Extending the lifespan of your assets can greatly reduce costs
Using UpKeep, customers such as Unilever and Rehrig manufacturing have seen their equipment lifespans increase by up to 11%.
Useful life is used to represent how long an asset is likely to be profitable to the business. It is used to calculate an asset’s depreciation while also helping inform maintenance and purchasing decisions. The longer the asset’s useful life, the lower its depreciation rate will be, but also the longer the company will benefit from it.
Increasing the useful life can have large capital impacts on a business, allowing capital to be reinvested into other areas of a business.