Asset Recovery, also known as Investment Recovery is the process of developing, maintaining, and selling surplus assets to maximize the value of each asset a corporation has. By implementing an asset recovery strategy, a utility corporation can ensure that they are utilizing each purchased asset to the best of its ability and extracting the maximum value possible. With all the different departments and expertise required to understand and execute an asset recovery strategy fully, finding the proper individual becomes critical. This individual will allow you to streamline the internal asset recovery process, minimize the impact on essential business operations, and maximize recovery value across the organization.
An Asset Recovery Manager is an individual that's primary job function is to manage an organization's asset recovery operations. Once hired, these individuals are directed to recover value for your organization through various methods of recovering value. In most cases, Asset Recovery Managers function underneath an assortment of different departments within organizations; these departments include procurement, logistic, inventory, and supply chain.
An asset recovery manager will look at your surplus as a whole and work to solve problems before they arise. They will also work to maximize the value recovered from your assets while avoiding risks to your organization. While varying based on each organization's approach to asset recovery, these individuals are responsible for managing the entire asset recovery process. An asset recovery manager will manage the whole process, including each method of recovering value. This could include redeployment, selling off unused and unneeded assets, or the disposal of these assets in an environmentally sustainable manner. environmentally sustainable manner.
In addition to recovering value from asset recovery operations, asset recovery managers are typically responsible for working with other departments to ensure that surplus is being identified. By working within the different departments within the organization, the asset recovery manager will be able to accurately identify surplus assets as well as understand each department's needs for surplus. This will lead to the overall reduction of surplus while also preventing a shortage of operation crucial components.
External Asset Recovery: This strategy leads to asset recovery being handled by external partners rather than by internal partners. This allows for a more dedicated approach to asset recovery while also allowing for external expertise to be added. The role of the asset recovery manager in this structure is to work with the external company as a liaison.
One of the most critical aspects of having the role of an asset recovery manager is benchmarking. You want to track and measure the effectiveness of your Asset Recovery Manager's strategy. By setting benchmarks, you and your Asset Recovery Manager will be able to review tactics that worked best for managing surplus and dictate policies that will yield a maximum return.
Luckily, there are resources to make this easier and provide an industry standard. Every two years, the Investment Recovery Association releases Benchmark Report to help its members keep up current with standards and best practices across the board.
Some benchmarking topics recommended to examine the power generation, and Utility sector includes:
The person who is hired to be an Asset Recovery Manager for your company will be responsible for identifying opportunities for your business to regain value through your surplus assets. Regaining value includes recouping funds and redistributing assets across facilities, which saves on purchasing costs. The asset recovery manager will need to know and understand your business. This is means knowing production levels, inventory, and machinery that your organization uses. By being knowledgeable and adaptable, the Asset Recovery Manager can be proactive rather than reactive to surplus, repairs, and redeployment needs throughout your facility. They will be able to avoid delays in operations through planning and foresight.
It is crucial to find someone who is not only knowledgeable about your company but also up to date on industry standards. Being knowledgeable about the changes in regulations is vital in an industry like Power Generation or Utilities as regulations and technologies are continually changing. This knowledge and expertise comes from work experience as well as training. The individual will need to be adequately trained on procedures not only in your company but industry regulations and any applicable laws, especially about the proper disposal of industrial materials.
Hiring the right fit for your organization can be an expensive and time-consuming process. Finding the right candidate who is both up to date on your company and industry best practices can be a challenge. Even after you find the right candidate, you will need to sink more resources into training and maintaining the individual's certification. This will only continue to drive up the costs of hiring for this role. NRI Industrial Sales can shorten the hiring process and the transitional time by providing a reliable and fully trained Asset Recovery Manager for your company with our Embedded Asset Recovery Manager (Embedded ARM).
For this solution, we provide your organization with a fully trained asset recovery manager. We will hire and train an Asset Recovery Manager on your company's behalf and embed them into your company. They will work for your company to manage your assets and recovery efforts. They will allow your organization to regain value for your surplus industrial assets, without the headaches of hiring, training, and managing.
Our Embedded ARM will allow you to bypass all the challenges associated with hiring an asset recovery manager and begin to recover value from your surplus industrial equipment & parts. To learn more about our Embedded Asset Recovery Manager, call us at 1 (855) 709-9813 or email us at firstname.lastname@example.org.