Maximizing the value of your instruments and equipment in a weakening economy
By Matt Kinsora and Keith Martinko
Thermo Fisher Scientific
As the global economic situation continues to weaken, capital equipment budgets for the upcoming year are tighter than ever before. Making smarter acquisition decisions and maximizing the value of your existing instruments and equipment can help stretch your budget further than you think. A careful value analysis of each asset in your laboratory will expose opportunities where you can tighten your belt in 2009. Here are a few ideas on where to look to find some of these cost savings.
Surplus and Idle Instruments and Equipment
Before investing capital in a new instrument or equipment purchase, take a close look within your organization to determine whether any idle or surplus instruments exist that meet your specific project requirements. Redeployment of an existing company asset to your laboratory is an excellent way to save on capital expenditures. If your project is on a fast track, redeployment of an existing asset can help kick-start your timeline since gaining access to existing technology is faster than the purchase and delivery of a new instrument. With this in mind, does redeployment make sense and can it be successful for your laboratory? You should consider these questions:
- Are idle and surplus assets easily visible within your organization or do you exert significant time and effort into finding them?
- Does the instrument or equipment have documented performance specifications (e.g. sensitivity, technique, sample throughput) necessary to meet your project requirements?
- Does the asset have a service history with key performance metrics such as Mean Time Between Failure (MTBF) available to allow you to determine its reliability for your application?
- Are there parts and service available to support the instrument or equipment during the lifecycle of your project?
- Is there a process in-place for quick approval of a redeployment request?
- If the instrument is located at a different facility, what are the logistical costs (e.g., decommission, shipping, installation, verification) with redeploying the asset to your location?
Visibility into your organization’s idle and surplus assets, documented history on previous asset performance and an established enterprise-wide process for redeployment are the most important factors to ensure success. Some organizations have systems in place to manage their idle and surplus assets while others have no handle on the inventory they have. Take time and talk with your facilities manager to determine what process you have at your organization to work with or consult with an asset and service management expert about the tools you need to make redeployment a workable option for your laboratory.
New Instrument or Equipment Acquisition
If acquisition of an instrument or piece of equipment is your preferred option, it is imperative that you look at total cost of ownership when planning your new purchase. When capital budgets are restricted, it is easy to buy based on price alone without considering all of the direct and indirect costs associated with owning a new capital asset. Here are a few issues to keep in mind as you examine potential suppliers:
- If you place the order today, how long will it take for the supplier to deliver, and does this fit into your project timeline?
- Are there any logistic changes you need to make in your laboratory (e.g. space, power requirements), and what are the costs associated with these?
- Are installation and initial qualification services included in the purchase price?
- Are there special financing opportunities available such as volume discounts, leasing or rental, and what are the costs associated with each of them? Does the supplier offer a trade-in program for outdated instruments?
- Will your laboratory personnel require any initial or ongoing training or education to operate the equipment, and what are the costs associated with this?
- What are the costs of the chemicals, reagents and consumables required for continued operation of the instrument?
- What initial warranty is provided, and what are the long-term costs (e.g., service contracts, preventative maintenance, parts) associated with servicing the instrument or equipment? Can the supplier provide key metric information such as Mean Time Between Failure (MTBF) and uptime so that you can gauge the reliability of their product?
Careful consideration of the factors that relate to total cost of ownership will help you make smarter acquisition decisions based on overall value, and not solely on initial purchase price.
Focused Service and Preventative Maintenance
Properly maintaining your existing instruments and equipment is the single most effective way to save costs and stretch your budget for the upcoming year. Review each asset to make sure it has the proper entitlements and service method associated with it based on its criticality within your laboratory. In addition, make sure you have a preventative maintenance program in place to help reduce the instrument and equipment downtime costs that result when emergency corrective events take place.
A quick examination into each of these areas within your laboratory will undoubtedly expose some obvious cost savings for 2009. However, a sustained approach to making smarter acquisition decisions and maximizing the value of your existing instruments and equipment will help your organization weather the short-term economic storm and position you for long-term productivity and growth.
0 Items 
