It is a fact – everything has a shelf life. Yes, the network hardware and even your laptops have a fixed, usable lifespan. Similarly, certain technological aspects also have a specific work-life, after which, it needs to be replaced. A majority of us will agree that even though the technical devices wear out, it is not a necessity for the technology to stop working on its normal course.
What happens when you buy a technical device? Let’s say, for your business, you sanction the purchase of 20 laptops. You buy them, designate to employees, allow them to use it, and when it breaks, you replace the ones with new devices. Sometimes, the machine ceases to function even before the expiration of its usable lifespan.
Did you ever think about how it can adversely affect your business?
Here, we will focus on a few important aspects related to IT life cycle management. It will help both individuals and companies to adhere to better technology-related management, leading to better asset successions.
What is IT Lifecycle Management?
It is the proper and organized management of technical assets (hardware, software, company-owned info, etc.), which is deployed only after analyzing its:
- The intent for acquiring the piece of technology
- Business needs
- Utility and phase of its requirements
Simply put, technology lifecycle management is the method that begins straight from product purchases and ends with the expiration of technical devices that you have paid for.
Operations of IT Lifecycle Management
If you take up a specific IT project, you need to ensure that the purchased technology serves the maximum of its set life cycle. The operations of technology lifecycle can be managed via this strategic cycle:
Beneficial Reasons to Invest in IT Lifecycle Management
‘Why does a business require following this technology lifecycle management framework?’
It is a valid question and most of you reading this write-up would be asking the same now. If you focus your perception at the core of technology lifecycle management, you will find its base to be spread all across the complete IT environment.
If we consider about the humongous enterprises, they have self-reliant IT departments taking up that responsibility. However, the bigger impacts are visible amongst small to medium-sized firms that not only have smaller business budgets but negligible to nil, in-house resources.
Now, coming back to the main agenda, here are the reasons how your enterprise or firm can benefit from this management life cycle.
- Technology gives you the oversight of the complete IT lifespan. With the attained information, you can keep track of your assessments, right from the technological requirements to their end – e-cycling. Simply put, you keep track of the total cost of ownership.
- Technology helps you to monitor and review replacement schedules/ updates, systems, devices regularly. When you keep a constant check, you are aware of the devices running at peak performance levels.
- Your company gets the advantage of the extensive technological relations from the provider’s end. Technology can not only save your cost margin from bundling services or devices, but also give you a footing in the technological industry.
- Your complete IT experience gets streamlined. From it, you can avail benefits like a single support number for any system component issue and pay the monthly invoice in one bill.
- Your infrastructure remains up-to-date and the uptime rates remain higher. The productivity becomes better and the interruptions, fewer.
6 Steps from where Businesses can Gain from IT Lifecycle Management
1. Planning as per Finance and Budget Availability
This is no doubt a critical step. In this step, you need to examine the actual need of your business, based on which you can plan the financial aspects. This aspect evaluation focuses on predictive growth plans and the IT lifecycle phases like:
- Monetary plans as per available budget
- Technical support
- Process implementation
- Guidelines related to assets tracking
- Expiration of assets
2. Acquisition/ Procurement/ Purchase Plan
The objective is laid out in this evaluation stage. This highlights you gaining the technology assets, individual purchase’s logistics, and completing the financial aspects.
3. Management and Implementation
This step varies as per organizations. It involves distribution and device/ solution implementation in the IT environment. You can easily keep track of every technological element, categorized as per ownership or purpose of use.
In the current situation (pandemic), this step has become quite a challenging task. There are two reasons for such arising complexity:
- Broadening scope from cloud solutions for the utility of asset types
- Remote working
4. Support plan
To obtain optimized performance from the entire IT environment, IT Lifecycle management requires comprehensive support. The step involves a range of supportive tasks like:
- Conducting frequent reviews on the grounds of system performance metrics
- Assessing product warranties and calculating their maximum extension period
- Configuration management
- Communication support (over the phone)
- Proactive ways of incidents monitoring
5. Refresh Objectives
These objectives run on a 2 – 5 years cycle related to business strategies. Following this step, you can keep aside your funds for future perspectives (organization and technology requirements). In this, you can optimize system and device components according to your company’s financial goals.
6. Disposal of Assets
Asset disposal lies in the lifecycle management’s full-service plans. This step gets set in motion right in the initial, assessment/ evaluation phase. If you have a pre-planned asset disposal plan, you can attain a good resale value of the retired devices.
The above aspects can become a profitable aspect if you can harness the technology-related business objectives and follow the strategic plans of the discussed IT lifecycle management. After all, a managed business yields profits, which again helps a business to grow big.