Aucto, a leading marketplace for pre-owned industrial assets, announced the public launch of ARS, the first end-to-end asset lifecycle management platform. The new product offering uses AI-powered datasets to increase asset visibility, leading to reduced procurement spend and supply chain waste.
Businesses in capital-intensive verticals such as manufacturing or energy spend billions of dollars each year on machinery, equipment, and spare parts. Industry experts estimate that approximately 10-20% of these assets are surplus at any given time due to over-procurement, upgrades, and project cancellations. ARS is designed to give businesses the ability to identify, manage, and ultimately resell surplus assets to qualified buyers on a global marketplace.
ARS was soft-launched in March 2024 and already counts dozens of manufacturers and energy companies as customers. The platform has generated over $3 million in capital recovery for its customers in the last three months.
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Jamil Rahman, Founder and CEO of Aucto, who announced the launch of the new product in a recent blog post, states, “Businesses want to do more to reduce the waste generated by their manufacturing and supply chain operations. Today, thousands of tons of machinery, equipment, and parts end up in scrapyards and landfills because it’s impossible for businesses to manage these assets without the right technology and software. We believe ARS is a big step towards solving this problem.”
According to Rahman, the main objective of building ARS was to digitize and streamline all of the activities and workflows associated with asset lifecycle management. “Since we’re a digitally native solution, we can complete the same tasks as offline vendors at a fraction of the cost and in real time by leveraging technology, rather than industry expertise.” An example of this is the asset valuation tool built into ARS, which gives businesses an estimated selling price on each asset managed in the platform. Historically, businesses would have to source valuations through a machinery appraiser, which could cost tens of thousands of dollars and take weeks to complete.
Source: PRNewswire