Published By: Concur ENT
Published Date: Nov 07, 2017
When travel, expense and invoice management are disconnected, your business can only see a snapshot of spending. If you only plan to improve one area – perhaps expense, leaving travel and invoice behind – discrepancies between processes will begin to show. Only by embracing connected spend management can you save your employees and your business time and money both now and in the future.
While simple fixes may cost a few thousand dollars, lost revenue from equipment failures can run into the millions of dollars in lost productivity and replacement costs. There can be longer-term impacts, too, if the downtime inhibits a manufacturer’s ability to meet customer needs.
That’s why it is important for companies to think about lubrication and equipment maintenance holistically, recognizing that short term cost savings may be leading to bigger, preventable expenses over the long term.
Cheaper oil, for example, may save money initially, but it requires more frequent changes and provides less protection to the equipment, which could shorten component life. For many companies, the short-term savings simply aren’t worth the longterm cost risk. “Some companies don’t realize that they may be able to reduce their overall maintenance costs significantly by spending more up front on better quality lubricants,” Saffell says. “Their equipment may last longer and they are likely to see