Explain IT asset management cycle in detail.

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 It Asset Lifecycle Management

The IT asset management cycle begins with strategic planning across the business to decide what assets are required, how to obtain them, how they will be utilized, and how they will be supported. The frequently includes the total cost of ownership calculations as well as a cost-benefit analysis of other options. The procurement step follows, in which companies construct, acquire, lease, or license the assets they require. The integration phase follows purchase, during which the assets are deployed and integrated into the IT environment. This involves effectively integrating the assets with other components, setting support and operations processes, and defining user access.



The next stage of the IT asset lifecycle is asset maintenance and upgrade. Maintenance, repair, and major overhauls may be required to optimize the asset's value and prolong its life, as well as limit hazards and decrease support costs. The last phase is asset retirement and disposal when the asset has reached the end of its useful life. This frequently entails "transitioning users to alternative resources, updating asset records, canceling support agreements, ending license renewals, and commencing replacement ass planning."

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