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Technology Lifecycle Management: A CEO Roadmap

Updated: Jul 11, 2023

IT purchases aren't meant to last forever. Both the underlying hardware systems and user-facing software applications need to be updated regularly as technology advances.


The timing of these upgrades, however, is difficult to predict. Depending on their intended use, both hardware and software systems can have varying lifespans. While many businesses can ignore these systems for a while, neglecting them will eventually result in a failing system.


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Technology Lifecycle Management

The area of IT that specializes in acquiring, installing, maintaining, and replacing IT assets is known as lifecycle management. With a lack of resources dedicated to lifecycle management, businesses could find themselves unprepared to deal with future challenges, or to take advantage of new opportunities as they arise. Here are 5 reasons why IT lifecycle management is so crucial.


Tip #1 - Forecast your hardware and software needs for better budgeting


Running a successful business requires planning for future expenditures. Despite the move to monthly subscriptions for many software services, some enterprises still invest multiple thousands of dollars in enterprise applications. Investing in hardware systems, such as computers, routers, and wiring upgrades, is no less significant.


In order to expand their office footprint or hire more employees, business owners need to have reassurance that their IT systems won't go down shortly after making these major investments. Technology lifecycle management exists to ensure business owners are able to make informed financial decisions.


Tip #2 - Reduce unexpected downtime by replacing IT infrastructure before it fails


An IT infrastructure failure can quickly cripple your business. In the absence of access to information, employees lose their jobs, customers complain, and revenue starts to decline. If this happens during the middle of a busy workday, the consequences can be dire.


Many businesses plan on some amount of downtime over the course of the year, but only under circumstances they can control. Unexpected failures can happen, but IT infrastructure failing due to end of life/not being replaced is a common—and avoidable—cause.


Tip #3 - Avoid delays caused by outdated software and hardware


It doesn’t take a disaster for outdated technology to start costing your business money. Slow networks, burdensome work-arounds, or crashing software can all lead to lost productivity and increased frustration among employees. It can be particularly problematic if the underlying issue leads to other problems.


It’s a common scenario, but one that can be easily avoided by ensuring employees have the hardware and software necessary to complete their jobs.


Tip #4 - Make informed purchasing decisions before a crisis forces your hand


An unplanned IT investment can also result from poor lifecycle management. Decisions made under pressure are rarely the right ones for a business, but in an emergency, many businesses lack the flexibility to run their due diligence.


By proactively managing your technology lifecycle, you can research the best purchases and understand the pros and cons of each choice.


Tip #5 - Prevent security failures that result from outdated systems


Finally, old networks are a prime target for hackers and malware. In particular, out-of-date software poses a major security risk for businesses, as many updates are designed to push security patches for known vulnerabilities. When a vulnerability is exploited, the results can be severe for a business. It can mean lost data if the virus causes a system to shut down, damaged customer relations if the breach affects user data, and even legal consequences if the business is shown to have failed compliance regulations.


Keep networks up-to-date to avoid security threats.


Solutions Management Group takes proactive measures


Maintaining the lifecycle of hardware and software is a complex task that many business owners cannot devote as much time to as they would like. SMG specializes in managed IT services, so your organization can stay on top of its IT assets.


Reach out to our sales team and discover our approach: (563) 445-6402 | contact@smgtech.biz

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