Every organization that tries to stay ahead of the curve is continually upgrading devices and equipment. That’s where asset recovery comes in.
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As we all know, technology is constantly changing. There are new and improved devices hitting the market annually. Innovation is key to staying ahead of the curve. Businesses must be at the forefront of the technological wave to stay current.
Not only does it help them maintain success, but it also ensures that their businesses are safe and secure. But with such rapid changes occurring regularly, it puts organizations in the situation of constantly having old devices and equipment. That’s where asset recovery comes in.
If you’re not familiar with asset recovery services, we’ll explain more about it below. Just keep reading.
What Is Asset Recovery?
As technology advances, organizations have to get rid of their old hardware. The problem is, finding a place to discard equipment—such as storage arrays and servers—is challenging. Not only that, but the devices often need repair before they can be refurbished.
Furthermore, there’s not always a lot of demand for hardware. This puts businesses in the position to have to recycle. Unfortunately, recycling leaves a lot of money on the table.
Partnering with an asset recovery service allows businesses to retain some of the leftover value from their old equipment. The recovery service helps organizations remarket, repurpose, and liquidate retired equipment.
How Will Asset Recovery Services Help Your Business?
There are a few things that asset recovery services do to help organizations handle their old equipment. Here are some of the benefits that asset recovery services provide:
Asset Recovery Services Handle Software and Licensing Problems
When organizations try to resell hardware, there are often licensing issues that come into play—especially when it comes to firewalls. Plus, the devices might have security features or software that block the new owners.
Thankfully, IT recovery services can resolve those types of problems. They also help businesses migrate their equipment to different locations within their company and coordinate among different departments to create a smooth transition. Opting for IT asset management free software is also a smart move especially for those startup businesses.
Most businesses don’t have a staff of IT and human resources workers to do this type of move, so asset recovery services are a big help.
They Take Care of Remarketing and Reselling
Asset recovery services work with several different organizations. Therefore, they can use their network of businesses to remarket hardware. Usually, IT asset recovery has the inside scoop on other contacts that buy and sell hardware.
Through this type of transaction, the original organization receives a nice portion of the purchase value of the hardware.
How Can You Choose the Best Asset Recovery Vendor?
Selecting an asset recovery provider is a big deal. There are certain standards they should meet before you agree to partner with them. Below are a few of them:
Ask to See Their Certifications
One of the best ways to learn about a vendor is to request their certification audit reports.
With this information, you’ll be able to get the details on every non-compliance their company has had. Furthermore, there are numerous certifications that IT asset recovery services should have.
For example, Sustainable Electronics Recycling International (SERI) provides the R2 certification. Another major certification qualifier is e-Stewards. Both of these certification organizations perform audits on asset recovery service providers.
Review Past Projects
One of the best ways to gauge whether or not an asset recovery vendor is a good option is to review their past projects. Ask them if they can refer you to a previous client who can confirm their efficiency.
It’s also important to know whether or not they partner with companies that are similar to yours. Even if they’ve had a lot of other clients, it’s essential that they have a good idea of what it’s like to provide recovery services in your industry.
You’ll also want to find out if they’ve dealt with policy restrictions or compliance regulations that are similar to yours as well.
Compare Price Quotes
Before you make a decision on a specific asset recovery service, there’s nothing wrong with getting price quotes from multiple companies. Send your export from your configuration management database and asset management platform to get a price quote.
Be sure to add every component of all of the systems, including things like model numbers and Dell service tags. Providing those details makes it much easier to get the most accurate quote possible. Once you’ve gotten your price estimate, you can move on to finding out more about the asset recovery company’s reputation, size, and ability to do the job properly.
When your company buys the right equipment to handle your company workload, it’s important to make sure that it goes into the hands of the right reseller, even if the equipment is old.
What Is the Purpose of Asset Recovery?
Asset recovery services help businesses in more ways than one. There are four major contributions they provide to improve a company’s overall well-being. Below are some of their advantages:
These Services Create a Better Environment
Asset recovery isn’t just about recouping money for old equipment. It’s also about making sure your company practices ethical behavior. The big organizations of the world are expected to follow certain regulations and do things the right way.
Asset recovery is an eco-friendly procedure that also contributes to the economy. It provides a new life for used equipment and ensures that hardware parts continue to be used. When parts are harvested, they go into the secondary market. This inevitably supports the longevity of hardware manufacturing.
Many big companies are strong supporters of sustaining the tech industry, especially the organizations that manufacture computers and tech equipment. It helps them to recover billions of pounds of used electronics from organizational hardware.
Overall, asset recovery services help to extend the life of old products and keep them from ending up in places like landfills. The issue of e-waste is a huge problem that asset recovery helps to solve.
They Provide Data Protection
It’s pretty normal for organizations to go through a refresh cycle without getting rid of their old equipment. During this process, old computer hardware is placed in a warehouse or shipped to storage.
But by doing this, many businesses miss the opportunity to reclaim old equipment and get the most out of it. Thankfully, asset recovery helps companies maximize the value in used equipment so that it doesn’t become a liability.
Not only is that a factor, but security is a big issue as well. Many cyber criminals wait for large companies to make mistakes when it comes to discarding their used devices.
Even if your business uses sanitation technology to try to wipe away data from a hard drive, sometimes it’s not done properly. Therefore, when old equipment is stored away, it opens the entire company up to a cyberattack.
They Provide Smart Management
Whenever you invest money into new hardware, intelligent management helps your business benefit from the old equipment the new equipment replaces. With every update that occurs throughout your company, new equipment should be considered.
The goal is to keep every bit of new technology fully sustainable for financial, operational, and environmental purposes. It’s smart to go beyond the standard asset recovery. Instead, utilize it as a long-term strategy so that you are always recovering the value of your electronic devices.
The company’s objective should not only be about how to handle old assets, but also how to keep the organization in the loop of technological upgrades. The plan should include ways on how to ensure safe recordkeeping, enhance workflow, and improve data security.
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Asset Recovery Services Help Keep Your Budget Balanced
Another huge perk of asset recovery services is that they help companies to balance their budgets. When done properly, your business can create money that will fund future IT equipment investments.
By doing so, it cuts the cost of new inventory every time there is a round of upgrades. One of the biggest financial challenges that organizations face is the expense of upgrades. It normally takes a huge chunk out of their budget on a regular basis.
However, asset recovery provides revenue benefits that are undeniable. It offers positive results to organizations by helping them to create efficient financial planning for their business.
Asset Recovery Services Come to the Rescue
There’s no doubt that asset recovery services are a huge benefit to businesses. As explained before, most organizations will continually have old equipment in rotation due to rapid changes in technology.
Fortunately, asset recovery services ensure that companies can retain some of the money they invest in old equipment. It makes the resale process a lot easier.
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