How much money are you wasting by not tracking the cost of your gym equipment?
23 Sep 2022
/ Orbit4
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 – Daniel Jones
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.
Fitness equipment manufacturer and supplier Panatta is headed to Dubai later this year to
attend three of the Middle East's most important fitness industry trade events.
In today's competitive business landscape, fitness enterprises seek exceptional member
experiences and a competitive edge. ABC Trainerize for Enterprise is a groundbreaking digital
platform designed to revolutionise member engagement and drive revenue growth across all
fitness business scales.
In the UK, aspiring fitness professionals often find themselves deliberating between the
Level 2 Gym Instructor course and the Level 3 Personal Training course.
Panatta’s Super Peck Back is a globally unique dual-function, disc-loading machine that
enables adduction and abduction movements of the humerus in the transverse plane for
targeted training of the pectoralis major and posterior deltoid, respectively.
Power-assisted exercise specialist Innerva has teamed up with academics and technology
providers to launch Planet Wellbeing, a virtual reality solution designed to alleviate
loneliness and mental health issues in older adults.
The all-new Star Trac Virtual Bike is the connected fitness experience that allows members
to choose their adventure, whether they’re catching up on a recorded class, hitting a
virtual trail or pulling up their favourite video on YouTube.
Phil Heath, one of the most influential bodybuilders in the world (former Mr Olympia from
2011-2017), recently headed to Italy to pay a visit to Panatta headquarters in Apiro, Italy.
Gym equipment is a vital investment that requires routine maintenance and regular repairs.
The most used and often overlooked pieces of equipment at the gym are the pads on strength
machines and benches.
How much money are you wasting by not tracking the cost of your gym equipment?
23 Sep 2022
/ Orbit4
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 – Daniel Jones
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.
Power-assisted exercise specialist Innerva has teamed up with academics and technology
providers to launch Planet Wellbeing, a virtual reality solution designed to alleviate
loneliness and mental health issues in older adults.
Phil Heath, one of the most influential bodybuilders in the world (former Mr Olympia from
2011-2017), recently headed to Italy to pay a visit to Panatta headquarters in Apiro, Italy.
Brawn, the only connected community lifting app designed for lifters and strength trainers
within a gym facility, is looking for forward-thinking gyms to join its innovation programme
called BETA 200.
During the pandemic, people invested in home workout equipment and virtual training
subscriptions to stay fit. Skip to the present day, and many people want to maintain their
healthy lifestyles without returning to the gym or studio.
Hotel technology company Journey Hospitality has acquired Premier Software – a UK-based spa,
leisure and wellness management software business – to boost spa services within hotel e-
commerce.
Core Health & Fitness, an industry leader in commercial fitness products, has launched the
Stairmaster 4G – the first StairMaster StepMill designed for the vertical market.
Body Bike and Gym 80 have launched a range of co-branded bikes which are available in four
different models and price points: Classic, Supreme, Connect and Smart+.
Spivi, an industry leader in interactive displays, leaderboards, gamification and
performance tracking for gyms and fitness facilities, has released a new update to its
platform.
HITIO Gym, which has experienced major success in Scandinavia, entered the UK market in 2022
with two franchisee clubs opening in Orpington and Hoxton.
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