REUZEIT is an innovative company on a mission to help businesses give their unwanted assets a second life. Founded by brothers Ryan and Justin Andrews*, REUZEIT is helping companies in the life sciences sector (such as medical labs) reduce waste and cut costs by finding a new home for their unused equipment.
*Ryan and Justin launched REUZEIT with a shared vision of creating a circular economic surplus asset management program. As Chief Executive Officer, Justin is responsible for building and delivering key strategies and software visions while Ryan, as Chief Innovation Officer, is focused on driving problem-solving solutions to empower organizations in all capital asset industries.
REUZEIT is committed to helping companies keep their equipment operational, minimize their carbon footprint and reduce the amount of equipment sent to landfills. To date, it has diverted millions of pounds of equipment from going to landfills. By creating a safe and secure asset recycling platform, businesses are able to increase their ROI while reducing the environmental impact of these assets.
The goal is to make a positive impact on the planet by reducing waste, creating economic opportunities, and empowering organizations to think more sustainably. They are committed to building an ecosystem of trust and collaboration to enable a sustainable and circular economy.
In this article, we’ll look at how surplus asset management programs like REUZEIT can help bring positive change to the world. We’ll also explore how this innovative company is creating economic opportunities and reducing environmental waste.
The Global Laboratory Supplies Market
The global laboratory supplies market is a vibrant and growing industry. According to Precedence Research, it was estimated at US$ 29.8 billion in 2020 and is expected to reach US$ 53.6 billion by 2030, poised to grow at a noteworthy CAGR of 6.1% from 2021 to 2030.
With the onset of the pandemic, demand for laboratory equipment has skyrocketed as researchers rush to find a cure for COVID-19. However, before the pandemic struck, many labs researching other diseases were forced to close due to social distancing measures.
The market is driven by various factors such as technological advancements in the field of chemical and biological research, increasing volume of clinical lab tests and life science research projects, and constant supply of key laboratory devices and equipment among procurers in pharmaceuticals and healthcare domains.
Laboratory instruments enable faster analyses which add value by allowing them to perform more tests each day. Automation, miniaturization, artificial intelligence, and smart technology are helping laboratories achieve greater operational efficiency with faster results delivery.
In order to make the product selection and ordering process more streamlined, suppliers are utilizing intuitive technology such as electronic pipettes with touchscreen operation and automatic tip ejection. This makes operating lab equipment easy for users by providing a user experience similar to that of smartphones. With these developments, it is clear that the laboratory supplies market will continue to grow in the foreseeable future. But all that comes with consequences.
Surplus Capital Assets
Surplus capital assets are equipment and materials that have either been underutilized or no longer used by businesses. These assets can range from laboratory supplies such as microscopes, centrifuges, pipettes, and other labware, IT equipment like laptops and printers, scientific instruments such as HPLCs and spectrometers, to more specialized items like medical devices or parts.
Traditionally, businesses disposed of their surplus assets in a variety of ways—selling them secondhand in an auction environment or sending them to the landfill. Unfortunately, this approach not only damages our planet but also doesn’t give companies the return on investment that they deserve for these assets.
Further compounding the problem is that many organizations are not aware that obsolete or unused lab equipment can be recycled and reused with proper asset management practices. This has led to an increase in discarded possessions and wasted resources due to inefficient management strategies.
Without proper asset management protocols, these resources could have been used more efficiently and diverted from landfills but instead remain unused in storage rooms or in basements, becoming increasingly obsolete over time. This brings us to the hidden cost of Surplus Capital assets
The Hidden Cost of Surplus Capital Assets
Unused lab equipment is taking up valuable space and costing companies money. Not only does this unused equipment take up space, collecting dust, but it also costs the company in terms of lost potential revenue.
Redundant Procurement Spends:
Redundant procurement spending is the unnecessary and often avoidable expenditure incurred by businesses when they continue to buy the same products or services without considering the availability of alternatives. This type of spend makes it difficult for companies to gain any advantages from their purchases, such as economies of scale or long-term cost savings. Additionally, this practice perpetuates an inefficient cycle where resources are continually wasted and companies overspend on certain items.
Unused And Improperly Deployed Equipment
Equipment that is not used or deployed correctly can cause businesses to incur significant costs. Unused equipment may lead to lost potential revenue due to the inability to leverage it for its intended purpose, while improperly deployed equipment can reduce the efficiency and accuracy of workflows. Additionally, these types of problems can lead to decreased employee morale and weak customer service experiences.
Discarded laboratory equipment can represent a significant cost to companies and the environment. This is due to the pollution caused by improper disposal methods, such as landfills and incineration. Additionally, discarded equipment often contains hazardous materials that can harm human health and the environment if they are not disposed of properly. The proper handling of these materials requires extensive knowledge, expertise, and resources—all of which add additional costs for businesses.
Unoptimized Resale of Equipment
The resale of surplus equipment is a great way for businesses to recoup some of their original investments. However, if the process is not managed properly, it can lead to losses due to improper pricing or inadequate marketing strategies. In order to optimize the resale process and ensure maximum returns, companies must have a comprehensive understanding of their market and the current market value of their assets.
