How do you define “value?” Is it cost, is it safety, is it durability?
For V12, true value lies in performance as well as price. And when it comes to serving the oil and gas industry, high-quality, reliable footwear is particularly important.
Hazards such as slip risks, extreme heat and cold as well as dangerous substances are just a few of the reasons why it’s so crucial the footwear V12 delivers to the energy sector provides total value.
So, on the subject of value, we’re looking into the cost-in-use method, and how it helps companies using V12 Footwear’s safety boots to ensure their workforce never have to compromise on performance.
You do the math – what is cost-in-use?
The cost-in-use method calculates the overall or “true” value of a product by dividing the cost of the item by the estimated number of times it’ll be used. It’s an effective way of looking beyond the original cost of a product, which can sometimes be misleading.
For example, a pair of waterproof full grain leather safety boots costing £79.50 might seem a high price point, but if the wearer uses them five days a week for a year (260 days), they show an excellent cost-in-use value, because when you divide £79.50 (the cost) by 260 (the number of wears), the boots’ actual value comes out as 30p per day.
Price or performance?
V12 see a consistent link between cost and performance in testing and on the job effectiveness. In 2019 they worked with Bath University to conduct a comprehensive survey of those working in safety-critical industries. Of the 500-plus respondents, 58% said that they had to replace their safety boots at least once every 3-12 months. Interestingly, the same survey showed that nearly 50% paid less than £50 for their safety footwear.
These two data sets show the clear link between cheaper footwear and shorter life, reinforcing that inexpensive boots rarely give good value, as they need replacing so frequently.
Take a £40 pair of safety boots – they might initially seem cheap, but when the wearer has gone through three pairs in 12 months, they’ll have actually paid £120 a year – over £50 more than the “expensive” £79.50 pair still going strong.
Put simply, high price isn’t really high cost – it’s high value. And significantly, top-quality boots give a far greater level of value than a monetary one – it provides safety value.
Standing the test of time
The boots V12 produces to serve the energy sector are full to the brim with industry-specific designs and safety features, maximising value through durability.
VR620.01 AVENGER IGS
Developed with a world-renowned oil and gas company, the Avenger is packed from toe to heel with design features focused on maximising durability including a full grain leather upper, reinforced stitching and scuff cap.
E1300.01 DEFIANT IGS
Also designed in collaboration with acclaimed energy companies, Defiant –with its improved leather, water-repelling downward-facing seams and the durable rubber of the superb slip-resistant IGS sole unit – is built for long-term protection.
When does cost-in-use not work?
The cost-in-use model can be an effective method of calculating value, but it’s important to remember that other factors can often present a misleading picture.
- When a company uses temporary staff, this model becomes flawed as high-cost boots won’t be worn enough times to achieve their real value.
- It works the other way too: an insufficient budget, regardless of how good a boot’s spec is, will mean the cost-in-use approach simply won’t stack up.
- The most important factor is the product: if the buying process starts with a sub-standard boot, there is very little value – or safety – to be gained.
This last point however is never a consideration for a company who partners with V12. Its industry-leading design and innovation means its footwear delivers the highest value of safety, comfort and durability.
For more information on how V12 can find a high-value footwear solution for your workforce, contact Stuart Kyle, V12 Footwear Business Development manager for energy at stuart.kyle@v12footwear.com or tel: +44(0) 1249 651 900.