How To Cut Asset Management Costs
It’s critical to take the best possible care of assets in any asset-intensive sector. It’s also critical to avoid downtime, which can have a huge financial effect on your company. The initiatives mentioned below will help your company increase asset efficiency and operational output while lowering long-term capital costs. To learn how to improve the costs of assets, read on:
Using CMMS or EAM software to monitor asset warranty details can help you process warranty claims and recover repair costs. Gathering the required documents can be difficult without a centralized database to store and easily access all relevant information about properties.
CMMS/EAM Software Should Be Purchased
It’s worth thinking about if your company doesn’t already use computerized maintenance management software (CMMS) or enterprise asset management (EAM) software. Maintenance needs are automatically reminded by CMMS/EAM software, which assists technicians in adhering to best maintenance practices.
Consider Getting Rid Of Any Unnecessary Machinery
Maintaining redundant equipment is costly, and it depreciates over time. Instead of operating two pieces of equipment at half-capacity, it could be more cost-effective to optimize the use of a single piece of equipment.
Daily Maintenance Procedures Should Be Standardized
Many assets fail before their expected lifetime due to a trend of inadequate maintenance, resulting in costly major repairs or fatal failures that could have been avoided. A standardized preventive maintenance program can help you prolong the life of your properties while still saving money.
Track And Monitor Spare Parts Efficiently
By ensuring that you don’t order duplicate or surplus pieces, efficiently tracking and monitoring equipment will help you improve your profitability. You can save money by reducing spare part inventory levels and avoiding expensive downtime by securing parts just in time.
Gather As Much Information As Possible
If you already have maintenance management software, make the most of it by collecting as many data points on all of your properties as possible. This will allow you to do more in-depth research to help you make better business decisions in the future.
Examine Main Performance Metrics And Make Any Required Changes
Analyzing equipment breakdown results, repair costs, work order backlog, and equipment downtime, among other things, will help you improve your operations. You can easily analyze key performance metrics and find opportunities to reduce asset costs using an analytics dashboard.
Maintain The Functionality Of Ageing Properties
Keeping ageing assets operational for as long as possible is critical to a company’s financial success. Maintenance must be scheduled on a regular basis to keep assets operational.