Malfunctions on the 'Cold-Side' and Optimized Provider Performance Among Key Findings in Annual State of Repairs Report
- Wall St rises as jobless claims fall; Cigna weighs on healthcare stocks
- Moderna (MRNA) Tops Q2 Street Estimates, Nabs $4.2 Billion from 199 Million Sold Vaccines That Yielded 93% Efficacy Through Six Months
- Oil rises over 1% as Mideast tensions face virus concerns
- Penn National Gaming (PENN) 'Scores' with $2 Billion Deal to Acquire theScore (SCR), Seen as 'Highly Strategic'
- Uber (UBER) Beats Estimates As Higher Labor Spend Drags on Profitability, Analysts Lower PTs but Remain Bullish
Aggregated data from 86 Repairs accentuates pain points, trends, and gaps in restaurant equipment repair and maintenance; plus how to curtail costs
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
CHICAGO, June 16, 2021 /PRNewswire/ -- 86 Repairs—an innovative platform that automates equipment repair and maintenance for restaurants—today released its annual State of Repairs Report, a comprehensive look at industry-wide trends and data-backed insights pulled directly from a sample of more than 500 customer locations and their service history throughout the 2020 calendar year.
From manufacturer reliability and service provider performance to top equipment incidents and average cost per service, the report details never-before-seen insights to help restaurant operators take actionable steps for strategic R&M planning.
"Equipment repairs and maintenance cost the restaurant industry $26 billion annually. It's a huge line item on the P&L that can be controlled," said Daniel Estrada, co-founder and CEO of 86 Repairs. "By taking a holistic look at repair trends and spending, we can make smart recommendations for operators on how to manage their equipment, proactively approach maintenance, and save time and money on repairs."
Highlights from the State of Repairs Report include:
- Top 10 Incident Requests by Equipment Type: 31.88% of all incidents fall under the cold-side category. A sample of requests from August 2020 included:
- HVAC - 19.51%
- Plumbing - 17.53%
- Cold-Side Infrastructure - 9.88%
- Walk-In Cooler - 9.88%
- Handywork - 8.89%
- Gas Fryer - 8.64%
- Electrical - 8.40%
- Ice Maker - 6.17%
- Prep Table - 5.93%
- Reach-In Refrigerator - 5.19%
- Chill Out: No matter the restaurant type, cold-side service repairs were common and costly, with the average incident running $765.50. Markets affect costs: Florida ($678.47); Illinois ($844.01); Texas ($1,051.00); North Carolina ($746.41).
- Performance Matters: There was a significant difference in the Mean Time to Resolution (MTTR) between the best and worst-performing service providers. MTTR is a key indicator for evaluating the quality of a service provider—the shorter the MTTR, the shorter an operator's downtime. Top 25% performers respond 6% faster, cost 13% less, and solve an incident 222% faster.
- Cost Savings: Between hard costs and time, the sample set saved a total of $949,859.57 utilizing 86 Repairs. The importance of tracking repairs was underscored by the fact that during COVID-19, when restaurants had to cut back on nearly everything, they still kept their contracts with 86 Repairs as a proven cost-savings tool.
- Prevention is Key: If it isn't broken, eventually you're going to have to fix it. Investing in a preventative maintenance program will skip the hassle of expensive last-minute breakdowns and reduce operating costs associated with reactive, in-time repairs. A solid program can save up to 30% on energy costs alone.
"Broken refrigerators and ice machines are going to happen. It's the cost of doing business. Having actionable knowledge of when, why, and how to fix or replace equipment gives restaurants a leg up," added Estrada. "Operators are already leaning into technology and automation to streamline the rest of their business. Our data can help them be more effective when it comes to managing and paying for their equipment—directly affecting their bottom-line."
For more insights and to download a complete copy of the State of Repairs Report, visit https://www.86repairs.com/state-of-repairs-2021.
About 86 Repairs86 Repairs is an innovative platform that automates end-to-end equipment repair and maintenance for restaurants and provides actionable insights to improve back-of-house operations. Since its launch in 2018, 86 Repairs has partnered with hundreds of customers, saving them an aggregate of $2.1 million and counting. The company's repair and maintenance solution is used by growing, multi-unit restaurant groups including: Castellucci Hospitality Group, 4 Rivers Smokehouse, Peas and Carrots Hospitality, and brands like McDonald's, Jimmy John's, Sonic Drive-Ins, and many others. Learn more at https://www.86repairs.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/malfunctions-on-the-cold-side-and-optimized-provider-performance-among-key-findings-in-annual-state-of-repairs-report-301313987.html
SOURCE 86 Repairs
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Centric Financial Corporation Announces Second Quarter 2021 Earnings
- Assisted 4 Living, Inc. Names Healthcare Industry Veteran, Louis Collier, as Chief Executive Officer
- ThermoGenesis Holdings to Announce Financial Results for the Second Quarter Ended June 30, 2021 and Provide a Corporate Strategic Update
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!