A company's net income is calculated by how much it has earned over a period of time and how much it had spent on doing business. Examples of the cost of business may include depreciation cost, taxes, asset maintenance cost, and other expenses.
Consider that the total expense of your company is above the income and your business is operating on the loss.
There are few questions that baffle you - what could be the reason behind spending too much on doing business? Is it because of slow productivity growth? What causes slow productivity? Are machines in the factory not fully functioning? What could be the solution?
Assets in Your Business Need Preventive Maintenance Service
Properties like land, building, cash, tools, and equipment, and the machine used in your company's workstation are the tangible assets that help your business to generate capital.
These frequently used assets need to be lubricated and maintained so that they can keep running their engines in good condition and improve their performance.
Preventive maintenance will also preserve the safety of the equipment. The more they perform well, the more they generate revenue.
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The company must manage the assets with great care. When a new machine is allotted to your business, the facilities management should take up preventive maintenance service for this specific machine.
A planned preventive maintenance activity will prevent your business from spending extra cash on buying new equipment to replace the defective one.
Why Preventive Maintenance Schedule Important
When a machine is broken down, the maintenance activity can consume time and it can be costly. If preventive maintenance has drawbacks, it raises the question: Why does your business need a preventive maintenance program? Is it worth implementing?
Here, let's discuss the importance of preventive maintenance in a business. Preventive maintenance for equipment activities will benefit the company if the repairing activity is conducted under a scheduled program.
In this process, the facility managers assign tangible assets for regular maintenance. The information of the assets is recorded in the asset management software.
Asset Infinity provides an online portal where the users can manage the schedule of preventive maintenance activity according to the characters and utility of the assets. Regular maintenance would avoid crash repair and it would save money.
Scheduling preventive maintenance of equipment because an organization has a lot of assets, and they need to be properly maintained as each piece of equipment has a role to play in the organization's growth. Preventive maintenance of equipment saves you from sudden equipment failure.
When a sudden failure occurs it not only increases maintenance expenses, but the production work also suffers. In the worst-case scenario, it can lead to customer loss which can be lethal for business. That is why preventive maintenance of equipment is important.
Preventive maintenance of equipment leads to increased uptime and helps in decreasing downtime. It keeps assets in good condition. When unexpected failure is out of scenario automatically productivity increases.
Why Necessary for Keeping Asset Vendor Record
Sometimes, business spends too much on a maintenance program and suffers the loss of money due to lack of effective maintenance programs. As an example, a packaged water company has a scheduled preventive maintenance activity of its water purification system.
The company was engaged with a technician supplier to maintain the water purification system every two months. However, the performance of the machine wasn't improving at all.
Now, the company wants to take a new technician service supplier for the maintenance program. So, it floats a tender for procuring the maintenance service. In this process, three vendors have applied for the position - V1, V2, and V3.
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By using the Asset Infinity application, the asset managers can add the profile of these three bidders on report history. They can record all the activities performed by engaged vendors on this computerized maintenance management system (CMMS).
The information of service suppliers can be viewed on report history. The report will highlight vendor name, asset name, asset code, complete date, asset location, assignee, and activity type. The users will also know the status of maintenance work - occurrence yearly, monthly, weekly, or daily basis.
With asset tracking management software, the facility managers can find out the performance of bidders. For instance, if vendor V1 has had a poor performance in the past, the company can omit the particular bidder from the nomination list.
They can decide between the two contenders V2 and V3. From their history, the asset managers can choose the bidder at their convenience.
This type of transparent and fair method of selecting the service provider can be executed with a cloud-based Asset Infinity application.
When you use cloud services you only have to pay for the assets you are using. Moreover, cloud service benefits are incredible. For example, you can access data from anywhere you are not bound to your seat.
You can make informed decisions as the data is centralized. Moreover, you do not have to worry about data security as the cloud service provider takes care of data security for you.
Save Resource with Preventive Maintenance Software
The important benefits of implementing asset management software are saving your business resources by preventing equipment breakdown, production reduction, wages of the workers, and cost of unplanned maintenance.
Also Read: Powerful Asset Management Features Provided by Asset Infinity
A company must implement preventive maintenance software just to have routine checks on daily used equipment. But this small inspection can save your business from wasting resources on overhaul maintenance of the equipment.
This system can maintain the pace of productivity as well as safety condition for the employees in the business.
When you use it with automated software rewards are incredible as the maintenance process is automated, your maintenance team starts receiving alerts for maintenance work, unpredictability factor decreases, asset performance starts increasing, downtime decreases as well.
Overall, productivity increases, and maintenance expenses are minimized. Preventive maintenance of equipment is essential because it can boost the productivity and efficiency of assets.