At distribution system level, hybrid power systems are fast increasing and microgrids are being formed as an alternate source in almost all critical buildings or industries. At this point of time the utilities are looking for the demand side management to provide better services to manage their network. The new generation technologies of energy meters known as smart meters are used for multi-purposes not only to provide energy consumption but also provide information on the usage. All these units are called as the assets of the distribution system. Over the years, Asset Management Systems (AMS) have gained tremendous importance in industrial control system packages. Quantum advancements in technology, device protocols, and application standards are bringing additional value to instruments. Along with advancements, technology refresh problems and lack of unified standards, creating disadvantages for the users. This paper aims at exploring various subsystems and components that become obsolete and need an up gradation in the life cycle of AMS used for designing of smart building networks. Each of these upgrades or technology refreshes of components and/or sub systems individually or together as a system needs to be properly planned to reduce downtime. © 2014 IEEE.