23 Sep 2022 How much money are you wasting by not tracking the cost of your gym equipment? Supplier: Orbit4 More Orbit4 details
Your most expensive purchase is gym equipment, so if you aren’t getting real value out of it then your business could be one of the hundreds predicted to fail this year. In order to support gyms and health clubs in this difficult economic climate, Orbit4 is helping operators by telling them 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 a 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.”
Orbit4 won’t just tell you the best time to trade in and buy, it’s also the world’s 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?
The total cost of ownership is the purchase price plus the amount you spend to maintain and service that commodity. In many industries, we track the cost of ownership via digital systems so we can make the right decision to maximise the residual value and replace it 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 – for example, treadmills' spend cap could be £1,750. When service and repair tickets are generated and completed over the lifespan of the assets, the 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.
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