9 Tips for the Right Equipment Purchase

Purchase of the right equipment from the best rental equipment in California can add value to your processes, enhance your productivity and capacity to innovate. However, to avail of those results from major capital investment, you require an investment plan to address both your short- and long-term needs. Apart from saving time and resources, you can avoid expensive quick fixes too. 

 

The following nine tips will help you do the right equipment purchase from any provider of power tools online in California. 

 

1. Estimate the Position of your Business 

 

Ask yourself the following? 

• Are you seeking to boost productivity? 

• Will the new equipment assure more success in the market? 

• Will it help you stay competitive? 

• Is it feasible to upgrade rather than purchasing new equipment? 

Have answers to these questions before the purchase. Don’t be influenced by aggressive marketing campaigns making unrealistic claims. 

 

2. Avail an External Viewpoint 

 

Depending on the investment scale, an external consultant could be a better option. He can ensure you utilize the most of your purchase by facilitating you assess your needs. 

The commonest practice is to perform a cost-benefit analysis, to justify your purchase and ascertain the pros and cons. 

For manufacturing, apply an asset utilization ratio, to measure your ability to avail optimal results from equipment and other assets. More efficient equipment will offer better results. 

 

3. Invest in Digital Technologies 

 

A recent survey found that companies who embraced digital technologies reaped better rewards, including higher productivity, lower operating costs, and superior product quality. 

Cost savings come from: 

• monitoring real-time production and quality control to minimize waste and rework 

• predictive maintenance to avoid costly repairs and unplanned downtime 

• higher automation to prevent labor costs and boost throughput 

• application of 3-D printers to attain faster prototyping, minimizing the cost of engineering and speed-up time to market 

Better quality derives from technologies like real-time quality controls. 

 

4. Frame a Technology Roadmap 

 

Instead of isolated purchases, focus on the overall requirements of the trade and plan for the long term. Here, a technology roadmap, as a planning tool can help. It helps you comprehend your present technological systems, set technology development priorities, and offer a timeframe to implement new systems by mapping out your processes. 

A process is a series of activities or operations that should happen in a certain sequence for value creation for the customer via a product or service. Few examples of processes are: 

• Billing 

• Manufacturing 

• Receiving and shipping merchandise 

This exercise will help you observe what’s doing well and what’s not. 

 

5. Check All Suppliers 

 

The Internet provides you access to many specialized equipment companies. Take your time to browse. Don't consider price only for your supplier decision. Take into consideration parameters like post-sales service and a supplier's goodwill, and get references. As a loyal customer, you can seek better warranties or an extended customer service plan. 

 

6. Remember to Train 

 

Many employers don't consider the time, money, and resources needed to train employees on new equipment. The production gets hampered if employees consume too much time to adapt to new technology or processes. 

For new equipment or new features, employees will face a learning curve. You must block off time for training employees if you want your operations can run at capacity. 

 

7. Decide if you Prefer Purchasing or Leasing 

  

Purchasing lets you own the equipment once the transaction is done. Your company decreases the cost over the lifespan of the equipment. You may get financing for more than the purchase price.  

Leasing or renting may be suitable for equipment that becomes obsolete faster or is required for a certain project. Renting can make your payments lesser than they would be if you bought the equipment.  

 

8. Give Priority to Safety 

 

A healthy and safe work environment suggests your employees and your company to be more productive, and this rule is applicable for your equipment and technology purchases too. 

Your suppliers sell you equipment that can be used safely, but it’s your responsibility to ensure that your employees adhere to safety protocols. 

 

9. Maintain it Green 

 

While buying equipment or technology, ensure that it's energy-efficient. Not only can you save money, but also contribute to the health of the planet. Consider the environmental impact of your new equipment and find a way to dispose of your existing equipment in a process that reduces its impact on the environment. 

The best equipment rental companies in California have all the necessary equipment that you may need. But what you require is very important and to what extent. You can’t choose an equipment rental company just for the sake of purchasing it. Rather, it should enable you to increase your productivity.