monitors the use and performance of IT assets and generates reports that help in the decision-making process for future investments.

Decommissioning and disposal

When an asset reaches the end of its lifecycle, the software helps to document and manage the process of data deletion, physical disposal or recycling.

Optimize your Asset Lifecycle Management with SmartITSM. Learn more now!

IT Asset Management

5 Phases in Asset Lifecycle Management

Asset lifecycle management is the process by which companies ensure that their assets function smoothly throughout their entire service life. The lifecycle phases are recommended by ITIL, but can be adapted to the individual needs of the company. These phases include the planning, procurement, provision, maintenance and decommissioning of assets.

  1. Planning: This is where you determine the need for IT assets and create a budget. Further preparations are being made to ensure that assets will be used properly.
  2. Procurement: You will procure the necessary IT assets, such as hardware, software, network devices, licenses or cloud subscriptions.
  3. Implementation: In this phase, you put the assets into operation, configure them and adapt them to the needs of the company so that they can be used effectively.
  4. Usage: Now it’s about the daily operation of the IT assets. This is the phase when support services, maintenance work and updates are carried out. It also includes continuous monitoring, maintenance and optimization of existing assets. Regular analyses and reports enable you to identify potential for optimization.
  5. Decommissioning: At the end, assets are disposed of or sold when they have reached the end of their useful life or are no longer needed.

The first stage, planning, involves identifying the need for an asset. This process continues over the entire useful life until it is fully depreciated. Assets are disposed of, recycled or replaced as soon as they have reached the end of their useful life. Then the process starts all over again.

In each of these phases, a structured approach and proactive management is crucial to protect investments, optimize the availability and performance of IT assets and meet legal and regulatory requirements.

What are the Benefits of Asset Lifecycle Management?

Good asset management is one of the central functions of IT. And quite rightly so – because you benefit from the well thought-out introduction of tailored lifecycle management for several reasons:

1. You save time and resources

By automating data collection and centralizing asset management, companies can speed up processes, avoid bad investments and make their IT infrastructure more efficient. This not only saves a considerable amount of time, but also reduces costs. This is also the case with one of our customers, Edeka Südwest:

Since the introduction of the CMDB, around 80 percent of the software and hardware elements used in the approximately 1,300 stores can be automatically identified and centrally inventoried at the touch of a button. Cash registers, scales, mobile data entry devices (MDEs), displays, reverse vending machines – in short, all devices that can be accessed via IPs are mapped consistently in REALTECH’s CMDB.

“The picture of our system landscape will be completed quickly. Especially in IT support, we will have the answers and solutions to questions and urgent concerns much more quickly.” This is reported by Thomas Fesenmeier, Head of Service Management EH & GH in the IT division of Edeka Südwest, who opted for comprehensive automated and centralized data collection with SmartCMDB.

Automation and centralized recording ensure that processes are accelerated – for example, a good lifecycle management system such as that from REALTECH automatically takes care of the other necessary workflows in the event of device loss after a simple loss report. This leads to a reduction in the workload and increased productivity of the employees.

2. You get a clear overview of your IT infrastructure

Good IT asset management shows you detailed knowledge about your IT systems centrally – however complex your existing infrastructure may be. This gives you a clear picture of your existing IT landscape and associated equipment at all times, including all contract and financial information.

Asset Management clearly and holistically maps the entire lifecycle of your IT elements at a glance and shows you directly when your hardware’s warranty expires or which software is actually available to you.

You will also receive specific recommendations for action, e.g. when it comes to deciding whether to buy a new appliance or repair it. By the way, good asset management can also be used to clearly manage the lifecycle of knowledge articles or valuable corporate knowledge.

3. You reduce costs and can realistically plan your budget

Well designed asset lifecycle management puts an end to dusty PCs in storage rooms and unnecessary licenses for unused software: thanks to a comprehensive overview of all IT investment data, it provides a direct view of savings potential and optimization opportunities.

Providing daily updated depreciation and deployment data, it can also support replacement investment planning. This information not only supports the IT organization, but also provides purchasing, asset accounting, and IT controlling with important information for efficient procurement management and precise budgeting and cost allocation.

4. You ensure more efficient business processes

With the application of good lifecycle management, you can succeed in increasing your profitability and improve the efficiency of your IT noticeably. Finally, the comprehensive mapping of the entire lifecycle of your IT elements provides you with detailed information on planning and inventory, which you can use in a targeted manner to selectively increase the quality of your business processes.

Asset Lifecycle Management by REALTECH

Does your company also have unused IT hardware and software that is no longer needed and is tying up resources unnoticed? A lack of transparency and an incomplete view of the IT inventory can lead to unused IT resources being overlooked and existing investments not being used optimally.

REALTECH’s asset management solution provides a precise overview of your assets, increases their performance and reduces expenses. Our software enables you to record, maintain, update and, if necessary, decommission all assets in your company.

Not in the mood to read anymore?

Let us show you around.