In this section, the speaker explains the six main phases of an asset's lifecycle. The first phase is adding assets to the inventory, which can be done manually, through importing an Excel file, or using the discovery agent method. The second phase involves viewing and updating the asset details as needed. The third phase is allocating assets to users or locations. The fourth phase is asset movement, which includes transferring assets between locations. The fifth phase is sending assets for repair, which can only be done by an accountable person and requires capturing the correct data and approvals. The final phase is allocating and deactivating assets from inventory, either by freeing up licenses or deleting the asset.