6 Steps for Effective Technology Lifecycle Management

November 8, 2022

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:   

  • How the new technology fits with existing infrastructure
  • What steps the organization will take to select and acquire the new equipment
  • When the organization will begin using the new equipment
  • When the company will review and update the new technology
  • How the company will dispose of the asset at the end of the lifecycle
  • What the cost of managing the lifecycle will be

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:

  • Negotiating to find the equipment that’s the best price and fit
  • Creating purchase orders and establishing workflows for processing and approving these orders
  • Linking costs to the appropriate budgets
  • Making the purchase and adding it to the organization’s inventory

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:

  • Ensuring the correct and safe installation of the asset
  • Changing the status of the new equipment to note that it’s in use
  • Recording the various elements of the new technology for inventory purposes

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:

  • Plans for upgrades and configuration changes
  • Agreements for providing maintenance services
  • Warranties for equipment and processes
  • Scheduled reviews of the hardware or software operations in support of corporate goals
  • Resources for incident monitoring, phone and on-site technology support, and parts replacement

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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:

  • Scheduling scans to check for performance issues
  • Managing the operating budget allocated to the technology solution
  • Ensuring backup to help protect against work stoppage and data loss
  • Maintaining contracts for the hardware or software and its service
  • Noting expiration dates for licenses

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:

  • Wiping data by erasing or destroying disk drives
  • Dismantling any piece that no longer will be used
  • Disposing of equipment, recycling materials when possible
  • Changing the status of the hardware or software in records to disposed or expired

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.

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Sources:

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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