How to simplify your industrial asset recovery process

Industrial asset recovery refers to the process of maximizing the value of unused assets through the proper utilization of divestment. If you belong to the manufacturing domain, you just can’t undermine the significance of industrial asset recovery. Industrial asset recovery aims to maintain cost control and efficiency in the manufacturing domain.

Moreover, it is one of the primary areas that are being assessed when companies explore the benefits of enabling a circular supply chain. And more recently, industrial asset recovery has been highlighted as a great program to decrease overall waste and maintain sustainability.

By deploying simple and effective best practices, companies can streamline their asset recovery procedure. With the best asset recovery practices, you can achieve proper cost savings. Moreover, it will also help you to comply with your sustainability goals. Here are some of the ways in which you can simplify your asset recovery process.

Conduct audits for your inventory

Regularly viewing and updating the inventory records of your equipment can assist the companies to recognize their assets. They can evaluate those assets or pieces of equipment that are no longer required.

By conducting an audit, you can sell machinery on online auctions. By selling equipment through online auctions, you can avoid unnecessary maintenance and storage costs. Therefore, conducting audits from time to time is essential to maintain cost efficiency.

Implement a consistent system to track all assets

By implementing a system to track assets, the companies can keep a tab on their assets in real time. This will allow you to quickly recognize and recover assets that have been misplaced. Registering online auctions and selling equipment to the highest bidders will help you streamline your RPI.

Create a transparent asset recovery process

When selling used equipment, you should be systematic. That’s why implementing clear and consistent policies is of utmost importance. This should comprise best practices for recognizing and getting the additional assets ready. You should also be aware of the ways to track and report the assets recovered.

How you can sell industrial equipment through auctions

The online auctions for buying and selling used equipment are mostly organized by the asset recovery agencies. Here are some ways in which you sell your used machinery at online auctions through an asset recovery agency.

1. Send them the list of assets you want to sell

You have to provide the asset recovery partner with a list of all the assets you want to sell. Moreover, it is also essential to send pictures of all these assets. Usually, the asset recovery agency will do the heavy lifting on your behalf and deliver the goods to the buyer after the auction.

2. The creation of the sale event

The asset recovery agency will upload the details of your heavy equipment and finish the auction setup. After finishing the setup, the seller support team will send the list to you for the final approval.

After getting approval for the sale event, the auction for buying and selling equipment will go live. Note that this process is simple and straightforward. Your asset recovery agency will assist you to get the finer details.

3. Marketing your assets

Once your sale is life on the auction, the team at the asset recovery agency will promote your goods and equipment. Their main purpose is to attract the buyers to your sale. Most asset recovery companies have a dedicated buyer marketing team. This ensures the maximization of your items put on sale.

4. The buyers submitting the bids

During the auction, the buyers will begin to place bids on your assets. This is the best option to sell machinery to the interested parties. You can quickly see who is bidding on what via the platform’s reporting center.

So, as you can see, the best way to simplify the sale of industrial equipment is by opting for online auctions. You can now boost your company’s ROI and manufacturing capabilities by selling used equipment.

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