Each year, manufacturers are faced with the costs associated with long-term downtime due to industrial equipment failures. The lifeblood of a plant is keeping the manufacturing equipment up and running. Regular maintenance will prolong the life cycle of manufacturing equipment.
Sometimes maintenance isn’t enough. Updates and upgrades are necessary to ensure peak operating efficiency and lower overall costs. Here are five reasons you should regularly upgrade your manufacturing equipment.
- Reduce Downtime
Whether your facility uses construction equipment, tech equipment, or some other industrial equipment type, the goal is to keep it running as much as possible. Downtime due to equipment failure costs companies an average of $260,000 per hour. Regular maintenance and upgrades mitigate a lot of your downtime risks.
- Reduce Maintenance and Labor Costs
As manufacturing equipment ages, spare parts are harder to come by. If you can find them, their price may be higher than you planned because they are discontinued. Upgraded equipment usually costs less to maintain because parts are readily available.
Finding someone to perform maintenance on older industrial equipment can be difficult. As new equipment comes to market, technicians train on the latest and greatest. By keeping your plant’s equipment up-to-date, you have access to more experts and faster repair times.
- Improve Efficiency and Security
One of the components of your manufacturing equipment is the operating software. Even if the heavy equipment runs at peak mechanical performance, aging software can prevent interoperability with other systems.
Keep the operating system of all your equipment up to date. These updates usually include security patches and upgrades to improve equipment performance.
- Save Money With Used Manufacturing Equipment
Sometimes you have a manufacturing need that can only be met by a new or innovative product. Most of the time, used equipment can replace an old machine in your facility. There are a lot of online exchanges for companies to find used manufacturing equipment.
From surplus semiconductor equipment to packaging systems, you can save 30%-70% when you buy previously owned equipment.
- Improve Customer Experience
Upgrading your plant’s equipment can improve efficiency and lower costs. It can also help to improve quality and deliverability. All of these things work together to enhance your return on investment.
But these are also things that drive the customer experience. Better quality and on-time delivery generate customer loyalty long-term. Lowered costs attract new customers. Upgrading your manufacturing equipment is a win in every category.
Create More Opportunities for Success
Upgrading your manufacturing equipment will enhance your company’s top line and bottom line. Heavy equipment and die cutter manufacturers have made great strides in creating more energy-efficient and environmentally responsible machinery. And new equipment upgrades give employees a greater sense of job satisfaction.
New equipment upgrades can also help you recruit and retain top talent.
To learn more about ways to improve your business, continue exploring our site. You’ll find articles on technological advancements, health and safety tips for employees, and a wide range of advice on making your company a success.