How does ServiceNow handle asset retirements?

ServiceNow handles asset retirements through well-defined processes designed to ensure that assets are properly documented and decommissioned. This includes following standard procedures to validate that an asset is no longer in use, preparing the necessary documentation for compliance and auditing, and updating records in the system to reflect its retirement status. These processes help organizations manage their hardware assets lifecycle effectively, ensuring that retired assets are appropriately decommissioned and do not lead to issues like financial discrepancies or security risks.

In contrast, automatic deletion of assets after a certain period would not align with best practices for asset management, as it could result in the loss of critical data needed for audits or historical reference. Transferring ownership may be relevant in some situations, but it doesn’t encompass the thoroughness required for retiring assets. Archiving all asset information indefinitely could lead to information overload and management challenges instead of efficiently handling asset data relevant to current operations. Therefore, process-driven management of asset retirements is essential in maintaining accurate records and compliance.