Critical End-of-Life Component Management
When the original component manufacturer chooses to discontinue a product, they typically offer a last-time-buy. Customers often do not have the capital to either fund these purchases or buy the necessary amounts. Likewise, many customers lack the storage facilities to support future requirements.
Most industries will face component obsolescence at some point, which comes with a long list of challenges. While machine downtime and lost revenue are high on that list, health, and public safety are also of great concern. To avoid these risks, it’s important for businesses to safely prepare for obsolescence.
Companies that are not prepared become vulnerable to counterfeits, as well as quality and reliability issues.