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Keeping IT services running smoothly is any CIO’s priority—but managing them from start to finish can be complex. More and more so, businesses rely heavily on IT for continuity, as any failure or downtime can lead to significant financial losses, reputational damage and security risks. As cyber threats continue to evolve, maintaining robust cybersecurity measures throughout the IT lifecycle has become even more critical.
This is where lifecycle management comes in and refers to the comprehensive process of overseeing and supporting an organisation’s entire suite of IT assets and services lifecycle, from initial planning and procurement to ongoing maintenance, upgrades, and eventual decommissioning or replacement.
Lifecycle management ensures uninterrupted operations by minimising unplanned downtime, proactively addressing issues, anticipating potential failures, but it also plays a key role in strengthening cybersecurity. The goal is to ensure that IT systems, software, hardware, and infrastructure are properly managed, optimised, and aligned with the organisation’s goals and operational needs throughout their life.
What is the cost if you don’t review your IT services lifecycle’s management?
The stakes are higher than ever for businesses that neglect their IT services lifecycle management. The consequences of unplanned outages can be devastating, leading to financial losses, reputational damage, and decreased customer trust. A study reveals that unplanned outages cost nearly $349,000 AUD per hour for the average Australian business, significantly higher than the global average of $194,000 AUD. Nevertheless, 24 per cent of Australian companies surveyed continue to depend on a run-to-fail maintenance approach, putting them at risk of substantial losses and operational inefficiencies.
A cornerstone of successful IT lifecycle management is locating and reducing vulnerabilities while ensuring continuous support. Outdated hardware and software can become ticking time bombs, especially when support—whether from third parties, internal teams, or other sources—is limited or non-existent. IT teams must remain vigilant and adopt proactive strategies to protect their business and address the significant risks posed by end-of-life, unsupported, or extended-support technologies.
This issue extends beyond vulnerabilities. According to Forbes, “outdated tech can poison your business,” highlighting that failing to manage end-of-life technologies can quietly erode business efficiency or contribute to unwanted downtime.
The growing importance of IT lifecycle management
It is a worry to think that unplanned downtime can have such a devastating impact. This explains why there is more demand for trusted lifecycle management, and that demand is set to rise. Market research firm GrandView Research estimates that the global product lifecycle management market, valued at USD 28.02 billion in 2022, is expected to grow at a compound annual growth rate (CAGR) of 9.2 per cent from 2023 to 2030. Here’s why so many businesses are embracing lifecycle management solutions to stay competitive.
1. Increasing complexity of IT environments
Organisations today leverage a wide range of IT solutions—cloud computing, on-premise systems, hybrid environments, edge computing, and more. Managing the lifecycle of these diverse systems requires specialised expertise and coordination to ensure everything functions seamlessly.
2. Rapid technological change
As technology advances quickly, businesses must constantly upgrade or replace legacy systems to stay competitive, secure, and efficient. Lifecycle management ensures that all systems, hardware, software, and infrastructure are kept up to date, minimising disruptions.
3. Focus on cybersecurity
With cyber threats becoming more sophisticated and prevalent, it is critical to embed cybersecurity into every stage of the lifecycle. For example, securing endpoints at the deployment phase, adhering to regular patch management schedules, and safely decommissioning assets to prevent data leaks.
4. Regulatory compliance
Many industries face stringent regulations (e.g., APRA, CPS, PCI-DSS). Effective lifecycle management includes maintaining compliance throughout the lifecycle of IT assets, from procurement to disposal, ensuring that systems meet regulatory standards at every stage.
5. Remote work and distributed environments
Remote work has increased the need to manage distributed IT assets. Managing a workforce’s devices, cloud services, and network infrastructure across multiple locations requires careful lifecycle planning to ensure security, efficiency, and reliability.
A trusted approach to lifecycle management
To effectively manage the lifecycle of IT services, businesses need a tried-and-tested, structured approach that spans from initial planning to eventual decommissioning. By following a clear roadmap, companies can maintain operational efficiency, mitigate risks, and optimise their IT infrastructure throughout their entire lifecycle. Here is a high-level overview of the key phases in the lifecycle management process that CIOs should follow, either with an internal team or a trusted managed services provider:
Planning and onboarding
This is the initial phase where the business and service provider align on expectations, deliverables, KPIs, and SLAs. Considerations include selecting the right services, defining goals, and ensuring the managed services meet specific business needs.
Implementation
This phase involves deploying and integrating services into the existing IT infrastructure. It’s where the actual work of setting up, configuring, and testing the systems happens.
Optimisation and monitoring
Continuous monitoring and optimisation are crucial after implementation. Discuss performance tracking, regular audits, incident management, and making necessary adjustments to meet evolving needs.
Maintenance
This stage includes ongoing support, troubleshooting, and system updates. This is where the service provider ensures the service runs smoothly with minimal disruption, often involving patch management and service upgrades.
Renewal or decommissioning
Eventually, services may need to be renewed, redefined, or decommissioned. This phase should evaluate performance, negotiate contract extensions, and decide whether to continue, upgrade, or switch providers.
Experteq can help businesses maximise IT lifecycle management
Aligning IT lifecycle management with cybersecurity is no longer a luxury—it’s a necessity. However, businesses often face significant challenges in this area, including resource constraints, conflicting priorities, and inconsistent application of cybersecurity frameworks. These obstacles can leave organisations vulnerable to cyber threats, system failures, and compliance risks. Thankfully, managed services providers (MSPs) offer practical solutions to these challenges.
By leveraging the expertise of an MSP, companies can implement a cohesive, proactive approach to IT lifecycle management, ensuring that security is integrated into every phase—from planning to decommissioning.
