5 Best Practices for IT Asset Recovery & Recycling
Posted: Sep 27, 2018
In this digital world, getting attached to a particular technology is a total waste. As an Apple lover, I vouch for that. I own an iPhone X 1901 and I’m still tempted to buy the latest iPhone XS Max (they lured me with that ‘double-sim slot’ thingy).
While it’s easier for me to turn it back to the seller (or to my niece, whatever works), businesses working with tech equipment don’t have the liberty to do the same for various reasons. One — the quantity. A company looking to get rid of their used and obsolete telecom equipment has to have a nice number. Two — situation. There are many factors that may force a company to liquidate their assets in short span of time - acquisition/mergers, downsizing,?financial unrest/bankruptcy…..the list is endless.
Seeing all this, it’s no wonder IT Asset Disposition has evolved to one of the prime solutions, especially amongst enterprises. Then comes asset recovery — the art of making the most of the assets you’re liquidating.
This article compiles everything you need to know about how to plan and execute asset recovery (and how to monetize from it)!What is IT Asset Recovery Management And Why Is It Important?
Selling off or disposing off obsolete, scrap, surplus, or waste goods or material in a manner that maximizes the return while minimizing the costs and liabilities.
- Businessdirectory.com's definition of Asset Recovery
IT Asset Recovery Management is the process of managing asset recovery, simple. It’s like having a plan a place to guide companies going through business disasters. It usually follows a three-step plan — identification, redeployment, and divestment.
Ideally, every company should maintain a list their assets — their numbers, brand name/model number, price and all. Or establish an asset-recovery team. Such an initiative will help businesses handle their assets better. You’ll know what’s going to expire soon, and what model can replace them and soon.5 Best Practices for IT Asset Recovery
While a viable option, IT asset recovery management comes with a lot of risks — both environmental and financial. Jumping into it with minimum knowledge is not a recommended practice.
Here are the top 5 best industry practices to guide you through a safe and responsible asset recovery for your organization:
1. IT Asset Disposition & Data Destruction: As telecom and IT equipment contain company (and personal) information, just disposing them off is not safe. Data breach is a thing, and unfortunately a very common practice in the second and third world companies.
Your asset recovery plan should be heavily focused on data security. Your organization must follow all government laid laws and regulations for your particular industry - such as HIPAA law for healthcare businesses. Data destruction needs to properly documented. And ensure you have the disposition papers from your ITAD partner for future audit purposes.
2. UpCycling/Responsible Recycling: After safe data destruction comes responsible e-waste disposal. Your telecom equipment carries more toxic materials than you know off - lead, arsenic, mercury just to name a few. Thus, dumping them directly into landfills or improper incineration may cause serious environmental distress. Not to forget, it is an illegal practice. You can be charged with millions of dollars for being an irresponsible citizen.
Play safe. Opt for an R2 certified ITAD partner who’d take care of your recycling issues.
- Reuse: If your telecom equipment is reusable, why not reuse them. Especially if it’s relatively new and has yet to reach its end-of-life. If not full 100%, you may use a couple or two from your lot of used telecom equipment - let your receptionist have one. Place an extra one in the pantry.
- Resell: If reusing them is totally not an option due to whatever reasons. Or if you want to make quick money from your once valuable equipment, go for reselling.
Try sending the relatively newer batch back to your seller. If they take it then well and good. If not, try looking for companies who buy used telecom equipment in market price. Whatever may be the case, make sure your equipment is functioning and is in good condition. Get all the glitches (physical or software) fixed before you put them for reselling.
5. Donate: You may even donate your surplus and obsolete equipment to NGOs and schools for tax benefits if you feel generous (or if your equipment is not selling anywhere).How to pick an IT Asset Management Solution Provider?
Or alternatively - 5 tips on selecting the RIGHT ITAD company for your IT Asset Recovery.
The smartest bid here is to go for long-term partners, after all you’ll be trusting your valuable assets to them. You need an individual or a team (most likely) that will ‘have your back’ when needed.
That said, picking up a right partner is not easy by any means. We have to be careful with a lot of factors - their experience, certifications, approach naming a few. We’ve listed down the most crucial ones for you below:
- The ITAD service provider must carry R2 (Responsible Recycling) and ISO 14001 certifications
- They must deliver onsite pickup & dismissal services
- They must carry public liability insurance covering both the data and hardware of all your telecom equipment
- They should have an asset tracking system so you know where each part of your disassembled telecom equipment
- They must guarantee 100% destruction of all data, coupled with valid data destruction certificates
For the most part, having a solid (and responsible) IT Asset Recovery plan in place makes everything easier, on both environmental and financial level. Have you made yours? Do let us know in a comment below.
I am Chris Klow, Owner of Telecom Recycle, is a leading IT asset and disposition company specialized in buying and recycling of redundant business telephone systems and handsets.