What Is Technology Lifecycle Management?

With digital transformation pushing enterprise IT to the cloud, many services are now supplied by third-party providers. The Internet of Things (IoT) and mobile technology are also multiplying the number of devices enterprises are tracking and maintaining, so there’s a growing need for technology lifecycle management.

The Risks of Unmanaged Technology

Managing technology is becoming more complicated for enterprises. Monitoring and maintaining equipment and keeping it up-to-date for patches or software updates can be daunting. The process of developing a technology lifecycle management strategy may seem overwhelming, but there are a number of risks associated with a failure to develop this type of strategy:

Loss of Potential Opportunities:

When you have items that haven’t been updated, security gaps in your middleware, or applications that are missing the latest features, you may lose your flexibility and adaptability. When you’re locked in with certain systems and dependencies, opportunities can be lost.

Failure of Business Processes:

When your technology isn’t functioning or you suffer a security breach, it affects both your reputation and your revenue. It also takes your company hostage as it distracts everyone and forces them to focus on recovery.

Unanticipated Costs:

When a failure occurs, addressing the situation can be costly and time-consuming. When you are operating in crisis mode, you’ll incur costs that wouldn’t impact you if they were planned for or if you had avoided the crisis with a lifecycle management strategy.

Loss of Customers and Revenue:

If you experience a system failure, or if a valuable feature is no longer available to your customers because the provider no longer supports it, what level of inconvenience will your customers tolerate? If your system is down for a few hours, or a full day, what’s the impact on your revenue?

Missed Cost Savings Opportunities:

From negotiating with providers through long-term business relationships to securing special pricing by buying devices in a bundle, there are cost savings that come with outsourcing lifecycle management to a service agent. They can negotiate better pricing and help you anticipate upcoming costs that will impact your IT budget.

Complexity in the Environment:

Investing in lifecycle management comes with some distinct perks that ease the complexity of enterprise IT. From receiving one simple invoice each month to only having a single contact and phone call to make when there’s a problem, technology lifecycle management can ease the stress of a system issue.