Sustainability and achieving improvements in climate change are competitive issues for businesses in every sector, including engineering. As competitors adapt their processes to environmentally friendly methods, finding the best route for your business is essential. But just how much do the benefits outweigh the cost?
Improves efficiency & reduces costs
Sustainability, especially in the engineering sector, can have plenty of cost-saving benefits for your business.
Pieter du Plessis, Group Product Engineer at Welding Alloys, experts in hardfacing, says: “In the engineering sector, sustainability is deeply linked to the lifecycle management of industrial assets. By extending the operational life of critical components through advanced wear protection and maintenance solutions, companies can significantly reduce the environmental impact of manufacturing processes. This approach not only contributes to sustainability goals but also offers substantial cost benefits, as it minimises the need for frequent replacements and reduces downtime. It also leads to a decrease in energy consumption, as equipment operates in optimal condition, as well as lower overall operational costs over time.”
“By leveraging advanced consumables and precision equipment, we not only improve operational efficiency but also contribute to the broader goal of sustainability in industrial practices.”
One way your company can see long-term financial benefits in this area is through improved efficiency. Through AI and big data analysis, for example, you can optimise your resource management. This improves your sustainability by better managing your waste, while also saving money on buying new resources where products can instead be recycled and used.
Although up-front costs can be a deterrent for businesses, it’s important to bear in mind that implementing action plans towards improving sustainability can result in cost-saving, long-term financial benefits.
Improving the processes you already have, including using your time and resources effectively, can help you save money on your utility bills as well. This will bring down electricity, gas, and water overheads within your business.
Commercial and industrial sectors are responsible for millions of tonnes of waste a year. By focusing some additional time on finding where you can cut down on unprofitable services and products, you can better reallocate your energy elsewhere and ensure that you’re curbing the rising utility prices.
Competitive advantage
Not only can sustainability help you cut costs, but it can also increase your profits. 41% of UK consumers say purchasing eco-friendly products is ‘very important’ to them, with a further 22.8% admitting it is ‘extremely’ important.
With this demand in the market, you must stay ahead of the curve and offer your customers more sustainable ways to use their favourite products and services. Failing to do so could result in your competitors gaining the advantage.
Take Welding Alloys’ ROBODUR F 600-G seamless tubular wire. This advanced hardfacing solution provides those in the engineering sector with a product that is designed with a unique copper-free coating that generates less harmful waste during production. The wire’s deposition rate is also increased by up to 20% when compared to solid wire.
Regulation compliance
Regulation compliance is another area where avoiding detrimental costs is important. Failing to comply with your regulations can cost the company in fines and fees, which can also damage your reputation. This can then cause issues with gaining new contracts and projects with clients and prospects, ultimately losing you more money in the long run.
While sustainability is an investment upfront, it is worth undergoing. Businesses are now under more pressure than ever to comply with climate change demands from the government and customers. Ensuring that you’re spending the time to focus on your own practices now can help you cut costs and prepare for the future.
Pieter du Plessis summarises: “It is natural to be hesitant about these changes, especially with a lack of information around the expenses associated with sustainability. But building a long-term strategy for your environmental approach can, in fact, significantly help reduce costs across your business.”
