What To Look For When Hiring An Industrial Asset Recovery Firm?
- When you are looking to maximize the value in your used industrial assets, you have many options. It's best to always seek the expertise of a professional asset recovery firm. Here are a few things to look for when hiring an asset recovery firm!
One option to potentially maximize the return on your assets would be to hire an external company that specializes in this type of business. These companies have extensive knowledge and insight into the industry that could be deemed extremely valuable for your ability to recover capital, however, not all industrial asset recovery companies are the same. Let's look at the most important characteristics you should consider when you are considering hiring an industrial asset recovery firm
A PROVEN HISTORY OF SUCCESS
Before tying your company or yourself to an outside company it's best to conduct initial research. When selecting an industrial asset recovery company, you want to select a company that has had success and is able to prove it. Look for clear and simple social signs that this company is as good at industrial asset recovery as they may lead you to believe. Does this company have case studies detailing exactly what they have done for other clients? More importantly, does this company share the results of the projects? You want to work with a company that is not scared of promoting itself and being able to prove its brilliance at the tasks. It's one thing for the company to tell you their story and about the success, they can generate the other aspect would be what their clients say. Does this industrial asset recovery company hide their client list or have no testimonials or feedback across their platforms or does the company allow their clients to represent their success as well?
The final aspect to be on the look for when looking for a company with a history of success is how long has this company been able to sustain their success. As you may know most companies fail, the majority of which (50%) fail within the first 5 years while over 70% of all businesses fail after 10 years. This means be careful which company you select when reviewing options look for a company with social proof, strong statistical data and companies that have been in business for a long period of time. By checking all these boxes your chance of picking a good asset recovery company will increase dramatically.
EASY TO COMMUNICATE WITH
Anyone will tell you communication is one of the most important things in business, as such you want to build a relationship with an asset recovery company where communication is easy to understand and is frequent. However, not all communication is verbal like a meeting or even a phone call. The best companies will communicate with you in multiple ways.
THE BRAVE NEW WORLD
Executing sophisticated asset recovery strategies can be a long and drawn out process. There are likely bits and pieces of information that you do not know. Even if you have the expertise to carry out an asset recovery on your own, dedicating the time and the manpower to do so may take valuable resources away from your core competencies. There is absolutely no need to do this if you have a partner that you can easily communicate with to outsource the more intensive parts of your strategy.
Another form of communication some may not immediately consider would be reporting and the importance of this information. Do you have clear insight into what is happening with your assets and when? Many asset recovery companies want to get their hands on your equipment and promise a quick turn around on these items but once you hand over the items you don't hear anything back. You want to look for a company that has clear reporting and an easy to use dashboard showing everything from items sold, to amount of money earned from the sale to what activities have been conducted to sell said item.
A LEANER, MEANER SUPPLY CHAIN
But maybe the most important reason why making asset recovery part of the supply chain process is more important than ever is that it's a decision that will yield positive benefits long after things settle down again. By accepting this challenge and making asset recovery a priority for your company, you can achieve supply chain stardom in a way that few others will match.
By enhancing transparency in the supply chain in this fashion, you're enabling your business to analyze product requirements and take proactive steps to prevent shortages. It also brings more efficiency to your operations by allowing you to analyze your assets more closely, which generates the most important advantage of all: giving you a genuine chance to optimize your operations in all areas, including planning, resourcing, and even implementation.
Any step that allows you to do any of those things - let alone all of them at the same time - is one worth taking, which is why asset recovery must become part of the very DNA of your supply chain process moving forward.
THE NRI INDUSTRIAL APPROACH
For nearly two decades, the team at NRI Industrial Sales has been helping companies all over the world liquidate and manage their surplus MRO and obsolete parts, along with other capital equipment, through direct purchase and consignment. Our solutions are designed to be turnkey and minimize the impact on your day to day operations while at the same time maximizing the value of your surplus MRO and spare parts.
Whether you are looking for a quick solution to sell your surplus inventory such as our equipment purchasing solution or, you wish to maximize your recover value but remove your surplus inventory from your warehouse with our consignment solutions, we have the right approach to help your organization through our consignment program or our inventory purchasing solution.
VIEW OUR LATEST CASE STUDY
Find out how the team at NRI Industrial helped a large North American energy provider with more than 70 generating assets, recuperated more than $1.6 MIL from consignment sales and regained more than 211,000 square feet of storage in their storage facilities.
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