SKF president and CEO Tom Johnstone announced September 23 that SKF has documented more than US$2 billion saved by its customers as a result of using SKF solutions. This data was collected over a 10-year period with the close cooperation of customers and the use of a patented SKF program, SKF Documented Solutions Program.

“SKF is able to combine its vast industry knowledge, products and services to provide solutions that deliver value to our customers. This value can be measured and agreed to by our customers. For the past 10 years, we have done just that,” says Vartan Vartanian, SKF Service Division president.

Based on experience from working with 19,000 cases around the world, SKF first developed the SKF Documented Solutions Program to help its customers predict the annual net cost savings they could realize by using SKF products and services. Because of the large quantity of data that has been collected, SKF is in a unique position to be able to quickly and accurately project and then measure the total cost of ownership on specific initiatives.

Total cost reductions are shown in areas such as reducing energy, lubrication, inventory, warranty costs, manpower, machine life, reliability, output and quality.

SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has 15,000 distributor locations worldwide. Annual sales in 2009 were SEK 56,227 million and the number of employees was 41,172.