How to Decide Whether to Replace or Repair your Asset?

Asset Management, CAFM Software | Computer-Aided FM Software, cmms, Commercial Real Estate, Facility Management Software / January 22, 2021 / Tavleen Kaur / 2

How to Replace or Repair your Asset

Everything from your productivity to your bottom line is interrupted as machinery breaks down. A simple and successful solution is needed by your team. The difficult question arises: do you attempt to restore the asset, or rebuild it completely?   The greater investment is the maintenance of equipment, because many technicians prefer to restore the equipment rather than upgrade it. Although the costs associated with repeated breakdowns, such as reduced productivity, poor performance, increased labor costs and unmet production schedules, can often be higher than the cost of replacing the machinery directly.

Leaving your options to guess can be an expensive and risky tactic. So, therefore, In a business application or network that is already aware of the running costs and operational history, a more holistic solution would be to conduct lifecycle cost analysis. At some level, this means integration between the lifecycle cost calculator and a computerized maintenance management system (CMMS) or enterprise asset management (EAM) system.

With too many variables to weigh, without the proper data analysis, it is apparent that this decision can not be made:-

• Consider results/output

Always think about the long term. How efficient is your machine operating now, and will a simple repair keep efficiency at the level you want, or would a new piece of equipment that uses less fuel, offers newer features, and breaks down less frequently be better for your efficiency and your bottom line?

• Analyze the expenses and consider the cost of repairs

When calculating the costs of fixing or substituting, still consider long-term. Consider the cost of buying the machinery with a new piece of equipment, its working life, future salvage value, operational costs, and any rise in sales it could offer.

• Consider Safety

Note that if it malfunctions, older machinery will cause injuries to staff. And if you keep up to date on repairs, as it ages, machinery wears down. Before making a decision, carefully examine the machines so that you can decide whether your new equipment can continue to provide your employees with a secure atmosphere. If it doesn’t, substitution is the obvious alternative. If it won’t, replacement is the obvious choice. If it is still meeting safety standards, it’s worth comparing costs of a replacement versus repair

• Consider the Equipment Age

Appliances do not age with grace. The older your hardware is, the more detailed it will require maintenance. This also involves higher prices for repairs. As you continue to fix the computer, you will get less and less for your repair expenditure.

• Consider Downtime

Keep in mind, however, that repairing often takes less time than replacing a machine. Replacing involves waiting for the replacement to arrive, installation, new training, and more. If you’re on an extremely tight schedule and if the equipment is crucial to your process, you may lose too much in production if you take the time to replace.

If you’re interested in getting a CMMS maintenance for your facility, the best option is to  demo of the software to understand how it can best work for you. Or, if you already know you want to jump right in and start using the software, you can visit FACTECH AUTOMATION SOLUTION website- factech.co.in

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Tavleen Kaur