Best Practices for Surplus Lab Equipment

In order to make money, an organization must be innovative on how to save money. According to an article written by one of our Liquidity Services’ experts and an Executive Vice-President, Tom Burton, tens and thousands of dollars are wasted yearly within organizations due to the lack of visibility for their surplus assets.

This article, featured in Laboratory Equipment, details the importance for pharmaceutical organizations to rethink their idle laboratory equipment and other surplus assets. If managed correctly, surplus assets can create a plethora of opportunities for overall company strategy, benefiting sustainability and compliance through smarter remarketing planning. Most importantly, a better reverse supply chain can increase recovery, positively impacting the bottom line. With thoughtful implementation of an enterprise-wide asset management system, such as AssetZone®, organizations can see the hidden value in its surplus equipment, leading to increased savings for internal equipment procurement.

It’s important to ensure rules around internal redeployment in order to gain the recoup maximum value from surplus lab equipment. According to our experts: “It’s important to establish a shelf life for items slated for redeployment: there is no point in an item continuing to lay idle if it could be sold.” The typical industry timeline is 30 days for unattended items- if no one claims the equipment, it will behoove the organization to remarket and sell the asset.

Auctions are the best way to convert surplus into cash at an efficient rate. However, as noted in the article, it’s advisable for organizations to partner with a trusted leader who will be able to provide local and international support for global buyers and has access to a qualified buyer base. Strategic partnership with an established solution provider whose core business is the reverse supply chain will ensure an organization’s success in this historically undervalued area.

To learn additional best practices regarding surplus assets, read the full article at Laboratory Equipment and contact us to discuss your organization’s surplus asset management and maximum recovery needs.