Procurement and Asset Management Process

Purchasing Process

Involves acquiring goods and services from third parties.
Formal process requiring sign-off and approval from multiple departments.
- End user initiates the request.
- Collaboration with IT and Purchasing department.
- Budget analysis to ensure affordability.
Formal approvals required from:
- IT department
- Purchasing department
- Company management
Negotiation with supplier to secure best pricing and terms.
- Involves back-and-forth communication.

Supplier provides goods/services, followed by an invoice.
Invoice terms might dictate immediate payment or provide a timeframe (e.g., 30 or 60 days).
Tangible products are entered into an asset tracking system.

Tracks and manages assets throughout their lifecycle.
Assigns ownership and control over assets.
- Example: Assigning a laptop to a user.
Identifies asset types (hardware vs. software) for tax implications.
- Hardware: Capital expenditure with depreciation.
- Software: Operating expense, no depreciation.
Facilitates inventory management and help desk operations.
- Link assets to help desk tickets with detailed device info.

Enumeration of device components (e.g., CPU, memory).
Use of asset tags for security and identification.
Data Sanitization and Device Reuse:
- Securely deleting data for reuse or disposal.
- Physical destruction methods: shredding, drilling, degaussing, incineration.

Importance of retaining essential data:
- Original data, copies, backups.
Legal mandates may require specific retention periods (e.g., emails, financial data).
Development of policies and procedures for data retention.
Retention as a best practice for data recovery and disaster management.
Differing retention requirements based on data type and regulatory obligations.