What Is Equipment Maintenance Record Keeping And How To Optimize It

equipment maintenance record keepingUnderstanding what equipment maintenance record keeping is all about

Stages of equipment maintenance management

According to a consultancy study, it was found out that up to 60% of the production costs are likely to be affected by the efficiency of maintenance programs. This number depicts how critical repair projects are to the overall productivity of your business. If you lack a robust maintenance program, you will not only fall behind in achieving your targets but also incur extra overhead costs. The ideal solution is to implement a computerized maintenance management software for your company. This software allows you to streamline equipment repair and service sessions to improve tool performance. Maintenance management involves 4 simple steps to help you carry out seamless maintenance routines:

  • Generating a request
  • Carrying out maintenance sessions
  • Recording information
  • Reporting the results

Equipment maintenance record keeping

Once you deploy a maintenance software for your company, you will be able to carry out these tasks effortlessly. The correct equipment repair practices involve storing all essential data for future reference. This includes details like vendor contacts, costs, and depreciation rates. Once you have all this data, you can use it to optimize your business performance in the long-run.repair and maintenance revenue

Source: Statista

Here are a few ways you can maintain your equipment to boost up efficiency:

1. Monitor tool custodianship through check-ins and checkouts

Every firm invests a large amount of capital in its equipment. High-quality tools and machines tend to break down less and function longer. But that doesn’t mean you don’t rigorously monitor their usage. One way to do this is to track when and where your equipment is being used. This can be easily done through equipment maintenance record keeping by tagging all your tools. What this basically does is link your official inventory to an online software. This software is a single access point of information for everyone in your workplace. Every time an employee checks out a machine for use, it is instantly updated in the system. When you know where your tools are, it becomes easier to record their usage history to forecast future trends and patterns.  

track usage for equipment maintenance record keepingTrack tool usage all the time, everywhere.

Read more: Give Your Business Assets More Life with Equipment Maintenance Software

2. Enable depreciation management to maximize utility

Equipment is sensitive to wear and tear after extensive use. The best way to make your tools and machines last long is to design rigorous maintenance workshops. This is only possible if you keep a tab on your assets for depreciation. An important part of equipment maintenance record keeping involves tracking machinery devaluation. Every tool has its functional lifespan after which it needs to be disposed of. If you monitor utilization in the correct manner you can even resale your assets for monetary returns. You can do all this through a maintenance software. This software lets you maintain a database regarding repair sessions that enables you to run seamless work operations.

Read more: 5 Ways Maintenance Management Software Helps You Reduce Repair Costs

Did you know? The job market in the maintenance sector is expected to grow at a rate of 7% from 2016 to 2026 according to the bureau of labor statistics.

3. Manage stock information via a single software

It hardly ever happens that you buy all your equipment stock from a single vendor. Different departments require different tools and machines. To cater to your inventory needs, your company probably has a long list of vendors. To gain maximum economies of scale it is critical that you choose the best possible tools that fit your budget. This can only be achieved if you have a detailed service vendor management database.

As a part of equipment record keeping for your business, you can store all information related to tool purchases at one place. This includes, but is not limited to cost analysis and repair schedules. When you use a cloud-based software to secure such data, you will be able to conveniently add numerous equipment items against their vendors for future reference as well. Having all the necessary records at one place allows your firm to maximize returns on tools and improve the overall lifecycle.

monitor stock for equipment maintenance record keepingMonitor equipment through a single accessible system

Did you know? 37.8% of the U.S auto maintenance businesses report lack of repair information as a challenge to growth.

4. Renew stock after equipment disposal

The useful lifespan of equipment goes through a few stages, the last of one which requires disposal. If you regularly track depreciation for your tools, then you know well before the time when you would need a replacement. As companies tend to have numerous different types of tools and machines in their inventory, it becomes difficult to track them all manually. For this reason, it is suggested that your company invests in a cloud-based system for equipment maintenance record keeping. When you do so, you will be able to configure your system to create new stock receipts at the time of disposal. This way whenever your tools break down and are near the end of their lifecycle, you can order new stock without delays. Automatic replenishment keeps the workflows organized and allows your company to meet its targets faster!

Choose EZOfficeInventory for optimal equipment performance

To get the maximum returns on capital, your company should invest in a cloud-based software that aims to boost up your revenue. EZOfficeInventory has been specially designed for such a purpose. It allows you to go forward by designing high-performance business strategies to optimize equipment maintenance record keeping. It comes with supercharged features to track, record and analyze your daily work operations. You can track each and every asset movement through customized labels according to your business needs. It oftentimes happens that each department has a specific code. You can assign unique identification numbers to all your equipment so that they can be easily placed at their respective locations for use. Not only does this save time but also helps in warehouse management as well!

The next step to a successful business plan is to record data in a secure online system. EZOfficeInventory provides you exactly this and protects your business files against unauthorized use. This way, you can easily update equipment records without the threat of infringement. When you have all the necessary data you can use it to create customized reports on equipment usage. These documents then help you to forecast future consumption patterns. This gives you an idea on how to proceed with stock purchases and disposals. Getting an all-in-one solution package for your company allows you to meet yearly objectives and improve work management.

Read more: EZOfficeInventory Named One of Capterra’s Most Popular Maintenance Management Software

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You can try out our asset tracking software by signing up today for a free 15-day trial. For more assistance, drop us an email at support@ezofficeinventory.com.

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