GENIE: Innovation through rROIC

 

 

genie

 

As a leader in the aerial equipment industry, we are always looking for ways to continue “Building the Future.” It’s more than our 50th anniversary slogan; it’s how we do business. Genie fosters a culture of innovation, both internally and externally, that solves customer needs collaboratively and holistically.

In our competitive market, it’s easy to get focused on innovations that deliver the best product from a specification standpoint. You know the mindset: Bigger is better, faster is better, etc. But, that approach doesn’t necessarily provide the best equipment solution for our customers’ needs.

Instead, at Genie we focus on understanding how to design our products so that they provide good value; a good rental return on invested capital (rROIC) for our customers. This is rooted in having a deep understanding of how rental companies do business, and the foundation of our approach to developing our next equipment innovations. Our goal with any innovation is to determine how it will benefit our customers’ rental business, and how they will improve their rROIC by owning/operating our equipment. It’s about reducing total cost of ownership, not just the acquisition cost. And, it’s about understanding how rental companies operate because companies with multiple locations nationwide make decisions differently than Mom & Pop shops do. When it comes down to it, the machines we create and manufacture at Genie have to make money for our customers, no matter the size of their business. And for the people who own these machines, they need equipment that will give them a good rROIC.

Our customers can calculate rROIC many different ways, but the simplest way to calculate it is with this equation:

rROIC = Rental Rate x Utilization ÷ Acquisition Cost

Two ways that we at Genie can influence this calculation are:

  • We develop machines with specifications targeted on providing value and that are more versatile leading to higher utilization and better returns.
  • We focus on reducing downtime by developing equipment that is easier to maintain and has fewer service intervals.

Basically, our goal is to increase opportunity for rental revenue and decrease downtime, as well as overall cost of ownership to achieve a good rROIC.

But, it goes beyond that; we also have to make sure that our customers understand how the advancements we make translate to progress toward their business goals — because innovation for innovation’s sake doesn’t make sense unless it solves our customers’ business challenges.

How do we do this? Sometimes, it’s sitting down with customers and educating them on the machine’s improvements. For example, we might ask them, “Do you realize that the cable replacement going from 8 years to 10 years has now just decreased your total cost of ownership and improved your overall rROIC?” and then go on to explain why and how.

At the end of the day, it is our job to innovate with customers in mind and demonstrate to customers how Genie equipment and services are designed to help them achieve the highest rROIC possible.

 

source: http://www.genielift.com/en/

Recent News

 
Versatile Carmix takes concrete to North Mara Gold Mine in Tanzania
    The gold mine in North Mara is situated in the north-west of Tanzania, at about 100 kilometres east of Lake Victoria and 20 kilometres south of the border with Kenya. The gold mine works an average of 8,000 tonnes of minerals a day and produced 287,188 ounces of gold in 2015. The gold
WORKERS’ MEMORIAL DAY
Workers’ Memorial Day, observed each year on April 28, honors workers killed, injured, or made ill at work. Since 1992, BLS has collected data on both nonfatal work injuries and illnesses that result in days away from work, and fatal work injuries. In 2015, the occupations with the highest number of nonfatal injuries and illnesses
TOP 15 CONSIDERATIONS FOR MAINTAINING UNDERCARRIAGE HEALTH AND PRODUCTIVITY
The undercarriage of a machine represents a significant portion of a piece of equipment’s purchase price. Proper maintenance and operation practices are critical for protecting your equipment investment. Undercarriage maintenance is critical to the overall productivity of a machine. It is the mechanism that gives tracked machines much of their power and stability. It also
Deere Adds 8-Year / 20K Hour Warranty on 944K Electric-Drive Components
John Deere is now offering a 96-month / 20,000-hour power electronic components warranty on the Deere 944K hybrid wheel loader. The warranty is retroactive to existing machines in the field and provided on new 944K loaders through October 31, 2018. The warranty includes a 96-month (eight-year) or 20,000-hour (whichever comes first) non-prorated assurance on wheel
VERMEER SILVER SERIES DRILL RODS COMPOSED OF S135 COMMON GRADE STEEL
  Vermeer’s Silver Series drill rod is composed of S135 common grade steel and is threaded in the same facility as the company’s Firestick drill rod with the same column wall thickness. The Silver Series drill rod is available in four sizes: 1.66-inch, 1.9-inch, 2.06-inch, and 2.375-inch, for use on the D7x11 through the D24x40
CHILE: Construcción regional cae 7,5% y suma dos meses con cifras en rojo
Datos de Cámara Chilena de la Construcción estimaron retroceso de 7,5% en febrero que se suma al -10% de enero. Se busca consolidar esfuerzos público-privados para enmendar el rumbo. Por primera vez desde el año 2002, cuando se comenzó a publicar el Índice de Actividad de la Construcción Regional (INACOR), la Región de Coquimbo inicia

About Us

 
In Tractopart we supply quality construction Parts and Heavy Equipment Parts with excellent discount rate for New , Used Rebuilt & Surplus parts for excavators, Wheel loader dozers, and undercarriage for all heavy equipment brands, we are locate in Miami, Fl

Contact Info

 

At Tractopart we focus on providing high quality parts at a great price. Our parts are subjected to rigorous inspection procedures that allow us to ensure product quality.


Phone: 786.219.1010
Email: sales@tractopart.com
Main Office: 3505 South Ocean Drive #204
Hollywood, FL 33019