Remove risk with Shared Savings
The handling of waste in our modern society has barely developed over the past 100 years, even though the amount of waste in the world is rapidly increasing due to increased consumption with more than 2,12 billion tons of waste globally each year. According to studies, more than 99 per cent of purchased objects are being trashed within 6 months, and in general, there is an incredible amount of unnecessary costs related to the way we manage our waste. Therefore, it is increasingly important to optimize your waste management and strengthen the CSR profile of your business.
WasteHero is continuously aiming to improve the global handling of waste, but also to make our solution more attractive for our customers. Therefore, WasteHero is focused upon the removal of any risk for our customers and staying transparent.
The current situation
Currently, the majority of waste bins are collected by haulers, who are using fixed collection schedules and billing, which results in unnecessary costs, but may also include additional fees or specialized collections with regards to overfilled bins. This traditional model means that the customer pays the same amount for every pick-up, regardless of the bin being full or empty, which is costly.
The current solution from haulers does not provide them with any incentive to adjust and optimize the current management of waste, nor does it encourage customer savings.
WasteHero aims to change this through the use of a Shared Savings Model combined with our innovative technology. We have come up with a solution to benefit all parties in the waste management process.
The solution provided by WasteHero has the ability to reduce operating costs and CO2 emission through the combination of our products. This results in a shift from fixed intervals to a much more dynamic method determined by our technology that ensures a need-based interval, which continuously improves and increases savings.
WasteHero utilizes advanced software analytics to improve our understanding of your waste management, then we tailor the optimal solution for you in cooperation with the existing haulers.
Furthermore, we believe in full transparency, allowing our customers to see the analytics and performances based on the agreed benchmark.
Shared Savings Model
The Shared Savings model is a payment strategy, which offers incentives for providers to reduce overall costs by offering them a percentage of the net savings realized as a result of their effort. The payment strategy has especially caught the attention within the medical industry, however, WasteHero has modified the payment strategy to suit our given industry. Through the use of a Shared Savings Model, WasteHero provides the infrastructure required to optimize your waste management, and then we simply take a small percentage of your savings.
Benefits of a Shared Savings Model
The Shared Savings Model completely removes any possible risk and initial investments for our customers, and it means that WasteHero only makes money if our customers save money.
Our technology ensures that only bins that need it, are emptied, but also prevent overflowing and missed pick-ups, removing additional fees for our customers. An example of our solution can be seen in connection with our business case with Herning Municipality, where we were able to reduce their costs of waste management by 71%. WasteHero then takes a portion of the savings, which incentivizes us to continuously optimize waste management and reduce your costs, since that increases our revenue.
WasteHero continuously aims to improve your waste management even after our implementation through continuous data analysis and machine learning, but also through recycling programmes, approaches towards food waste reduction and supply chain optimization.