Repairs
As much as we hope for our industrial components to last forever, the reality is that they will eventually fail. It's not always feasible or the smartest move to buy new parts, which is why maintaining a well-stocked spare part inventory is crucial. But before you make any decisions on repairing your assets, there are several important factors to consider.
- Repairing vs buying new - Before deciding on repairing your assets, it's crucial to weigh the costs of repairing versus buying new. Often, fixing what you have proves to be a better value, especially when you consider the dozens of inoperative units you may have each year. By repairing all your components, the savings can really add up. So, how much could you save? Calculate the cost difference and make an informed decision.
- Don't forget to consider the warranty - When deciding whether to repair or buy new industrial components, it's always worth checking if your part is covered under a manufacturer's or extended warranty, as this could mean free repairs. Additionally, it's important to know the remanufacturing warranty policy of the OEM, which may offer a longer repair warranty than purchasing a brand-new part. By taking advantage of a longer warranty period, you can avoid future repair expenses and ensure the longevity of your assets.
- Check turnaround times - With supply chain disruptions affecting procurement timelines, it's worth considering whether a repair service can offer a quicker turnaround than waiting for new products to become available. Check the repair options available to you and make an informed decision that ensures minimal downtime and maximum productivity for your assets.
- Beware of gray market inventory - When modernizing is not an option to support your existing production lines or when you are using legacy components that are no longer manufactured, repairing may be your only and best option. However, it is important to avoid using gray market inventory that may not be certified or have up-to-date software/firmware. Instead, opt for a quality remanufacturing service from the OEM to ensure the safe and efficient functioning of your assets.
- Reduce waste - When you prioritize repair and remanufacturing, you're not only extending the life of your industrial components but also contributing to a circular economy that reduces waste and conserves resources. According to the International Resource Panel, remanufacturing can save up to 85% of energy, water, and materials compared to new manufacturing. By keeping your assets out of landfills, reducing carbon emissions, and saving money, you can also help your company achieve its sustainability goals.