Massive Negative Ecological Impact
The disposal of surplus assets, particularly those containing hazardous materials, can have a devastating impact on the environment. If these materials are not handled properly they can leach into the soil and groundwater, resulting in contamination and pollution that can take years to clean up. Additionally, discarded equipment often contains valuable resources that could be reused if disposed of correctly.
Overall, there are many hidden costs associated with laboratory supplies that go unnoticed until it is too late. Businesses must ensure that their procurement practices are efficient and effective in order to reduce expenses and maximize their return on investment.
What Can Be Done to Resolve This Problem?
There are a variety of steps that can be taken to address the problem of surplus capital asset waste in the global laboratory supplies market.
Improving forecasting techniques, investing in re-marketing and recycling programs, and creating more efficient strategies for asset management can all help to reduce this issue. Additionally, companies should strive to create more sustainable production practices that minimize waste generation while still producing quality goods.
By working together with stakeholders across industry lines, governments can also take action by developing policies that incentivize the use of recycled materials and promote circular economies. This can help to reduce waste generation while also creating a positive economic impact.
REUZEIT and the Circular Economy?
Circular Surplus Asset Management (CE-SAM) harnesses the power of the Circular Economy to optimize resources, equipment, and assets throughout their lifecycle. Its implementation involves more than just financial gains; it also facilitates new business models, sustainability goals, reduced obsolescence, and waste. The four fundamental values involved are sourcing value, customer value, information value, and environmental value. For example, the global life sciences market can save up to USD 2 billion in carbon fees along with direct benefits for customers through C-SAM integration into their business strategy.
Companies like REUZEit are paving the way for this innovative approach by providing services that optimize resources and extend the useful lives of capital assets while delivering financial sustainability and positive cash returns. This helps organizations reduce their carbon footprint while still profiting from their products. Ultimately, CE-SAM is a powerful tool to reshape how businesses operate in a sustainable and profitable manner.
As shown in one of their case studies, REUZEit has successfully managed to lower Carbon emissions by 99.7% by reusing and recycling unused assets instead of buying new ones.
This impressive feat doesn't come as a surprise when we look at the other benefits they offer their clients, such as positive return on investment, GHG reductions, capital recovery, and procurement savings. In total, REUZEit has delivered individual customers 8 figures in savings and prevented over 134 metric tons of greenhouse gasses from entering the atmosphere. That's certainly something to be proud of!
So What is Exactly REUZEit?
REUZEit is a global life science surplus asset management platform that specializes in reusing and recycling valuable resources, equipment, and assets. They offer a full suite of services to help companies maximize the value of their assets throughout their lifecycle, including network-assisted sales, asset disposal, and carbon offsetting.
In fact, REUZEit provides companies with an effortless and economical approach to becoming more sustainable. Their system puts your surplus materials within easy reach, so you can monitor, redistribute, and sell them -all while making the most of their life span. Going green offers many advantages including diminished greenhouse gas discharges, pollution mitigation, a decrease in landfill use, and optimized recycling processes.
How REUZEit is Making a Difference?
By providing an online platform for these products and services, REUZEit helps to ensure that surplus capital asset waste is disposed of in the most sustainable manner possible. This not only helps reduce environmental impacts but also creates financial benefits for all involved—from labs that can recoup some of their disposal costs through resale or recycling, to vendors who are able to access quality used equipment at a fraction of the cost.
Reduce the greenhouse gas emissions in the world:
Ineffective disposal of capital assets leads to a considerable amount of greenhouse gas emissions each year. REUZEit is making an impact on this by offering solutions that focus on the reuse, recycling, and repurposing of surplus asset waste instead of disposing of it in landfills or incinerators.
Improve Environmental, Social, And Governance Scores For Clients:
By providing transparent services with an eye towards environmental stewardship, REUZEit enables businesses to take a leading role in setting the standard for responsible asset management practices.
Recover Capital For Clients, Net Gains, And Financially Sustainable Program:
Businesses are able to recover more of their investments through reuse and resale — increasing financial savings without impacting the bottom line. By providing a financially sustainable program, REUZEit helps minimize costs associated with surplus assets and foster an overall healthier economic environment for its clients.
Improve Organic Productivity For Clients:
Sustainable asset management processes enable businesses to increase productivity and extend the lifespan of their products. By focusing on reuse, recycling, and repurposing assets, companies can remain agile and competitive in an ever-changing business environment — all while minimizing environmental impacts.
Stimulate Innovation, Especially In Universities, And Developing Countries:
REUZEit encourages innovation and collaboration by providing access to high-quality surplus equipment at low costs. This helps universities and developing countries acquire the resources they need to make a difference — stimulating research, development, and creative problem-solving in an affordable way.
Investing In Profitability. Investing In The Environment:
By investing in REUZEit, businesses can not only maximize their investments but also reduce the amount of greenhouse gas emissions entering the atmosphere. This is simply good business sense — reducing operational costs while ensuring a more sustainable future for ourselves and our planet.
Looking ahead, REUZEit is continuing to push boundaries and expand its portfolio of products and services. With a focus on reducing costs, increasing efficiency, and decreasing environmental impacts, this company is helping businesses around the world move towards a more sustainable future.
REUZEit’s commitment, vision, and dedication are only the beginning of a brighter tomorrow. The real impact is made by each and every one of us as we work together to create an environmentally conscious future — for both our planet and ourselves.