Company: Machine Compare
Founder: Benjamin Findlay
Website: https://marketplace.machinecompare.com/
About Machine Compare
Machine Compare Marketplace is a multi-award-winning, first-of-its-kind e-commerce platform that enables industrial manufacturers to trade green, surplus electrical and mechanical spare parts. Brothers Ben and Eric Findlay founded the marketplace in 2021 after discovering a large number of resources and embedded CO2 emissions tied up in industrial spare parts globally.
Since the cost of owning spare parts is lower than the cost of an unplanned outage, industrial businesses have mountains of surplus spares. A typical small to mid-sized facility will often hold inventory worth $200,000. This means that, worldwide, a potential $10 billion worth of surplus parts sit on shelves in industrial inventories and risk being sent to landfill. Not only do spare parts consume natural resources when manufactured, but they also require space, heating and lighting in warehouse storage.
Machine Compare gives businesses a way to reduce waste by reusing or reselling surplus stock. Through our solution, we are enabling manufacturers to be more sustainable while also benefitting financially – making circularity achievable and profitable. This recirculating of parts reduces overall demand for manufactured parts, earning these spares the title of ‘Green Parts’. As “like-new”, unused products, Green Parts offer a cost-effective solution to offset CO2 emissions.
A key challenge to listing surplus spare parts such as bearings, however, is that they are traditionally dispersed around a company’s multiple sites without one centralised inventory. In addition, companies often keep only a fraction of the data related to each part, rarely knowing the full extent of what they hold. So, if they wish to sell a part, buyers find it hard to know whether it will be suitable.
To overcome this, Machine Compare has developed an AI solution that takes an inventory list, populates missing data, and centralises and standardises it. By enriching a partner’s existing spare parts data, they can more easily exhaust internal stock and reduce costs before choosing to sell it. And if no internal part is suitable, Marketplace recommends the closest seller to help reduce travel emissions and cut lead times. Overall, this is helping promote uptime and alleviate current supply chain shocks by bringing greater visibility and transparency to the industrial market.
We recently onboarded our first live customer, a multinational packing company, onto our data solution. We fully enriched over 40% of data after 2.5 minutes and expect to ultimately achieve 70%. We aim to achieve 50% fully enriched data for each new partner within a few minutes, and ultimately make 70% of surplus inventory ready to recirculate.
Tragically, Eric fell ill and passed away while they were developing the company, prompting Ben to pledge that he would continue their mission to make a positive change in the world – this drives the mission and vision of the company every day.
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