Asset Management Life Cycle

The asset management life cycle begins when a service request is raised by a user or a department.

If the required asset is in stock and the asset request is approved, the asset is distributed.
If the asset is not in stock, a purchase request is created and sent for approval.
Once approved, the asset is purchased or leased, then installed in the IT environment.
The asset is then assigned to a user and moved to the In Use state.
If the asset becomes damaged or requires servicing, it is placed in storage.
The life cycle concludes once the asset expires or depreciates. After that, it can either be disposed of or reused.