Keeping Tabs On Your Assets With Lifecycle Management

Improving technology lifecycle management is a hot trend in higher education, say the experts. “Asset management is becoming a much bigger player in IT financial and service management,” says Lisa Erickson-Harris, a research director for Enterprise Management Associates.

By adopting Information Technology Infrastructure Library (ITIL) best practices and improving lifecycle management strategies, organizations have better control over their assets and more insights into spending patterns, says Erickson-Harris.

This is even more important in higher education, where budgets and staff are typically more constrained. However, this doesn't mean it's an all-or-nothing strategy. “What gets organizations closer to their endgame is making ITIL bite-size,” Erickson-Harris emphasizes. “Use only the pieces most needed by your organization.”

Even then, it's best to take a measured approach. “Deploy lifecycle management in phases,” she suggests. “And break it down into measurable stages to ensure results and successes can be demonstrated throughout the process.”

Finally, encourage the IT and procurement teams to work in partnership. “IT lends insights into asset feature, function and performance needs,” Erickson-Harris says. “Procurement supplies contracting expertise and plugs asset information back into an institution's financial systems.”