Proactive Maintenance Promotes Uptime, Profits
According to a study by Markets N Research, MRO budgets will grow from $701 billion in 2021 to $897 billion by 2028.
MRO, or Maintenance, Repair, and Operations, covers supply chain management, industrial machine upkeep, technology advancement, artificial intelligence, the Internet of Things, and preventative maintenance solutions.
BinMaster sensors and inventory management software bring technology improvements with a quick return on investment. Besides replacement parts, companies are able to budget for future needs—including inventory management systems for new bin, tank, or silo installations.
“It’s a good idea to check in with us at the end of the year,” said Nathan Grube, BinMaster. “We’ll look at ways to get ahead of supply chain delays and review how to be strategic with your bulk material management.”
Optimizing Year-End Spend
Manufacturing is projected to be the fastest-growing MRO segment due to increased spending on Industry 4.0 and digitization. Spending often results in a significant return on investment through improved supply chain management, boosted productivity, and lower operating costs.
Grube said recent customers with tank, bin, and silo-level sensors have been considering MRO spending earlier in the year.
“People realize the importance of a tight bulk inventory system, especially with supply demand and shortages in the past few years," Grube added. "Our customers want resilience. They want to lower the risk of production stoppages. Nowadays, that's more important than just-in-time spending philosophies.”
According to Supply Chain 24/7, manufacturers who traditionally focused on lean principles have experienced supply shortages, especially in the past two years. They said risk-averse MRO strategies help ensure a continuous supply of bulk materials and availability of parts.
Advantages of Strategic MRO Spending
Better efficiency
Lowered costs
Competitive advantage
Reduced inventory expenses
Improved productivity planning
Lower repair costs and delays
Reduced transportation expenses
Increased capital efficiency
Return on investment from improved service