MARKET PLACE DYNAMICS

Every single day new technologies and equipment are being introduced into the marketplace. These technologies and equipment eventually make it to our workplaces. It is important to fully understand these new tools before beginning work. Often new tasks and equipment are a source for injury on the job.

NEW EQUIPMENT/PRACTICES AND PROTOCOLS

Here are basic guidelines of what needs to happen before a new piece of equipment or process is put into place.

1. Involve a subject matter expert (SME). This person can be a rep from the supplier, someone who is familiar with the process within your company, or a consultant. Regardless of who it is, involving someone with the expertise on the new equipment before the decision is made to purchase or use it is crucial. Involving the SME before the equipment is purchased better ensures that all aspects of bringing in the new equipment have been thought of and if it will actually fits the needs of what it being brought into the workplace for.
2. Review all the relevant paperwork for the piece of equipment. Documentation such as the operator’s manual, safety guidelines, and technical sheet should be reviewed by everyone involved in the process. From this material and guidance from the subject matter expert, company specific job hazard analysis, job safety analysis, and/or standard operating procedures should be created.
3. Ensure that all of the other necessary resources in place to safely operate the equipment. Some other resources that could be needed is: additional training, other tools, other emergency equipment, maintenance equipment, additional personnel, more time to complete the task, shutdown schedules, etc. The list goes on and on depending how complex the new equipment is. The subject matter expert along with the other personnel involved in this process should be able to foresee these other needs and communicate them to the management during the onboarding process.

BENEFITS FOR BUSINESS TO BUY NEW EQUIPMENT

Meet Changing Business Needs

Investing in new equipment, as well as leading-edge technologies, enables businesses to be more agile and responsive as business needs change. It also better positions them to meet the changing preferences and requirements of customers and end users. For some small businesses, new equipment also enables them to reach new customers and markets, and offer new products and services.

Increase Efficiencies and Productivity

Investing in equipment that enables employees to work faster and reduces manual and repetitive tasks, can increase both efficiencies and overall productivity. The same applies to any new equipment that does more of what is needed, faster, safer, with better quality but with less waste, less maintenance, less resource usage, and less human interaction.

Workplace safety also encompasses more than the physical safety of employees. Outdated equipment, including computers and servers, can leave companies at greater risk of theft, damage, security breaches, and cybercrime.

Take Ownership

Some companies choose to lease rather than buy new equipment. Among the disadvantages to this option is that companies are at the mercy of the leasing company. They’re unable to make updates or changes to the equipment when needed unless the leasing company allows for it. They may have to wait on the leasing company to provide needed maintenance.

When a business purchases its’ own equipment, it can make modifications when necessary. The equipment can be sold if it outlives its service to the business, and the business also doesn’t have to abide by a leasing company’s rules. Additionally, there are tax advantages that come with ownership.

Remain Competitive

Businesses that choose to delay or avoid acquiring new equipment risk losing customers and contracts to competitors that do make the investments. New technology equipment can ease customers’ mind about data safety, while new industrial equipment can attract a customer due to increased speed or a wider range of capabilities.

It’s not just a matter of customer perception or a company’s reputation. Depending on the industry and company type, the lack of new equipment can make it difficult, if not impossible, to take on new work and provide the new products and services requested.

Pros and Cons

Investing in new equipment is a major undertaking for companies of all sizes. It can be especially precarious for small businesses. Before making any purchase decisions, businesses should assess their business needs and resources, and then review their options.

Leasing new equipment may be the right choice for some companies, while others may be able to hold off on doing anything with their equipment for a period of time. Others may find that making repairs or upgrades to existing equipment will suffice. Still others may opt to buy used equipment.

For those companies that do decide that buying new equipment is the way to go, there are still numerous decisions to be made. Equipment capabilities, lifespan, warranties, maintenance needs, and other factors also must be considered.

FINAL WORD

There are almost always secondary considerations that are not thought of when bringing in new equipment. Creating a thorough process for bringing in new equipment is a proactive approach that benefits everyone involved in many ways. The proper process will not only help to ensure injuries are prevented, but can also help to avoid costly mistakes from an operational standpoint.