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eQuip!: an Assetworks solution

Dispose Assets – 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:

  1. Transfer the asset to a different location. This is used for a variety of purposes.

  2. Ship the assets to its owner. For many government contractors or federal grantees, this happens after the contract or grant closes out.

  3. Retire assets. This requires recording of asset disposal in some standard ways defined by the organization

 

 

Retire assets

The eQuip! enterprise asset management system has a robust workflow supporting asset retirement. 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 a short video on how eQuip! supports retiring IT and non IT assets:

 

The retire assets function has several asset retirement options:

  1. Donated

  2. To Be Sold

  3. Sold

  4. Cannibalized

  5. E-cycled

  6. Destroyed

  7. Lost

  8. Stolen

  9. Gifted to employees

  10. Others

 

Key benefits of effectively managing the asset disposal process in the asset life cycle:

  • 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

 

Click here to go to the beginning of the asset life cycle: Record

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