Article Written By: Jeff Kryzanowski & Fuaad Butt
We were thrilled to be able to attend and sponsor the 2021 Investment Recovery Association Conference in Alexandria, Virginia this year. Before we get to our key takeaways from the conference, we would like to extend our gratitude to the conference organizers for putting together a fantastic event for all those who elected to attend in person and online. A big thank you to the Investment Recovery Association and Jane Male for putting together this world-class event. It was great to see everyone face to face in a safe environment and share our thoughts regarding current challenges and opportunities within the Asset Recovery industry.
There were a lot of great discussions during the sessions and the coffee chats and dinners we had but if we had to, we could distill our discussion to a few key insights.
One of our major takeaways from discussing with other attendees is that many organizations lack a centralized asset recovery process. It’s common for organizations to have different branches and facilities, all working on ad-hoc processes when it comes to asset recovery methods. They lack a centralized approach that is mandated across the organization to provide clarity, transparency, and standardization.
Sustainability was one of the hottest topics at the conference this year. However, while everyone can acknowledge the importance of sustainability, many organizations lack internal clarity as to who sets and owns sustainability goals and KPIs. This meant progress was slow and difficult to measure. The industry is lacking a solution that could help track and measure with quantifiable data how an organization was meeting its sustainability goals and mandates.
Lastly, we found a disproportionate amount of time and conversations was spent on the disposal of corporate assets rather than other recovery methods such as redeployment, reconditioning, and reselling. We had expected to see more discussion surrounding the different forms of recovery. There is a huge opportunity here. By shifting focus to redeployment and reselling, organizations can receive more value and reduce the need for additional warehouse space while generating cash flow.
As part of our booth at the conference, we created a raffle for all the attendees to enter. The prize was a pair of House Of Marley Champion In-Ear Truly Wireless Headphones made from recycled and sustainable materials. We are happy to announce that the winner of the prize is Dawn Beutler. Congratulations Dawn, we will be in contact soon to get you your prize. Thank you to all of those who entered the raffle.
We can’t wait to see everyone again next year!
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