IT gets lifecycle management wrong a lot.
Search for a definition of lifecycle management and you’ll find something along the lines of: A strategic approach to managing the life cycle of an application or platform from conception to end of life — from provisioning, through operations, to retirement.
Under this definition lifecycle management doesn’t seem to do anything.
It doesn’t help get a new platform or application implemented — that’s what your app dev and change management methodologies are for. It doesn’t help with day-to-day operations — that’s what ITSM is for. It doesn’t help retire an application or platform, other than spotting an event or condition that makes retirement necessary.