September 08 2021
Surplus Should not be a Burden - Choosing the Right Asset Management Partners
Ger Regan – Sept 2021
By choosing the right asset management partners for your business, this will give buyers an opportunity to add tremendous value and fuel achievement of key business goals.
For any buyer, the easiest path to optimizing a reverse supply chain is through partnering with the right provider.
By selecting an asset management provider that meets the criteria will ensure your asset management program runs just as effectively as your core business.
Here are some top tips to consider before partnering with an asset management provider:
o Asset management partners should regularly report its activities and results keeping buyers apprised of how it is measurably impacting on organizations.
o Evaluate partner’s marketing strategies and tools so that you can leverage best practices.
o Data should be used by partners to craft campaign strategies for buyers’ surplus assets. Results should be monitored throughout the campaign and adjustments made accordingly.
o Analyze reports from your partner after sales and ensure transparency and accountability of data is provided.
o Merchandising of selling surplus through online auctions should include comprehensive descriptions, photos and videos can help increase final sales prices.
o Asset management partners have online marketplaces to connect buyers and sellers, extending the life of surplus and idle equipment and inventory.
o Buyers must be able to trust providers to operate with integrity understanding the environment and community stewardship of corporate social responsibility.
o Asset management partners must comply with international trade, data privacy, financial, health and safety, and all other applicable regulations and procedures.
o Data privacy should be a compliance priority in the reverse supply chain.
o Partners should have controls in place to ensure assets are never sold to inappropriate buyers ensuring buyers provide end-use certificates for sensitive assets and screen all buyers against global restricted-party lists.
o Certain countries have laws restricting sales within specific asset categories and asset management partners must be aware of export controls and economic sanctions regulations.
o Coverage allows asset management partners to understand the local market, buyers, language, laws, payment processing, taxes, and import/export regulations.
o Asset management partners should provide a dedicated account manager ensuring buyers receive coverage by communicating measuring and committed to growing successful partnership.
o Asset management partners should offer solutions tailored to business requirements.
o Some asset management partners only offer niche solutions requiring buyers to partner with multiple vendors to manage different asset categories or geographic locations, your partner should offer complete solutions tailored to your business requirements.
o Partners should provide a full list of services and success stories to back them up. It should also tailor solutions to meet your unique needs. Its solutions should be scalable, ensuring you have the level of support currently required and the ability to scale up (or down) as needed.
o Asset management partners need to recognize that every asset and situation is different and implement the right marketing and sales strategy for each sale.
o There are alternatives to online auctions with limited assets. Sealed-bid method are kept private from other bidders. In the negotiated sale method, the provider reaches out directly to prospective buyers.
o Asset management partners will have proven systems in place to support asset management process.
o Web-based asset management software provides clear, comprehensive view of all surplus assets across your global locations. The software enables efficient, continuous asset management and generates value to improve your forward-flow business.
o Asset management partners should have a strong management team.
o Partners should provide proof demonstrating experience optimizing the asset management programs of organizations.
o A diverse buyer network can deliver maximum recovery for surplus assets for organizations.
o It’s important to find out if provider’s bidders have been rigorously qualified to ensure that buyers pay, and the items are not used for illicit activities.
o The higher the buyer retention rate will provide a better marketplace experience of the asset management partner.
o Review ales results of assets in categories to see how the quantity of bidders and bids that stack up to competitors.
o Asset management partners need to be committed to developing long-term client relationships and continuously improve performance. Buyers need to seek out partners that invested in innovation, industry leadership and continuous improvement.
o Asset management partners should be committed to buyers and “understand” their business by offering complete value-added solutions closely aligned with needs and goals of buyers.