Business Model Innovation in the process industry: the B2B Sharing Economy

 CEO Stefan Verreyken: "Some maintenance equipment is literally covered in dust at many companies: for example, there are devices that are only used 2 to 3 times a year. This has a negative impact on ROI, and it's also a pitty. The sharing economy offers interesting opportunities in this."
Earlier this week, our Founder & CEO Stefan Verreyken shared his expertise during the annual event of Interreg Project Circular Maintenance of the Knowledge and Innovation Centre Mainentance and Process Industry. His key-note was about the benefits of "asset-sharing in the process industry". Stefan led a multi-year research project on this topic to determine how this sector can share specialized tools, technology and expertise between maintenance managers via a digital marketplace and sharing platform in order to increase their circularity and ROI while also reducing their environmental impact. A dozen companies such as Evonik, BASF, Arentis and Engie also took part in this research project.

The conclusion of the study showed that there is a "cautious interest" in the B2B sharing economy for the process industry. I.Revitalise's digital platform offers the following added value for the sector.

  • Unburdening and relieving administration on both the demand and supply side,
  • risk reduction through sharing stock and consequent risk-sharing
  • matching supply and demand,
  • The provision of advice by capability engineers,
  • The increased access to specialized material for smaller companies,
  • An increase in circularity and a reduction in the environmental impact in the sector.

From the interrogation of the various participating companies, there was also some concern: although the benefits are clear, there is also doubt about the risks associated with lending expensive equipment. One of the ideas that was suggested is that in a first phase it can be useful to start sharing less expensive capacity. The sharing of electric motors is a good example of this, because many companies own surplus electric motors to reduce the risk of very costly unplanned downtime, while some companies find it difficult to get a new one due to the expensive raw material prices.

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