[4 min read]
Modernizing your hardware lifecycle management process is challenging, especially as you scale. That’s why we’ve compiled a list of five IT asset lifecycle management best practices.
In this article, we’ll discuss:
A lifecycle-based approach to asset management
How to identify and prioritize a client’s critical assets
The benefits of automating manual tasks
How to perform asset inventory audits
How to plan budgets and communicate value
Successful Managed Service Providers (MSPs) track countless IT hardware assets for their clients. Laptops, servers, networking gear — the list goes on and on. As you scale your business and onboard more clients, managing these assets can get overwhelming. The good news? With the right approach to IT asset lifecycle management, it’s simpler than you think.
Let’s look at five proven hardware asset management best practices that will save you time, boost efficiency, and (most importantly) keep your clients happy.
Hardware lifecycle management doesn’t start when the asset gets delivered to your clients. It starts as soon as they begin planning for a purchase. A “lifecycle approach” means you track each device from the moment your client plans to buy it until it’s eventually replaced or retired.
By managing the entire lifecycle, you always know the status of each piece of hardware. That makes maintenance and planning for upgrades more predictable. This approach keeps client systems running smoothly. Not only does that keep them happy, but it also reduces headaches for you.
Justin Kelm, CEO of JK Technology Solutions, shares his approach:
“We take our top 50 customers and go through the servers that are end of life next year. Same thing with the firewalls that are end of life next year. Just those big ticket items — anything over a couple thousand dollars — you want to identify for them and say as a courtesy, ‘just want to let you know next year you’re going to have to buy a new server.’”
This approach to IT asset management helps your clients plan their budgets with fewer surprises. This also helps cement your role as a trusted IT partner.
Not all assets are created equal. It’s essential to understand which hardware your clients rely on most. Critical assets such as servers and firewalls directly impact business performance and security. So, they need extra attention and visibility.
Prioritizing critical assets simplifies hardware lifecycle management — from scheduling maintenance to addressing cybersecurity threats.
Nick DaCosta from Curatrix Technologies explains how shifting your focus to critical assets can have a significant impact:
“Basically, it prompted them to replace everything. So, they did every laptop, almost every server. In fact, they migrated everything from all of the CRMs that they were operating… Essentially, what started off as a basic IT support agreement turned into a full digital evolution for that charity.”
When you identify and manage key assets with clear timelines and budgets, you can help clients feel confident about every step they take — and that’s priceless for MSPs looking to build strong relationships.
No one enjoys spending hours on repetitive manual tasks (well, maybe you do, but it’s probably not the best use of your time).
That’s especially true when automation tools can handle tasks more efficiently. Automating hardware lifecycle management tasks like tracking asset purchase dates and warranty expirations or checking backups can free up your team for more high-leverage activities.
Automation doesn’t just save you time. It reduces human error and ensures essential tasks never get overlooked. That means fewer late-night emergency calls and more positive client interactions.
Luis Alvarez, CEO of Alvarez Technology Group, shares some automation benefits his team has seen since implementing these practices:
“We’ve embraced automation quite a bit in terms of being able to leave the lower repetitive tasking to the systems using scripting, using our RMM tool to do a lot of that sort of work. So, our guys aren’t chasing the low-value type of work that our clients don’t see as important… That leaves our guys to do customer-facing things where they can interact with clients.”
With automation, your team spends less time chasing paperwork and performing tedious manual tasks. That leaves more time for building client relationships and driving customer success.
Audits might not be the most exciting task, but they’re essential. Regularly checking the hardware you manage helps improve visibility on upcoming technology needs. Audits also make it easier to identify problems early, so you can fix minor issues before they become major headaches.
Asset tagging helps organize client assets based on asset type, location, purchase date, warranty expiration, and importance to their infrastructure. When your asset records are clear and accessible, audits become quick and painless. You can react faster during emergencies like security incidents or hardware failures.
Luis Alvarez shares how efficient audits helped his team during a crisis:
“The insurance company said ‘What will it take for you guys to get everything back up and running?’ We were able to provide a very detailed scope of work. The insurance company said, ‘This is the best scope we have ever seen from anybody. You guys know what you’re doing.’”
Quick and accurate audits build trust and help your clients recover faster from unexpected problems.
Budget surprises are rarely pleasant. Effective lifecycle management lets you forecast and plan for hardware replacements or renewals — no more unwelcome surprises! Clear planning helps clients budget accurately and avoid unpleasant financial shocks.
Carrie Greene from Alt-Tech highlights the value of early planning:
“If you have those conversations with your clients to move forward and to look into the future, I think they’re more receptive to it because it’s not like you’re always trying to get money from them. You’re not always trying to get another project. You’re not always trying to upsell… ‘Let’s work together. When is this gonna work for you? Do you have a slow time in your business? Let’s plan to do it in those three months.’”
Clients are more likely to buy into a plan they co-create. Planning budgets together shows clients you’re on their side and strengthens your partnership. That’s how you earn a seat at the table.
Great IT asset lifecycle management tools have three key features: integrations, consoles, and reports.
Integrations let your tools talk to each other, saving your team from manually moving information from one tool to another. This makes automation even more powerful — no more duplication of effort!
A centralized console gives you real-time data visibility for your client’s assets — all in one place. You won’t have to guess where the equipment is or ponder its current status. With easy-to-read reports, you can quickly understand essential details about asset health, costs, and future needs. This level of reporting makes it easier to plan ahead.
Together, integrations, consoles, and reports simplify your workflow. They reduce mistakes, save time, and let your team focus on solving real problems rather than chasing data. Your clients will appreciate the transparent communication!
By adopting a lifecycle approach that prioritizes critical assets, automates manual tasks, performs regular audits, and reports clear action items, you’ll boost your team’s performance and drive client satisfaction.
These hardware asset management best practices make your job easier and strengthen client relationships. Book a demo to see how you can elevate your asset management process.
