5 Things You Should Know About Maintenance KPI Metrics

Are you responsible for the management of any department in your organization? How do you justify the fact that you are doing a good work or not? This fact can only be justified if there is a system overlooking all the facts that state that the management is being done in a proper way and everything is running smoothly. The system that we are talking about is Maintenance KPIs. KPI stands for Key Performance Indicators.  

Thinking as a maintenance/management team you are able to reduce the cost, so you are sufficient in whatever you do, but that is not right. Just reducing the cost of maintenance does not prove that the maintenance is on a right path. One must be able to stand up to the standards. To check if you are doing things right you must set up standards, those standards would be you defining your KPIs.

Let us dive right in and understand what Maintenance KPI metrics is and how does it affect the workflow of an organization in a positive way.  

What is Maintenance KPI Metrics?

Every maintenance department in any organization dreams of bringing in a healthy and productive environment in the organization that boosts up the productivity and overall revenue. How do they plan to achieve this target? They set up maintenance KPIs which then are matched with the results, the difference represents the insufficiency.  

Maintenance KPI is a performance measurement that helps us to focus on the maintenance objectives. It is like a set bar for the maintenance team, if there is any difference we see it as insufficiency. The KPI unit is a quantifiable unit, the set goals can be easily tracked as they are quantifiable. This tells us about how well an organization is moving towards their goal.  

Different organizations can have different set of KPIs according to their organizational structure. But the KPIs majorly revolve around decreasing downtime, increasing production, reducing production cost, increasing equipment uptime etc.  

With all the data present and the KPIs set an organization can easily judge and answer a few questions like:

• How far we are from the goal?
• Where do we stand now?
• How to get going to achieve what was planned?

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What is the difference between KPIs and Metrics?

People often confuse Maintenance Metrics with Maintenance KPIs, but they are not same. Let us understand what the difference is, so that we never misuse these terms.  

Maintenance KPIs is seen as a goal where the organization wants to reach, whereas Maintenance metrics is the path which leads to success. It is not necessary for the maintenance metrics to be quantifiable. Metrics can be knowing how efficient your workers are, how sincere they are for their work and a lot more.  On the other hand, KPIs are quantifiable units which can be matched with the results an organization achieved. Let us understand the difference with the help of an example,

Let us assume that your organization’s goal is to increase the production by 30% this coming quarter. Increasing production is directly related to good condition of the machinery. The less the downtime, the more the production. In this situation Metrics is keeping a check on all the machinery and keeping it in the best way possible. And KPI would be you increasing the production by 30%, the final goal which is quantifiable, and which is also bound by a time limit.  

What are the different types of KPI Metrics?

• Based on Asset Performance: total downtime hour, Mean Time between Failure, Mean Time to Repair, Asset defined work order etc.  

• Based on Technician Performance: Average time to resolve any issue, repeated problems, arrival on time, FTFR etc.

• Based on IoT: Visitor management, energy consumption, visitor traffic etc.

• Based on Budget Allocation: Number of assets, number of hours worked, amount of money spent on asset repair, amount of money spent on purchase of Asset etc.  

What is the significance of Maintenance KPI Metrics?

Whenever you wish to take a big decision or whenever you feel like going on to your records and looking back to what best we can bring out of the records, as those records, that data has a lot in it that can be of great use for your organization if used appropriately.  

While performing SWOT analysis: Strength, Weakness, Opportunities and Threats organization can look up at the data and can see were they able to achieve their goals or not, if not why there was this difference? There is a huge significance of maintenance KPI Metrics because of this.  

It is very important to keep all the assets in perfect condition for that one needs to keep a track of their assets and manage them well. For that an organization must have an automated process to keep a proper track of everything that is going on in their organization. Having metrics will help you to know where you need to go and how you need to proceed. If you have set a wrong goal, you can mend it after properly reading the data. If the goal is perfect but not your way to reach, there you can mend your metrics and attain your goal in time.  

Conclusion:

The best way to know if your work is going on well or is it even giving the results that you need, you need to know what your KPI is and what metrics did you set. Studying that data will help you know where you are standing and how to improve your position and work skills. When you are working in an organization or when you are responsible for bringing in facts for the organization, you can not just rely on your feelings, you must have asset of data and a set bar to check if you are able to reach your goals or not, if not you must know how to reach them. An Asset Management Software can help you collect all sorts of data that will help you to move forward, to know more about this get in touch with Asset Infinity now!