Rheaply was selected to be a part of SAP.iO’s Fall 2020 NY Cohort to help further drive innovation in the procurement and supply chain industries. Rheaply’s Asset Exchange Manager (AxM) is working to integrate with SAP products and be available on the SAP marketplace for existing customers to utilize. Through this platform, existing SAP customers will be able to start implementing a circular economy within, and outside, their organizations.
Rheaply’s partnership with SAP is just a small step towards the United States realizing the potential $630 billion dollars in savings.
SAP.iO Foundry Demo Day presentation
Rheaply CEO Garry Cooper shared the demo with SAP.iO partners and fellow cohort members on January 21, 2021 during this event.
Rheaply was proud to be included alongside Hero, Ivaldi, LISNR, Cognac, and Wise Systems in this exciting virtual event. Visit SAP.iO on YouTube to watch the full event.
Demo day video transcript
Hi, my name is Garry Cooper. Five years ago, as I worked toward my PhD in neuroscience, I discovered that research departments would discard important research assets that could be reused, and were sorely needed in other labs. This sparked an idea, and now passion, to eliminate waste.
Did you know there are currently $630 billion of underutilized assets across various industries in the U.S.? This means 60M tons of potential value – of money, of savings, of cost reductions – are sent to landfill every. single. year.
The culprit is our current linear economy, where raw materials are extracted from the Earth and then transformed into products that serve a singular purpose – until they don’t anymore. The old systems of take – make – dispose, are no longer serving our future generations, and businesses are missing out on money back in their pockets.
But here’s the good news: the shift to a solution is already underway. Since 2016, Rheaply has diverted over 14.5 metric tons of workplace inventory from landfill, saving organizations – like Google, AbbVie, or MIT – more than $1.6 MILLION dollars.
This is what our planet desperately needs: assets that are easier to find, and move, between people. In other words: technology for a circular economy, where inventory is re-purposed with new owners in continuous cycles of reuse. Through Rheaply’s Asset Exchange Manager, we can transform the procurement world to make supply chains more efficient, transparent, and sustainable.
But it’s not just the Earth that needs this; it’s all of us, too. To illustrate this, let’s think of Rosa, a procurement manager looking to source products for her team. Not only is this process time consuming, but her lack of visibility into workplace inventory means it is also expensive — Rosa is spending money on items that are already available — she just doesn’t know it. This creates a snowball effect, where Rosa and her team’s purchasing decisions will impact her VP’s growth goals and her organization’s budget.
It’s easy to understand why this happens – items are not static – they race from floor to floor, between buildings, and across sprawling campuses.
So, we match people who have excess to people with needs and support the dynamic flow of Inventory. Today, AxM by Rheaply is the only market solution that combines asset management with an online marketplace.
With an integration to SAP’s Asset Intelligence Network, Rosa, her colleagues, and all current SAP customers can proactively recirculate assets that are sitting in storage or set to be decommissioned, an important step for the circularity movement within the enterprise space.
Let’s go back to Rosa. She is searching for a double seat valve, but doesn’t have visibility into excess valves within her organization.
So, she logs into Rheaply.
There, Rosa conducts a search on her organization’s private marketplace. She locates the valve and reviews the item’s details, then makes an offer. Rosa can highlight her team and cost centre for tracking purposes as well as send a message to the owner for any clarification.
Once a transaction is made, Rheaply tracks the ROI as well as the total landfill avoidance. Through Rheaply, and within the existing AIN framework, Rosa was able to decrease the time to conduct inventory analysis and reclaim the value of an item already available.
Rheaply is needed now more than ever. Of the 100 billion tons of materials harvested from the Earth every year, our global economy reuses just 9%. This is not sustainable, but your partnership with us can change that.
There is a $4.5 trillion opportunity that awaits us in shifting the global economy to a circular one.
ONLY together can we drive its realization.