Asset Retirement As The New Sustainability Sector
The Asset Retirement industry has become a growing and exciting industry in recent years. By finding ways to efficiently and cleanly dispose of hardware and various types of equipment, it has found a healthy market in the sustainability sector. In recent years it was already emerging as a fairly new sector, but with the development of new technologies and increased dedication to environmentally-conscious recycling, it has grown even more.
Not only are companies themselves taking steps to become more efficient in their methods of asset retirement, but government subsidies and environmental regulations are helping to shift the industry into a more sustainable direction, with more focus on recycling rather than disposal. In addition to utilizing government subsidies and abiding by environmental regulations, one of the keys to a successful asset retirement firm is making sure one has a cohesive plan put in place. This plan would allow the firm to set and meet goals for their recycling standards. And just as with other companies, companies dealing with asset retirement must have an organizational structure in place to coordinate their moving and tracking efforts. Asset retirement companies deal with a multitude of products and systems, and so many have made sure to find ways to effectively track their systems and products.
One noticeable difficulty for the asset retirement sector is the development of the ‘sharing economy’. With fewer new devices being produced, there is less need for disposal and therefore this may have some hindrance for asset retirement companies. In addition, device life is being extended so this may reduce the number of devices available for disposal. However, this would be a relatively small effect since asset retirement is benefiting heavily from new technologies and desires for environmental conservation and efficiency.
One New York based firm that is taking steps with asset retirement technology is Oden Technologies. It aims to reshape how the industrial industry operates by striving to foster the development of ‘smart factories’.
It provides solutions for both hardware and software companies, mostly focusing on changing the ways in which factories operate and the sustainable approaches they may take to reduce waste and retire assets properly. It is an interesting venture that uses data and analytics to help companies digitize and optimize production, and in early July, received an extra $10 million in funding.
Overall, asset retirement companies, often in joint ventures with waste management and sustainable recycling firms, are part of a growing industry that has benefited from many new technological developments. Utilizing sustainable approaches, it has a ready home in the modern economy.