IT Lifecycle Management Process (ITLM) is the process of overseeing and managing the entire life span of IT infrastructure, from its procurement and deployment to its maintenance and eventual retirement or disposal. It keeps track of all items in the IT inventory, including hardware, software, components, and services. By identifying, tracking, and controlling each step of the lifecycle, ITLM ensures that only current and compliant resources are available for use, while aging and outdated assets remain out of circulation. Ultimately, ITLM helps to save costs, streamline processes, and maximize system availability.