As technologies improve and industries advance, the reverse supply chain and surplus asset recovery market increase in complexity. Many variables never considered in the past now play a large role in the recovery process. This has prompted numerous organizations to implement new in-house teams or to add this task as a “to do” on currently existing operations or procurement teams. While internal strategies might work in the short term, these professionals need support to be successful and to produce strategic results over the long term and as their businesses scale.
Individuals in asset management roles are often aware that their practices could improve, while others acknowledge that a partner in asset management is required to achieve business objectives. In 2014, Liquidity Services conducted a survey on the reverse supply chain that identified four success factors that surplus asset management professionals need assistance to achieve:
- Recovery and costs (28 percent)
- Processes and execution (23 percent)
- Client support (21 percent)
- Efficiency and speed (16 percent)
Furthermore, 81 percent of professionals acknowledge the strategic importance of surplus asset management to their business, but due to a lack of industry understanding, they fail to see what benefits new technologies and services can provide beyond greater recovery.
The key to achieving success
Internal asset management teams need new solutions to their surplus challenges in order to achieve their strategic goals. While technology is certainly a critical factor to reverse supply chain optimization, organizations need to work with an asset management partner achieve the four success factors identified above.
Collaboration is always a key to success in enterprise environments. The same goes for asset management.
These businesses are the key to ensuring complete control over the flow of assets as they leave the enterprise, absolute coverage over all aspects of asset management, and confidence that goals and benchmarks can be met and even surpassed. Asset management partners possess the experience necessary to help organizations make informative decisions when valuing and recovering assets. Additionally, they know the complexities that surround corporate social responsibility and compliance, ensuring that internal teams generate results that are measurable in regard to revenue and operational performance.
The benefits extend far beyond strategic decision-making processes. Surplus asset management partners have the infrastructure necessary to support internal teams throughout all disposition procedures. For example, to achieve higher recovery, you need to have access to an established online marketplace. A successful marketplace demands a large base of dedicated buyers. In order to achieve that level of trust with buyers, you need global reach and a superior customer experience. Your partner should have the global reach necessary to make asset disposition processes efficient and valuable for both buyers and sellers.
Picking the best partner
The first step to becoming an investment recovery hero lies in choosing the right surplus asset management partner. This means searching for market leaders such as Liquidity Services, a trusted international organization that specializes in asset management and the reverse supply chain. Simply put, a partnership such as this can elevate asset valuation, recovery, and other processes to a professional degree, replacing strategies with best practices.
Chart the success of your asset management after partnering with a trusted firm by comparing revenue recovery statistics to those generated by old processes.
Liquidity Services can supply four critical components of any highly regarded, trusted service, and these factors are integral to becoming an investment recovery hero:
- Support and processes for cost reduction: One of the driving factors for asset management is recovery. The bottom line is that businesses want to lower their spending in any way possible, and with Liquidity Services as an asset management partner, enterprises can expect a dedication supporting your bottom line when it comes to management and disposition.
- Best-in-class methods for better recovery: Liquidity Services proven methodologies and well-constructed global networks of buyers and online channels optimize recovery opportunity.
- Better strategies for operational efficiencies: Many businesses are stuck practicing legacy asset management processes without support from technology or a trusted partner. Not only does Liquidity Services help develop personalized strategies, but they provide AssetZone®, a free software-as-a-service solution for global asset management visibility. AssetZone allows managers to track assets as they come through the doors, making it easier to value and recover items, equipment and machinery.
- Customer and client support: Liquidity Services’ industry experience and multiple marketing and sales channels mean that ensure sellers and buyers are supported throughout the surplus asset buying process. Consumers can access transaction history and track purchases, while our SaaS support team works to resolve issues on the management side of recovery.
Asset management does not need to be difficult. However, by keeping processes internal, businesses are hindering their efficiency and revenue recovery. Asset management and recovery professionals can become the hero of their company by simply forming a partnership with an asset management organization such as Liquidity Services and improving processes, strategies, and, therefore, recovery.