Background
Archer Daniels Midland (ADM) is the world's premier agricultural organization and processing company and a global leader in human and animal nutrition. Utilizing results from a 2014 Global Procurement Transformation initiative, ADM assembled a small team to develop an inventory strategy management program. To improve global facilities communication, they partnered with Liquidity Services to build an internal collaborative network to identify, appraise, and dispose of surplus assets.
The Challenge
The ADM team identified two main goals: Develop a method for broadcasting surplus assets companywide to ensure the trouble-free transference of assets internally and avoid the cost of purchasing new ones. Implement a process to sell surplus assets in a way that minimizes risks and maximizes revenue.
The Results
To execute these plans, ADM partnered with Liquidity Services and their award-winning AssetZone® technology. Utilizing the AssetZone® platform, ADM executed the following steps to achieve impressive results:
Step One: Established a successful process to manage surplus and idle assets with real-time information on their status and use, allowing for the identification of assets with redeployment or resale potential.
Step Two: Leveraging AssetZone®, ADM assets were made easily identifiable and available for redeployment across the organization globally.
Step Three: Assets not for redeployment were appraised by the Liquidity Services expert valuation team and marked for sale through direct sale or auctioned globally to Liquidity Services’ five million registered buyers.
Step Four: Following the sale, the Liquidity Services team worked with the ADM location’s stakeholders on the final delivery to the buyer. Assets were monitored throughout the shipping and settlement lifecycle, and a final report was supplied to ADM on each asset sold.
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