How Much Money You Are Wasting Every Year By Not Tracking The Cost Of Your Gym Equipment?
December 10, 2022
Your most expensive purchase is gym equipment, so if you aren’t getting real value out of it then your gym could be one of hundreds predicted to fail this year. Orbit4 will tell you the best time to trade-in and buy new based on its intelligence-led data and tech.
Daniel Jones, CEO of Orbit4, said: “There are gym operators ignoring vital equipment data which just isn’t viable at time when we all need to make every penny count.
“We’re proud of how much Orbit4 is supporting our industry but this year it’s gone from being just a great idea to a life-saver for our industry.”
Orbit4 won’t just telltell you the best time to trade-in and buy. It is also the worlds’ first digital ecosystem that fully automates the entire commercial fitness equipment journey.
For the first time ever, gym operators can use a bespoke asset management system that also automates procurement processes for the future – all data driven via historic asset behaviour and cost of ownership.
What Is Total Cost Of Ownership?
Total cost of ownership is the purchase price plus the amount you spend to maintain and service that commodity. In many industries, we track cost of ownership via digital systems so we can make the right decision to maximise the residual value and replace for new at the right time. In the automotive sector, this process has been sophisticated for many years.
Most gym owners don’t have a digital focus on asset management. Considering fitness equipment is one of the largest capital expenses, due diligence has been poor across our sector. With Orbit4, operators will have their own asset management portal and can make prescriptive decisions for future equipment and service contract purchases.
Don’t Go Over Budget!
Owners and management can allocate a ‘cap spend’ for each product category – i.e. Treadmillsspend cap could be £1750.
When service and repair tickets are generated and completed over the lifespan of the assets, cost is attributed to each asset and eats into the ‘cap spend’ and products eventually hit ‘maturity’. At this point, operators are alerted and presented with automated fitness equipment quotes, finance options and instant trade-in valuation via the Orbit4 connected procurement system.
Visit www.orbit4.org or contact daniel@orbit4.org to find out how you can instantly connect to your incumbent service provider to submit service tickets via the Orbit4 iOS and Android smartphone apps along with a load of other smart features that you can only get with Orbit4.