Equipment maintenance is important for all assets. It is a significant aspect of asset management, especially when you are in the manufacturing industry. We all know that the manufacturing industry has huge and complicated assets which need maintenance on a regular basis.
Equipment maintenance assists in keeping assets maintained. In this blog, we will know in detail What is the importance of equipment maintenance in the manufacturing industry! Along with that, we will also know what the best practices of equipment maintenance are! So, let us begin!
What Is the Importance of Equipment Maintenance?
Equipment maintenance is important in keeping assets in the best shape. When assets are not in good condition then asset failure chances are more than usual.
If assets fail, then productivity decreases and production work speed decreases as a result customer loss can occur. Moreover, maintenance expenses increase as well.
In order to avoid this scenario, equipment maintenance is important. When assets are maintained, asset performance is stable and maintenance costs are minimized as well at the same time productivity is high.
This is the importance of equipment maintenance. For improving, equipment maintenance organizations need to invest in equipment maintenance tracking software which is an important feature of asset management software. Lots of businesses are using this software to improve their business operations.
According to Markets and Markets, "The global asset performance management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, to reach USD 4.0 billion by 2026 from USD 2.5 billion in 2021."
What Are the Best Practices of Equipment Maintenance in the Manufacturing Industry?
The best practices of equipment maintenance in the manufacturing industry are discussed below:
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1. Categorize & Prioritize Assets
One of the main equipment maintenance trends is to categorize assets. As we know some assets are more important than others in order to deliver productive work.
With asset management software you can decide the priority of each asset individually. It will be helpful for the maintenance team to divide work and time according to the priority of assets. Moreover, it will make the maintenance team more productive.
2. Providing Proactive Maintenance
Providing maintenance on time or providing maintenance after asset failure? It is one of the most important questions that you must figure out. When you provide maintenance on time that is proactive maintenance when you provide maintenance after failure that is reactive maintenance.
For assets that are extremely critical for the company, you can utilize proactive maintenance & for those assets which are less useful you can use reactive maintenance for those assets. It is one of the best practices of equipment maintenance.
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3. Tracking Asset Performance
Keeping track of asset performance is important for all organizations. When you are in the manufacturing industry, you know assets work continuously for long hours without any break.
If asset failure occurs in that specific time, then you can understand how much time will be wasted in bringing that machine back to work. That is why it is important to keep assets maintained and track asset performance.
An effective asset management software will help you as with this software you can schedule maintenance accordingly. For this purpose, you can use data and statistics that will help you in finding the right scheduling maintenance.
In simple words, you will provide maintenance to assets when it is required so that assets are utilized to their full capacity and resources are not wasted at all.
4. Utilize Data Analytics
Utilize data analytics for making improvements in asset performance. Data analytics shows the overall picture of assets related to maintenance, performance, from asset acquisition to disposal.
With analytics, you can calculate the expected performance of assets and how you can optimize asset performance. It is important to analyze trends for improving & optimizing asset health.
With the help of data, you can find those assets which are taking more maintenance which means you are spending more money on maintenance on these assets compared to other assets. That is how you can find unproductive assets.
The manufacturing industry has a lot of assets and pieces of equipment which need maintenance at a regular interval if maintenance is neglected then obviously business will be impacted. Therefore, investing in automated asset management software is the need of the hour.
With this software, your business can easily achieve all equipment maintenance trends. Furthermore, you can practice equipment maintenance effectively. As a result, your business grows, and this software will provide an extra edge to your business.
Frequently Asked Questions (FAQs)
1. Why Is Maintenance on Time Crucial?
Maintenance on time is key for saving expenses, especially related to maintenance. When you provide maintenance on time it leads to better asset performance, its up times increase, and working duration also improve. When you track performance with calibration adjustment you can optimize the performance of assets more.
Most importantly it decreases maintenance expenditure. Whereas if maintenance is not done on time, then it leads to hindrance in asset performance, downtime increases, and assets need maintenance more frequently as a result maintenance expenditure increases.
2. Why Is Predictive Maintenance More Effective Than Preventive Maintenance?
Predictive maintenance is more effective, but it needs a more knowledgeable maintenance team compared to preventive maintenance. Furthermore, it is effective because predictive maintenance utilizes analytics for each asset so that a specific asset-centric approach is taken.
That is why it is a little more complicated than preventive maintenance. But the first thing you need to know is that you must be taking a proactive maintenance approach therefore in the beginning it would be better to invest in preventive maintenance rather than predictive maintenance.
3. Which Type of Software Is Best for the Small-Size Manufacturing Industry?
Even a small size manufacturing industry has a lot of assets and equipment that need to be tracked properly. That is why the small size manufacturing industry can use a cloud-based asset management system.
It can be beneficial as you can access it from anywhere across the world and security is the responsibility of the cloud service provider. Moreover, it is cost-effective because you must pay on a subscription basis & the asset you are tracking.