Listen to this articleDeploying the appropriate maintenance strategy is a must for asset-intensive buildings to prevent equipment failure, create a better return on investment on assets, and reduce the chances of incurring costly unplanned downtime. Around 82% of the companies have to go through unplanned downtime in assets resulting in unnecessary costs to erect it. Many facility management still follows the “if it ain’t broke, don’t fix it” management style. It needs to change.
Do you know those businesses that don’t have a proactive approach to maintenance and operating the assets to the point of failure can cost up to 10 times more in repairs or lost production than companies having the right maintenance strategy?
Apply preventive maintenance to make sure that assets are operational at all times!
With preventive maintenance, you can keep mission-critical assets available at all times. It is also called preventative maintenance and provides regular equipment maintenance through scheduled cleaning, repairs, adjustments, and part replacements. By implementing this maintenance strategy, you can increase the availability and operational output of equipment and machinery. Of course, like other strategies, implementing PM under the right conditions is the only way to make the most out of it.
When you are able to collect data recording breakdowns, repairs, and services of an asset/equipment, you can even conduct a Root Cause Analysis (RCA) and immediately identify the cause of future faults to extend its life. There are times when an information crisis arises as most people are still not aware of its implementation and benefits. Let’s understand further.
What is the right time to deploy Preventive Maintenance?
As compared to other maintenance strategies, PM is a much better option. It can help you save resources and money every year in repair and replacement costs. The industries that rely heavily on the availability and reliability of assets must consider this strategy as its implementation can transform the operations.
You need to consider many factors to ensure the implementation of the correct strategy. Like in preventive maintenance, the best to deploy it when you are experiencing:
- A delayed production schedule because of asset failure or unplanned downtime
- Costly emergency/breakdown asset repair costs
- A high turnover rate of expensive assets
- A delay in accessing spare parts because of inventory mismanagement
With preventive maintenance in operation, you can timely optimize the upkeep of your assets. However, its management can be complex for companies with many assets. The reason why several companies rely on appropriate software to help and organize the PM needs.
What are its main benefits?
The adoption of preventive maintenance becomes mandatory when the production quality of a particular commodity gets affected due to asset/equipment failure or when the repair cost is way too high due to unplanned downtime. To emphasize its application in the equipment, you need to know the benefits it brings after implementation. Check out the list:
- Increase the lifespan of your assets
You will be able to leverage the asset to its best capability only if it is maintained periodically. Preventive maintenance lengthens the asset lifespan by keeping them in good condition to run for a longer duration. With a tracking feature like MTBF (mean time between failures), you can plan PM right at the moment by catching the equipment before a breakdown.
The technology is so powerful that around 78% of the companies are able to track and implement the PM Strategy by just seeing and analyzing the reports of equipment lifespan.
- Minimal risk of asset breakdown
You are simply putting the stability of your operations into jeopardy and damaging your reputation if you are waiting to perform maintenance until failure puts your assets at risk for lost productivity. Considering the facts, 90% of mechanical failures happen due to preventive issues.
Low breakdown in equipment is also a key benefit that will get. When these chances become negligible, you can even save a hefty amount of machine operation. It’s time to schedule asset maintenance proactively to lower the risk of equipment failure.
- Ensure the efficiency of assets
The application of OEE (Overall Equipment Effectiveness) plays a significant role in the smooth operation of the equipment. Preventive maintenance uses this criterion as a KPI. To measure the efficiency of equipment, OEE takes categories into account: Availability, Performance, and Downtime. After analyzing these three factors and making the necessary changes, you will gradually notice an improvement in the equipment across the board.
- Reduce unplanned downtime
Unplanned downtime takes a toll on the production capacities of the facilities. While performing preventative maintenance, this facet just cannot be ignored. After the completion of the procedure, the chances of unplanned downtime reduces by a significant percentage. Also, you get the opportunity to schedule PM at a convenient time (mainly when machines are vacant or no occupants are present in the facility). It will minimize the disruptions in your production capacity and its efficiency.
- Reduce the cost of asset operation
The cost of equipment will be high if they are not maintained. It is because the equipment gets disrupted again and again that affects the operational efficiency and production capacity. In some cases, the cost of correcting the equipment takes away the profits that businesses were previously making.
All the benefits discussed above result in the reduced cost of asset operation. You can save a considerable amount of money by ensuring preventative maintenance of your equipment. Companies have to spend 3 to 9 times more for not having a PM in place.
- Ensure health and safety of workers
One of the primary concerns of every facility is to ensure the health and safety of workers. Preventive maintenance makes it possible with its accurate tracking and performing features.
By tracking preventative maintenance with a computerized maintenance management system (CMMS), facilities can oversee all equipment in their buildings and store important safety information in a centralized digital hub. With just a few clicks on a smartphone, facility managers can track the complete maintenance history and safety protocols for all equipment items.
- Potential savings
Who does not want to save big on their everyday operations? Everyone! Unplanned equipment maintenance usually costs 3 to 9 times more than planned maintenance. Reactive maintenance comes heavily on a budget. What’s even worse? Failing to implement preventive maintenance can lead to full equipment replacement causing the costs to rise even more.
It is better to perform preventative maintenance in the beginning to ensure potential savings. It is a much-needed investment in your company’s future.
- Prevent delays
Relying on reactive maintenance can lead to a substantial drop in productivity which can result in significant delays, loss of contracts, and a dip in revenue. Preventative maintenance reduces the risks of these setbacks by immediately alarming the signs of early equipment problems or breaks. Investment in preventative maintenance proves to be valuable for the industries.
- Reduce equipment maintenance costs
It’s clear that preventative maintenance minimizes equipment downtime, simplifies repairs, schedules maintenance tasks, enhances asset longevity, and reduces costly replacements. As a result, the chances of equipment maintenance, replacement, and repair costs reduce significantly. At the same time, it also makes sure the productivity of the assets stays at optimal conditions and production is on track.
All the benefits discussed above result in the reduced cost of asset operation. You can save a considerable amount of money by ensuring preventive maintenance of your equipment. Therefore, when it comes to choosing the method of maintenance you should perform, choose preventative maintenance.
Are you ready to apply it to the asset operation?
Facility managers must realize the contribution that efficient and robust preventive maintenance brings to asset functioning. Performing this strategy increases the life of your equipment, lowers downtime, reduces reactive maintenance requests of the companies, lets you handle compliance and inspection requirements, and prevents expensive emergency asset repairs from taking place.
Connect with Zenatix, one of the leading IoT companies in India, and transform the equipment operation to bring productive results in the future. Get in touch with us today for more information.