How To Decide Between Repair Or Replacement After Equipment Failure
Whenever you experience equipment failure in business, there is a huge impact on the productivity as well as savings for the month. All the managers working in the firm try to find out easy and effective ways to solve the problem and bring back the machinery to running as soon as possible. The challenging part for them comes when they are asked to decide whether they should get the equipment repaired or simply replaced with a new one.
Since getting the machine replaced involved a whole lot of money, most of the managers prefer to get the machine repaired. However, if they continue to only repair, it will add to the overall costing of the business as the breakdowns would continue to happen with the defective machine. In addition to this, there will be a drop in productivity as well. So, what to do in these conditions? Repair or replace? If you too wonder these questions often, you have definitely landed in the right place.
Remember that you must not simply keep guessing or keep taking risks by randomly replacing or getting it repaired. It has to be a very mature and balanced decision after taking the majority of the aspects under consideration. To understand this further, let us analyze a few factors that we must review before making this decision in business.
Factors to analyze
Some of the important points that you must think about before finalizing on how to fix the equipment failure include-
- Study the costs: make sure that you analyze all the costs that would be involved in the process. Remember that the priority here is to ensure that longevity of the equipment, for which spending some extra money must not be a problem.
- How old the equipment is: Be sure of the age of the machine that has broken down. If it is not too old and has minor defects, prefer repairing, and in case it is old enough and has been repaired multiple times in the past, then consider replacing.
- Downtime: No matter you are replacing or repairing, being aware of the downtime involved for that period of time is really important. Remember that you have to keep your employees engaged for that time and also have to speed up the products to meet the deadlines.
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