Plan – Before any IT Assets are purchased there must be a strategic look at what the business need is.
Acquire – The IT Asset can be purchased, built, leased or licensed.
Commission – The shiny new asset is integrated into your IT environment. This is seldom just a case of plugging something in, and usually involves installation, configuration, defining process and providing user training.
Maintain – In order to maximise the value of the asset it will often need to be managed, maintained, upgraded, and so on.
Retire – At the end of its effective life the asset must be retired or otherwise disposed of. For hardware this is (ideally) a secure and environmentally responsible process, whereas for licenses it may involve discontinuing a subscription. Once the asset it retired the asset record must be updated to reflect this.