eQuip: Lifecycle management for Government Contractors2020-10-19T15:59:48-04:00

Lifecycle Management

What is Lifecycle Management?

Lifecycle management is the process of managing the life-cycle of an asset, “from cradle to grave.” Lifecycle management is often used with the goal of utilizing assets as effectively as possible. By monitoring an asset for the entirety of ownership, asset managers can identify inefficient processes in each stage of the lifecycle.

Asset LifeCycle Management.

Asset Management Lifecycle Stages

We break down an asset’s lifecycle into 5 stages:

To learn more about how eQuip! helps government contractors manage each stage of the asset lifecycle, scroll down or click each stage above to jump to that section.

Record Assets

An asset’s life in your asset management process begins with recording the asset. Whether the asset is acquired, transferred, or purchased, it needs to be put into your asset management system. This ensures you can track it throughout its life and even beyond

Integrating Asset Records with Your ERP System

We have extensive experience creating integrations for eQuip! with ERP systems and other systems vital to your organization.

Some integrations we have developed:

  • Deltek Costpoint
  • Abila
  • Active Directory
  • Banner

We develop an integration with third party systems alongside your eQuip! instance, so you can be sure everything works well together.

We’ve found that integrations make it easier for organizations to integrate using eQuip! with their every-day processes. It reduces labor waste and data errors in recording asset inventory. Depending on the integration, it can also greatly speed up processes that used to be difficult and slow.

Even more recording features!

The Batch Data Import and Export processes work better than any other system I have used, and any fields that are added or modified are actually added or change in the database. They are also added to the Import/Export templates which is being exceptional. The level of customization that is available right out of the box far surpasses our expectations, and allows us to meet all of our organizational requirements.

Mark Brown, Property Management Specialist, NCI Information Systems, Inc.

Use assets

This is perhaps the longest stage of the asset lifecycle. The “Use” stage reflects equipment handling, asset transfers, and asset lending, among other processes.

Update assets

Updating asset records goes hand in hand with using those assets. eQuip! provides multiple ways to search and edit asset inventory records:

  • Saved searches allow you to quickly find assets categories you use frequently
  • Filter search results by column headers
  • Create “edit groups” to quickly update a large amount of asset records

Transfer assets

Transferring assets between departments, projects, or even work locations. The eQuip! Work Orders function allows you to easily transfer assets and keep thorough records of every asset transfer.

  • Verify chain of custody with property passes or hand receipts
  • Stop losing important transfer records by attaching documents such as a DD1149 to asset records
  • Keep your business processes with an approval process right in eQuip!

Track chain-of-custody

Not only do you need to keep records asset transfers, you need to track asset custodianship. This keeps everyone accountable and the managers in the know about who has important assets.

eQuip! allows you to manage chain-of-custody from the web or mobile app. Check out the video to the left to learn how.

Audit assets

Performing inventory audits is an essential part of physical asset management. Accurate inventory audits allow you to understand where your assets are and what their status is.

But performing an accurate audit in an efficient manner can be a challenge. Let’s explore how eQuip! can help you meet these challenges and accelerate your auditing process.

Asset auditing methods

The eQuip! asset inventory management software can support various methods for auditing assets, including:

Audit by validation

  • Define a certain set of actions in the life cycle management of assets as audit by validation
  • Generate a report that identifies assets that haven’t been validated for a certain period of time
  • Save time and labor hours by only conducting physical audit on these assets that haven’t been validated

Statistical sampling

  • Define a strategy to systematically audit all inventory over a period of time
  • Institute routine tasks by generating a monthly list for physical audits
A smart phone scanning a barcode on a box. Test reads: 32 out of 49 Assets Audited in Warehouse. 5 Moved. 17 Assets Require Audit."

Wall-to-wall inventory audit

  • Set current site or location
  • Scan assets using eQuip! Mobile to quickly audit all assets

Report asset data

The FAR requires government contractors to have access to accurate reporting on government property. Not only is reporting important to maintain FAR compliance, but it can lead to data-backed improvements in your asset management system as a whole.

eQuip! creates reports in three ways:

  • Standard reports
  • Ad hoc reports
  • Customized reports

Standard reports

Asset managers need to be able to produce a variety of reports. Some reports are for internal management use, and others the asset manager needs in order to comply with regulatory audits.

eQuip! contains several of the most common asset management reports, out-of-the-box.

Examples of Standard Reports include:

  • Assets listed in Access
  • Asset History Report
  • Asset Chain of Custody
  • Assets by Purchase Date
  • Assets needing audit
  • Retired assets report
  • End of lease report
  • DD1149 (Requisition and Invoice/Shipping document)
  • DD250 (Delivery/Acceptance by Customer)
  • Disposition Record Report (prepared for the approval by the government contracting officer and saved as the record after the approval)
  • Maintenance and Calibration Summary Report (as required by FAR 52-245)

Ad hoc reports

Leverage the asset inventory data already in the eQuip! system, and generate reports quickly. Customize the reporting format easily, without asking for assistance from IT or external programmers.

Customized reports

Customize the design of your reports, and save them for repeated use. Use legacy spreadsheet templates, or any format required by government auditors or grant management entities.

Maintain assets

You can turn your asset management process from a necessary evil to a value driver with smart maintenance practices. By maximizing asset performance and reducing the life-time maintenance costs, you can boost the ROI of each and every asset.

While many asset management solutions require users to purchase a separate module to manage the maintenance activities on fixed assets, eQuip! has included basic features to manage equipment maintenance and work order activities in one integrated solution.

With eQuip! Maintenance, you can:

Dispose assets

Asset Disposal is an event where the asset is no longer going to be used for its original purpose. Once an asset has outlived its useful life, the asset manager must find the right process to dispose of that asset. The asset is then deleted or deactivated in the asset management system.

There are three main options for asset disposal:

  1. Transfer the asset to a different location.
  2. Ship the assets to its owner.
  3. Retire assets.

Retiring assets

There are a variety of options for retiring assets, based on security requirements, environmental regulations, as well as the asset’s usability status.

eQuip! has 10 different asset retirement options to meet any retirement process you choose. An eQuip! developer explains:

“Because we recognize 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.”

For an in-depth look at how to retire assets in eQuip! watch the video the the left.

The retire assets function in eQuip! provides several asset retirement options:

  1. Donated
    • You intend to donate the asset to a charity. For-profit organizations may be able to count donations as a deduction on their tax returns.
  2. To Be Sold
    • You have not yet sold the asset but anticipate doing so.
  3. Sold
    • The asset is told via trade-ins, exchange sales, annual or term contracts, auctions, and/or fixed-price and negotiated sales.
  4. Cannibalized
    • The asset is broken down and its parts are used in other assets.
  5. E-cycled
    • The asset is taken to an electronic recycling center so its materials can be recycled. This option mainly applies to IT assets.
  6. Destroyed
    • The organization can no longer use this asset and cannot dispose of it by other means.
  7. Lost
    • The asset cannot be located and you wish to deactivate the asset.
  8. Stolen
    • The asset is identified as stolen and cannot be recovered.
  9. Gifted to employees
    • The asset will be given to an employee.
  10. Others
    • This category is miscellaneous and covers any situation not applicable to the previous categories.

By choosing the right retirement option for each asset, you ensure each asset has been used to its fullest. Proper asset retirement also improves the usability of your physical inventory. You may find you can generate additional revenue from reselling retired assets, as well.

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