Ritchie Bros.’ story of transformation

The company’s origins as an equipment auction company defined its early years, but it has been driving change from day one. As we look to the future, we see a world where digital solutions are presented as an automated and integrated package powered by real-time connectivity.

Modern equipment management

A decade ago, Ritchie Bros. primarily came into the picture when equipment needed to change hands. Today there are more services available to owners that want to make better data-driven decisions during and towards the end of the equipment lifecycle. Ritchie Bros. Asset Solutions, launched in 2018, is a software tool that empowers businesses to track assets with real-time market valuations, get inspections and appraisal services, and easily workflow equipment and truck inventory to multiple disposition channels. It uses advanced algorithms to analyse and organise data entered through marketplace applications, or integrations with the customer’s own ERP systems.

Add to this, the 2020 acquisition of equipment market intelligence leader Rouse – which has a suite of data-driven solutions, such as Rouse Analytics that tracks millions of equipment transactions and provides real-time asset valuation, utilisation metrics, and more.

Ritchie Bros. aims to simplify and automate equipment services. This includes parts procurement, which has been taken to an incredible new level following the 2021 acquisition of SmartEquip, a company devoted to increasing uptime and decreasing unnecessary costs and inefficiencies. Simplifying and speeding up the identification and sourcing of the correct parts, the service can even enable smaller players to embrace the same metrics-driven approach as the industry leaders – often leading to even greater gains.

Once it’s time for equipment to be moved on, the marketplace provides access to a huge global buyer base and offers a variety of selling options. Customers can sell on their own or via an online 24/7 marketplace with price control and selling support, or via public and private auctions. Sales experts, together with intelligent data tools, enable customers to identify the optimal way to sell assets and maximise the return on their equipment.

For buyers, the trusted and secure Ritchie Bros. ecommerce websites simplify the process of searching, inspecting, and purchasing machinery, whether online or at their local yard. From the moment of purchase, they have easy access to complementary services such as financing, shipping, refurbishing, and more.

Where to next?

Currently, this suite of services operates relatively independent from one another, but Ritchie Bros.’ vision is to use its IMS-based ecosystem as a means of connecting them altogether. This provides exciting, profitable customer benefits through an increasingly seamless and integrated equipment management environment.

As IoT technologies, in combination with better data and enhanced data analysis, continue to open new possibilities, Ritchie Bros. will continue to focus on helping machine owners and users get more out of their equipment. But while the digital evolution continues, the company will not forget its roots in live auctions. In fact, it has added multiple local physical equipment yards to be closer to customers for faster and more personalised services.

Read the article online at: https://www.worldpipelines.com/equipment-and-safety/06102022/ritchie-bros-story-of-transformation/