One of the biggest misconceptions businesses face regarding sustainable asset management is the belief that it is prohibitively expensive.
Sustainable asset management is the process of overseeing and maintaining physical assets in a manner that is both socially and ecologically responsible.
Recently, BusinessToday spoke to BidMyAsset, Co-founder, Jeevan Muniady about this misconceptions. According to him, this perception is driven by a short-term cost focus rather than the long-term benefits. Additionally, there is a general lack of awareness and understanding of sustainable practices among business leaders.
To overcome these hurdles, Jeevan suggested adopting a phased approach, starting with small, manageable projects that demonstrate success and build momentum. Investing in employee training and leveraging external expertise, as well as using digital platforms like BidMyAsset, can simplify the transition and make asset management more efficient and cost-effective.
Additionally, he emphasised that incorporating sustainable asset disposal practices can significantly enhance a company’s ESG (Environmental, Social, and Governance) credentials. Investors are increasingly scrutinising companies for their environmental and social impact, making sustainable practices a critical factor in investment decisions.
By responsibly disposing of assets, companies can reduce their environmental footprint, improve resource efficiency, and demonstrate a commitment to sustainability. This not only boosts ESG ratings but also builds trust and credibility with stakeholders. Transparent reporting of sustainability efforts can attract a broader base of socially responsible investors and customers.
Looking ahead, Jeevan said that he envisions a future where sustainable asset management is increasingly integrated with digital technologies such as AI, IoT, and blockchain. These technologies can enhance transparency, traceability, and efficiency in asset management processes.
AI and machine learning can optimise asset utilisation and predict maintenance needs, while blockchain can provide a secure and immutable record of asset transactions. To stay ahead, businesses should invest in technology adoption and stay informed about emerging trends and best practices. Collaboration with industry peers, participation in sustainability networks, and engagement with regulatory bodies can help businesses anticipate and adapt to future developments.
Asked about his journey in the field of sustainable asset disposal. He said that it began with a strong passion for environmental sustainability and a desire to create tangible solutions for businesses. He has learned the importance of collaboration and partnerships, which drive collective action towards sustainability. Continuous learning and adaptation are also crucial, as the sustainability landscape is constantly evolving. Staying informed about new developments and technologies is key to long-term success.
The Origin of BidMyAsset
BidMyAsset was founded with the vision of creating a marketplace that facilitates the sustainable disposal of assets. The inspiration came from recognising the inefficiencies and environmental impact of traditional asset disposal methods. The platform bridges the gap between businesses looking to dispose of assets responsibly and buyers seeking sustainable solutions.
By promoting reuse, recycling, and repurposing of assets, the company helps businesses reduce waste and environmental impact. The platform also provides educational resources and support to help businesses adopt and implement sustainable practices effectively.
“Building BidMyAsset presented several challenges, including attracting talent aligned with the environmental vision and educating clients on the benefits of sustainable asset management.
Recruiting a team that is both skilled and passionate about sustainability required a clear articulation of the mission and values. Educating clients involved addressing misconceptions and demonstrating the financial and environmental benefits of the platform through case studies, success stories, and transparent communication of impact.
Technical challenges in developing a robust and user-friendly platform were overcome through continuous improvement, customer feedback, and iterative development,” Jeevan said.
Aligning with Malaysia’s Carbon Neutrality Goal
“BidMyAsset aims to maximise value for clients while minimising environmental impact,” Jeevan said.
The platform promotes efficient and sustainable asset disposal, aligning with Malaysia’s goal of Carbon Neutrality by 2050. By supporting businesses in adopting circular economy principles, where assets are reused, recycled, or repurposed, the company helps reduce carbon emissions and enhance resource efficiency.
Continuous innovation and collaboration with stakeholders drive significant progress towards a more sustainable future.
Their approach to sustainable asset management not only addresses current business challenges but also aligns with broader environmental goals.
By leveraging technology, fostering collaboration, and promoting transparency, BidMyAsset is paving the way for a greener and more sustainable future.
