Proof of Concept Launch
In the early fall of 2019, a leading Chicago-based biopharmaceutical company was looking to drive increased value from their existing research resources/materials, including leftover antibodies, consumables (such as pipettes and glassware) and equipment, evaluating Rheaply’s resource exchange in limited-release proof of concept.
Looking to boost intramural sharing and build transparency into into research operations, the company identified Rheaply’s technology as an opportunity to align more closely with corporate environmental procurement guidelines and a recently updated Zero Waste to Landfill global initiative.
Market Cap: US $150B
Total assets: US $59.352 billion
Proof of concept users: 193
Our Immediate Success
Increase engagement by setting goals and rewarding user actions. Your users earn points towards their own score while adding to your organization’s current goal.
Through increased visibility and redeployment of surplus resources, Rheaply’s technology aimed to:
- Create a sharing economy among a small research campus location to reuse existing products or materials.
- Operationalize sustainability efforts in line with Corporate Responsibility goals.
- Reduce total research-related procurement costs within a pilot group where limited time is available for waste reduction strategies.
- Create a more transparent, robust, and complete asset management digital solution (an internal exchange and virtual asset management program).
By focusing on easily sourcing products from internal colleagues first before making purchasing decisions, Rheaply would improve sustainability outcomes and facilitate more cost-efficient and productive research programs & operations: less waste is generated because all excess or unused assets and property are reused, including all valuable surplus property (from a microscope to 1mg of an expensive antibody). Equipment sharing has been an issue of the past because different solutions exist for different departments; each department relied on a homegrown asset management ‘solution’ to deal with its individual assets. Thus, a more standardized and centralized approach was needed.
The early success of the proof of concept platform paved the way for a partnership beyond scientific resource sharing (including furniture reuse). Rheaply offers a way to facilitate cross-disciplinary responsibility towards reuse and operational efficiency.
- Better user incentives via gamification
- More comprehensive capture of sustainability data
- Investment recovery alignment through end-of-life resource management
- Organizationally-aligned location and campus maps
- Faster, easier posting through barcoding
- Better asset and offer discoverability
Rewarding Reuse Heroes in the Lab
A long term goal is to use Rheaply’s technology for an incentive program within labs to automatically assign points to user actions that align with valuable business objectives: procurement savings, reducing waste, and increasing internal collaboration/coordination.