6 Steps for Effective Technology Lifecycle Management

November 8, 2022

A technology management specialist conducts analysis at a data center.

6 Steps for Effective Technology Lifecycle Management

A technology management specialist conducts analysis at a data center.

Through effective technology lifecycle management, companies can put themselves in the best position to realize key performance goals while also lowering costs. The following are the six critical elements of the process.

1. Assessing and Identifying Goals

The first step in managing the technology lifecycle sets the stage for the entire process. It requires assessing the needs of those who will use the tools — and ways to meet those needs throughout the lifecycle, taking into consideration factors such as technical requirements, financial parameters, and plans to broaden the technology’s use. 

The resulting plans should note:   

2. Acquiring Technology Assets

In step two of technology lifecycle management, the business begins implementing the plans established in step one — starting with procuring the necessary equipment. The goal is to get hardware or software that addresses the organization’s needs at a price that’s within the available budget. 

This step in lifecycle management includes:

3. Implementing Solutions

After acquiring the new technology assets, implementation can begin with assembling any equipment as needed and then installing it and integrating it within existing systems. The company should conduct tests to identify any issues, finalizing implementation by:

4. Establishing Support Services

Next, the company must establish the services that will help ensure proper upkeep of the new technology, with the different aspects of the hardware or software assigned personnel to monitor their performance. Among the relevant considerations are:

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5. Monitoring and Maintaining Assets

In this step, which lasts throughout the use of the equipment, the company should implement its plans for maintenance and support, working to resolve any issues with the equipment or its performance. Periodic reviews should check for unexpected problems. Actions in this step include:

6. Disposing of Retired Assets

When the asset reaches the end of its lifecycle, the business should either dispose of it or return it to the leasing company. Ending the asset’s use means ensuring the following:

Maximize Efficiency Through Technology Lifecycle Management

Effective technology lifecycle management helps companies ensure maximum performance while staying within their budgets. Business professionals who can facilitate this process are valuable assets to organizations, which can make an online Bachelor of Science in Management of Technology from Athens State University a wise choice.

The program’s emphasis on business and technology can provide you with the background necessary to plan for technology use that meets the needs of companies, as well as the needs of their employees and customers. And, because it's an online program, you can gain this expertise while also enjoying the flexibility to balance your education with other commitments.

Discover how Athens State’s online Bachelor of Science in Management of Technology can help you achieve your business and tech career goals.

Recommended Readings

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Essential Solutions, LLC, “Your Guide to IT Lifecycle Management”

Profit Advisory Group, “Your Guide to Technology Lifecycle Management”

Statista, Digital Transformation Statistics & Facts

UNICOM, Technology Lifecycle Management

Worldwide Services, “What Is the IT Lifecycle?”

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