Operations
Building an Effective Asset Lifecycle Management Process
A blueprint for an end-to-end asset lifecycle: request, procure, deploy, maintain, retire — with the artefacts each stage produces.
The asset lifecycle is the spine of ITAM. Every other discipline (depreciation, audits, license compliance, security) hangs off it.
1. Plan & request
A Purchase Request captures who is asking, for what, and why. Approval routing keeps procurement in the loop without becoming a bottleneck.
2. Procure
A Purchase Order is generated (often from an approved request). Status tracks DRAFT → SENT → RECEIVED. Vendor terms get captured.
3. Receive & tag
On receipt, the PO converts into Assets — one per unit — with cost, purchase date and depreciation start prefilled. A QR/barcode label goes on.
4. Deploy
Asset is checked out to a user (or assigned to a department / location). Audit trail captures the assignment.
5. Maintain
Recurring maintenance schedules, service tickets, warranty alerts. Status reflects current reality.
6. Retire
Secure wipe, certificate of destruction, status RETIRED, final depreciation entry. The asset stays in the system as history — auditors love that.