Asset Lifecycle Management Process

Start of the Workflow/Process.

Fetch the specific asset record that has triggered the lifecycle workflow.

Retrieve the user/employee data entry associated with the asset to identify the custodian.

Create a task for the IT/Maintenance team to perform the first physical verification of the asset.

Update the 'Status' field in the Asset Data Model to reflect that the asset is now active.

Create a recurring task for maintenance based on the asset's service interval.

Retrieve all previous maintenance logs associated with the specific asset ID.

Execute formula: (Original_Cost - Accumulated_Depreciation) to determine current book value.

Aggregate the 'Current Value' property of all entries in the Asset Data Model to get total company asset value.

Update the asset status to 'Maintenance Required' when a fault is reported.

Create a task for the technical department to perform necessary repairs.

Send an email to the asset owner informing them that their equipment is scheduled for service.

Create a new entry in the 'Maintenance Logs' data model to document the completed repair.

Update the 'Last Service Date' field in the Asset Data Model.

Create a task for the Finance Manager to review assets that have reached end-of-life.

Change the asset status to 'Retired' once the retirement approval is finalized.

Delete the asset entry from the active inventory model (if policy dictates removal from active view).

Create a report summarizing the distribution of assets by status (Active, Repair, Retired).

Send an SMS to the technician's phone number regarding a high-priority breakdown.

End of the Workflow/Process.