Technology Lifecycle Management: How IT Audits Help Businesses Save on Tech

How much technology does your company rely on day-to-day? When you add up all the pieces of hardware and software, chances are that number is pretty big. That’s where technology lifecycle management (TLM) comes into play. Use these technology lifecycle management tips as you explore IT audits and other popular technology cost management practices.

What Is Technology Lifecycle Management?

Technology lifecycle management is a systematic approach to assess current and future IT and telecom needs. It includes:

Assessing and documenting all of your company’s technology, including assets, operating systems, software, hardware, and everything in between.
Evaluating your future technology needs and determining when to make acquisitions with maximum business impact and minimal cost.
Assigning someone to own and manage each asset and business process.
Creating and maintaining a schedule for upgrades and repairs to protect your assets.
Scheduling cost management practices like IT audits.
Tracking repair, support, replacement, and disposal timelines.

Best Practices for Technology Lifecycle Management

Without proper TLM, companies often waste money chasing the latest software and hardware trends. Others miss out on upgrades that could benefit their business, putting them at a competitive disadvantage. Others yet fail to gain full knowledge of their IT expenses via practices like IT auditing and end up dealing with bloated legacy technology expenses. These technology lifecycle management best practices can help you find the right balance.

1. Think beyond today

Ground-level IT teams tend to think in terms of the hardware and software they currently have — there’s not always time to consider what’s coming. A good TLM plan manages and optimizes your present technology while planning for tomorrow’s needs.

2. Do a thorough cost-benefit analysis before you buy

It’s easy to get sucked into buying the latest and greatest technology, but adopting every new tool as it comes along doesn’t benefit your business. Indeed, procuring the wrong tech can put you at a disadvantage: Your competitors innovate and grow, while you’re stuck with costly old equipment or software.

Evaluate the total cost — purchase price, maintenance, labor, support — and the total benefit to your company to find out if it’s worth the money. If you’re not sure how to plot a complicated tech purchase, reach out to an expert.

3. Create a long-term technology plan

When it comes to buying tech, your timing can be just as important as what you purchase. Replacing old technology at the right time can save you money and hassle by avoiding security breaches and giving you time to evaluate and negotiate for the best price.

4. Protect your investments

Cybersecurity is the biggest threat to your business data, so make sure your plan includes protecting your entire technology ecosystem.

Boosting Business Confidence with Comprehensive IT Audits

At Profit Advisory Group, we conduct comprehensive, risk-free IT audits to help businesses mitigate risks associated with older systems and discover savings to use toward new technologies. Your IT audit checklist will provide actionable insights and recommendations to enhance data security, ensure compliance, optimize IT operations, and safeguard assets.

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