MRO budgets will grow from $701 billion in 2021 to $897 billion by 2028, according to a study by Markets N Research.
MRO, or Maintenance, Repair, and Operations, usually covers supply chain management, industrial machine upkeep, technology advancement, artificial intelligence, the Internet of Things, and preventative maintenance solutions.
BinMaster sensors and software bring technology improvements with a quick return on investment. Besides replacement parts, companies budget for future needs like an inventory management system for the tank, silo, and bin installations.
“It’s a good idea to check in with us at the end of the year,” said Nathan Grube, BinMaster Vice President Sales, Central Region. “We’ll look at ways to get ahead of supply chain delays and get strategic with your bulk material management.”
Manufacturing is projected to be the fastest-growing MRO segment due to increased spending on Industry 4.0 and digitization. Spending often results in a significant return on investment through improved supply chain management, boosted productivity, and lower operating costs.
Grube said nowadays, customers with tank, bin, and silo-level sensors consider MRO spending earlier in the year. “People realize the importance of a tight bulk inventory system, especially with supply demand and shortages in the past few years,” Grube said. “Our customers want resilience. They want to lower the risk of production stoppages. Nowadays, that is more important than just-in-time spending philosophies.”
According to Supply Chain 24/7, manufacturers who traditionally focused on lean principles have experienced supply shortages, especially in the past two years. They said MRO risk-averse strategy helps ensure a continuous supply and availability of parts that have a major impact.
Advantages of Strategic MRO Spending
• Better Efficiency
• Lowered Costs
• Competitive Advantage
• Reduce Inventory Expenses
• Improved Productivity Planning
• Lower Repair Costs and Delays
• Reduced Transportation Expenses
• Increased Capital Efficiency
• Return on Investment from Improved Service
