During times of economic recession and overall downturn, business organizations face difficult decisions. Cutting back expenses to keep a business afloat might mean laying off employees, reducing spend in less critical areas, and saving in any way possible.
The economic crisis created by the COVID-19 pandemic has driven many organizations into making these tough decisions.
Instead of investing in new equipment, many organizations turn to refurbished and reused parts during these times. After market equipment sometimes becomes the new go-to for industrial organizations.
Just like with OEM tools and machines, marking aftermarket equipment with metal tags provides a long-lasting method for tracking and identification.
For organizations that are in need of a new machine or tool, economic downturn couldn’t hit at a worse time. Sometimes a company has to take the plunge on investing in a machine even when the current outlook for the industry may not be positive.
One of the solutions that organizations have found is sourcing used or refurbished equipment instead of new. Similarly to consumer products, one of the best ways to save a few pennies is by purchasing used instead of new.
Refurbished equipment is often just as functional as new devices, with a typically reduced price tag.
This can help organizations still get the equipment they need without putting them at an even bigger financial strain during a challenging time.
Reuse/Repair Existing Equipment
While purchasing a used tool or machine might seem like a great choice for many, some companies cannot even afford to do that. Many organizations look to repair and reuse their existing equipment instead of risking a major investment.
During economic crises, repair services often boom as there is a major surge in demand. Both consumers and businesses alike flock to these providers to fix their existing products.
Repairing a machine a firm already has on their balance sheet typically holds less of a financial burden. The biggest downside to this option however, is that it may take a significant amount of time in order for a repair to be completed.
With many companies reaching out to service shops, the supply of repair people may be stretched thin. Internally sourced repair work may be possible with skilled laborers.
However, replacement parts or specialty tools may still need to be sourced, and may be in short supply given the situation.
In addition to sourcing used or repairing existing equipment, economic downturns are also often great times to score a deal on an expensive machine.
Not only are companies which use equipment hurting, but equipment manufacturers are as well. When nobody is willing to invest in their machines, they cannot make any money either.
Most manufacturers will attempt to offer big discounts or bonuses in order to get their equipment out of their warehouses or factories.
Industrial organizations in a steady financial position can use this to their advantage and purchase a high quality device at a hefty discount.
Marking Aftermarket Equipment
Just like regular OEM equipment, aftermarket equipment also needs to be marked and identified.
An important goal for all organizations, staying organized is crucial to running a streamlined operation. This is equally true when facing financial and economic hardships.
Knowing exactly what assets are available to the organization helps decision makers navigate their way through the difficult choices.
Metal asset tags provide a simple but effective method for identifying and tracking an organization’s equipment.
Simply adding a serialized number or a color coded tag can help organize a bevy of machinery.
In addition, barcoded tags can be added to offer a traceable monitoring option.
If a company elects to repair or work on their existing equipment, monitoring the status of those repairs is vital.
Knowing how long a machine has been down for, or which machines have already been repaired can help make the most out of time and labor.
For example, if an organization has 20 of the same machine, spending time trying to figure out which 5 have been repaired and which still need repairs is a waste of resources.
By affixing a simple metal tag to the machines, repairs can be easily tracked in a unified manner. Either tags can be added as a machine is fixed, or a numbering system can allow for a database to be constructed with the repair status and information.
Facing tough economic times can be challenging for every organization, especially those in the industrial sector. Utilizing resources effectively and saving as much money as possible is crucial during these times.
By sourcing or repairing aftermarket equipment, industrial companies can do their best to weather the storm. Metal tags are a perfect accompanying product to help track and identify this equipment.