What to do when an essential machine part or any equipment has broken down? Whenever an essential piece of equipment has some issues with its functioning, it directly affects your manufacturing productivity. And, of course, your bottom line suffers too. Your team needs to search for a quick, budget-friendly, and effective solution in similar situations. Here, the most crucial question arises- if one should opt for replacing or repairing the equipment?
Often manufacturers choose to repair equipment rather than replacing it with a new one because of the budget factor. But, the costs of repairing frequent breakdowns, unmet productivity, defective output, etc., can sometimes be more than the cost of replacing the equipment. Mitsubishi replacement parts can prove to be the best choice in case you choose to replace them.
Leaving your decisions to guesswork can result in a costly and dangerous approach. So, you should have a list of factors that can help you direct which way your ship should sail. And we got you that list:
- Data-Driven Decisions
Your only concern should be getting your production back online as quickly as possible. The reactive decision you will make may work out temporarily but can cause trouble in the long run.
In addition to the apparent replacement cost of a new piece of equipment, there are other several factors too that you should take into consideration while deciding between getting the equipment repaired or replaced like:
- Ongoing maintenance can cost over the remaining equipment’s life
- Costs incurred by the equipment downtime
- The impact any repair would do on productivity and quality of the equipment
- Health, safety, and environmental costs that may come with equipment breakdown
- Training and buying costs for a new piece of equipment
- Disposal and installation costs
With these many factors to consider, it is clear that you should not make this decision without the proper data analysis.
- Analyze the Costs
You should always think long-term while analyzing the costs of repairing or replacing equipment or parts of any equipment. For a new piece of equipment, consider:
- The cost of purchasing it
- Its service life
- Operating costs
- Potential salvage value
- Any revenue increase it may bring in the future.
- Its remaining service life
- Operating costs and market value
- Future salvage rate for an old piece of equipment
By calculating these figures, you can determine an annual average cost for each option so that it will be easy to compare. Mitsubishi replacement parts and Mitsubishi machine parts are the best options you can choose for the cost-friendly and efficient replacement of machine parts.
- Consider the Age of Equipment
Equipment does not age with grace like humans. The older your machinery gets the more extensive repairs it will demand. This translates to higher maintenance costs. Also, as you continue to repair, the machine may perform less and less as per your repair investment. After which, you might want to consider replacing an old malfunctioning piece of equipment with a technologically advanced new model. Probably the one that gives you better efficiency in the long run.
- Consider Downtime
The impact of downtime on productivity while the asset is under repair is a significant factor to observe. If it takes numerous days to get repaired, and if this happens frequently, you know you have lost several hours of productivity. And it is undoubtedly not acceptable. Consider this factor while deciding if you want to get the equipment repaired or replaced.
- Consider the Cost of Repairs
While calculating the cost of repairs, you should also consider how often you will be paying those costs for repairs? Because you don’t want to continue repairing the same equipment several times a year, right? For this, you can look for asset repair events that provide information on the number and frequency of breakdown events and the repairs’ costs.
- Consider Safety
Often the older equipment causes injury to workers in case of malfunctioning. Even if you opt for up-to-date maintenance, equipment or certain parts of equipment tend to function down as it ages. Also, inspect your machinery before you make any decision. This will help you to determine if your current equipment can continue to provide a safe environment to your workers or need a replacement. If it meets safety standards, it is only worth comparing to the costs of a replacement versus repair.
- Consider Efficiency
It is always smart to think of the long run. Questions like, ‘How efficiently is your equipment working now?’ ‘Will a simple repair give the efficiency of the level you want?’ ‘Would a new piece of equipment with newer features that uses less fuel, and breaks down less frequently be a better choice for your efficiency?’ are must-ask for calculating the efficiency that a repair or replacement can give you.
Replacements can be costly but efficient too, and that is what matters in the long run. Repairing costs less, but it doesn’t make sense if you need frequent repairs, right? We hope your ship now knows which direction is meant for it to sail. Whichever way it is, Mitsubishi machine parts can provide you with the best services for both.