Asset Disposal – a critical process in the life cycle of physical and IT assets
Asset Disposal is a key process in the life cycle of asset management. It is an event where the asset is no longer going to be used for its original purpose. There are three options for asset disposal:
- Transfer the asset to a different location, used for different purposes .
- Ship the assets to its owner – for many government contractors or federal grantees, this happens after the contract or grant closes out.
- Retire assets. This requires recording of asset disposal in some standard ways defined by the organization
The eQuip! enterprise asset management system has a robust workflow supporting asset disposal events. For example, recognizing that retiring IT hardware often involves unique processes to ensure data security, the eQuip! software has different processes for retiring IT assets and non IT assets.
Watch the short video on how eQuip! supports retiring IT and non IT assets:
Retire assets, part of asset disposal process, have these standard options:
- Gifted to employees
Key benefits from effectively managing the asset disposal process in the asset life cycle include both regulatory compliance and financial management:
- Ensure consistency of physical inventory and inventory list on the financial records
- Provide information for financial departments to make the best decision on repair vs. replacement
- Generate additional revenue from reselling retired assets
- Ensure compliance in disposing electronic equipment, and zero landfill policy