Say hello to IT asset lifecycle ecosystem

Are you still spending too much time on IT asset management, even with dedicated ITAM software? It is not uncommon that ITAM processes rely on multiple tools and on top of that, it always requires additional partners such as device suppliers, pre-installation services, and financing. 

When your tools and partners are disconnected from your IT asset management software, you will always find yourself doing a lot of manual work. In this blog, we’ll break down the IT asset lifecycle management and explore why an ecosystem model is the best way to ensure smooth and efficient IT asset management.

What does an IT asset lifecycle look like?

On paper, the IT asset lifecycle doesn’t seem overly complex. It begins with procurement, moves through usage, and ultimately ends with recycling or the return of your leased devices.

Here are the main phases of an asset’s lifecycle:

• Procurement
  The asset lifecycle starts with procurement. Procurement includes planning, back-and-forth communication with employees, and finally, the purchase and delivery process. Procurement is a phase where your device suppliers/partners play a key role. Managing these partners can be time-consuming, especially if you are using multiple partners for different IT asset classes.
• Usage Tracking
  Once assets are in use, ongoing monitoring becomes the main task. With traditional IT asset management tools, keeping an eye on your inventory is relatively simple. Automating different processes can save a lot of time, while comprehensive reports enhance clarity and decision-making. In this phase, integrations play a crucial role by enabling automation and ensuring that all devices are managed, leaving no gaps. Without the right integrations, you will end up doing things manually and face data errors.
• End-of-Life (EOL)
  Every asset eventually reaches the end of its lifecycle. At that point, it’s time to recycle or return the device. For leased devices, you need to manage the leasing return process with the financing company, while for owned devices, you need to find a recycling partner. Leaving EOL partners out of your IT asset management software means managing everything manually, which again will end up taking a lot of time.

Bringing an ecosystem model to your asset lifecycle management

No business operates in isolation, and asset lifecycle management is no exception. To ensure smooth and automated processes, your organization’s IT asset management solution must integrate with different systems, vendors, suppliers, service providers, financial companies, and EOL partners.

With an ecosystem approach, your IT asset management will connect all phases, processes, and stakeholders, providing a single platform where you can manage the entire asset lifecycle.

Let’s look at a simple example of how the IT asset lifecycle works with an ecosystem approach:

1. Procurement:
   Employees, managers, and/or IT place order new devices within the IT asset management software. After that orders are approved, they are automatically sent to the correct supplier with all related services already bundled with the device.
2. Asset registration
   With an ecosystem model, all new assets are automatically registered in your IT asset management tool with key device information such as delivery date, make, model, serial number, supplier, etc.
3. Asset tracking:
   Once registered, assets are automatically tracked in your ITAM software. The ecosystem model connects data sources using asset serial numbers or model information, eliminating manual data entry. Information such as primary user, last online date, and compliance status stays up-to-date.
4. End-of-Life (EOL):
   Asset lifecycles are automatically determined based on asset class. As assets near the end of their lifecycle, they are flagged for decommissioning. Depending on your processes, IT can handle decommissioning, or employees can be guided through necessary tasks like ordering a replacement and returning the old device. Integrated financing and recycling partners receive necessary information automatically, ensuring a seamless transition.

IT asset management without an ecosystem is just a headache

By brigining everything into one software and leveraging strong partnerships and integrations, you can optimize the asset lifecycle and free up time for IT and employees.

Looking for an IT asset management tool with an ecosystem model that connects everything? Meet IDR! The ultimate IT asset management solution—everything you need in one powerful platform, from purchase to end-of-life.