Eli5 : What is IT asset lifecycle management? And how do companies track and present it.

Question

Eli5 : What is IT asset lifecycle management? And how do companies track and present it.

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Answer 1

Components like network equipment, software, smartphones all have an End of life. At this end of life, the manufacturer doesn’t support the asset anymore and won’t release new updates / a new firmware. You generally don’t want to use assets that don’t get any new security updates, so you dump these assets.

Warranty is also something you want to track.

For the lifecycle management, you want to track these devices. You give them a unique ID so you recognize these devices for both end of life / warranty purposes.