The global IT Asset Disposition (ITAD) market is booming, with an estimated value of $16.8 billion in 2022, and expectations to reach $34 billion by 2030 according to a recent report in Business Wire. Two key growth drivers are remarketing and value recovery.
As an IT manager, you know the challenges of managing unused IT hardware assets. I recently had the pleasure of chatting with Jim Johnson from Mender, an ITAD solutions provider. Our conversation gave me new insight into how IT Asset Management (ITAM) can help organizations maximize value recovery.
Here are 7 compelling reasons to leverage ITAM for your ITAD program:
1. Optimal Timing for Disposition
IT hardware loses value quickly. Those laptops, monitors, docks and printers in storage will never be worth more than the day they went out of service. By tracking details like manufacturer, model, and serial number, ITAM enables you to determine the optimal timing for disposition based on remaining value thus avoiding unnecessary costs.
2. Proper Data Destruction Reporting
Leading ITADs follow stringent standards like NIST and DOD to protect your company from data breach risks and minimize your security and compliance exposure. ITAM can track each and every unit, thereby giving you peace of mind that none of your information gets out there.
3. Revenue Sharing on Upcycled Assets
Rather than basic recycling, upcycling reuses working assets, creating revenue sharing opportunities. Knowing if your outdated IT equipment and components can be refurbished or repurposed is key. Asset tracking ensures you get upside from assets resold versus simple disposal.
4. Carbon Footprint Tracking
As carbon credits gain traction, ITADs can provide detailed carbon emissions reporting to support your sustainability initiatives. ITAM can track assets with end-of-life value for emerging carbon markets.
5. Optimizing Procurement
Comprehensive ITAM data helps you optimize refresh cycles and avoid unnecessary purchases by identifying usable inventory. Taking advantage of assets at their peak will provide major cost savings for your company.
6. Detailed Tracking for Better Decisions
Granular tracking of make, model, and serial numbers guides asset lifecycle decisions, instead of relying on counts. Imagine that you have 200 monitors in storage. Each unit has its own lifecycle. Without tracking, you don’t know which still have value and are re-deployable and which are “junk”.
7. Maximizing Resale Value
Basic disposal channels like auctions lose significant value versus ITAD revenue sharing programs. With ITAM insights into asset values, you avoid leaving money on the table. ITAM provides the data-driven insights to maximize financial, operational, and environmental benefits from your asset disposition activities. As the ITAD market accelerates, comprehensive asset management is key for your enterprise success.