downtimecollectionsolutions

Equipment downtime is a major pain point for just about every industry you can think of. It doesn't matter if you're in textiles, pharmaceuticals, metal, or something else entirely - keeping machines running is always a top priority. While everyone knows that there is an almost immediate cost associated with instances of unplanned downtime, there's also long-term damage that is absolutely worth a closer look. The Real Costs of Machine Downtime: An Overview When it comes to understanding the true financial impact of machine downtime, it's important to separate things into two categories: the literal cost and the larger, often hidden one. Calculating the literal cost is easy - you simply take the total minute soft downtime you experienced, multiply it by the cost per minute, and you get your number. According to one recent study , for larger businesses the cost of unplanned downtime averages out to about $9,000 per minute. The larger cost is influenced by those factors th...

It doesn't matter what type of industry you're operating in - customer loyalty is one of the most invaluable assets you have. This is particularly true in a field like manufacturing, however, where you're surrounded by competitors with new ones cropping up all the time. Once people find a solution that "just works," they tend to stick with it. Not only is a satisfied customer more likely to turn into a repeat customer, but people are also willing to spend more money   as that loyalty level increases. This also speaks to the negative ripple effect that occurs when you're constantly dealing with unplanned, unpredictable equipment downtime. If you can't rely on your own machines to produce quality parts on a regular schedule with no stop time or production issues, how can customers depend on your business? This is why, if you haven't already begun your own equipment downtime tracking process, now would be an excellent time to start. The Real Cost (and Ben...