How to track equipment maintenance history to improve equipment’s usage
Poor equipment maintenance: Signs and solutions
The chances to have a higher ROI rapidly increases if a company keeps its tools and machines well-polished. A report found out that repair and maintenance form around 15% of total expenses. This cost can be further broken down into a 30% preventative maintenance out of total repair expenses, which annually contributes to 4.5 to 7.5 of operating costs. Many organizations set aside separate budgets for equipment rehabilitation. One of the main reasons for doing so is to boost up business performance.
When you maximize asset utilization, you are likely to gain economies of scale and cut down on costs as well. But how can you tell if you are on the right track? Here are some ways which will help your company to detect if you are struggling with ineffective maintenance practices:
- Poor equipment utilization as a result of unexpected breakdowns
- Long wait or idle time for machinery during outages
- Frequent malfunctions indicates to having substandard quality equipment
- High repair costs due to the absence of proper attention to lubrication, inspections, and service
- Reduced useful life of capital investments because of insufficient maintenance
Did you know? Improved maintenance routines can reduce machinery repair costs by 25%.
Failing to acknowledge these signs can lead to serious consequences for your organization. Not only will you financially suffer, your productivity will dramatically go down as well. So, what is the best way to tackle such challenges? The simple and ideal solution is to opt for a cloud-based equipment maintenance software program. This software comes with multiple features designed to cater to your tools and machines. Continue reading