When work is done manually the chances are that reports are not accurate. When reports are not accurate the decision based on these reports will not be accurate. Some organizations just make decisions based on assumptions, again decisions based on assumptions are not accurate which is why automated business reports are essential. In this blog, we will know how reports are helpful in improving maintenance equipment. But first, let us know what business reports are!
What are business reports?
A business report is a collection of facts about assets written in an orderly manner connected with your business matter according to a bunch of standard conventions. It assists managers with getting complete information on the issues and how to conquer the issue.
The goal of business reports is to give the data in a coordinated way which assists with settling on significant & effective choices and a plan for what's to come. Reports assist organizations with arranging spending plans on maintenance and finding assets that are productive or consuming more maintenance.
Reports are accurate and help in setting future goals or creating a baseline. It is helpful to businesses in all aspects of asset management. Report consists valuable data, statistics, graphs. The diagrams make easy to understand data.
Recommend to Read: How CMMS Reports Can Boost the Productivity of an Organization?
According to Fortune Business Insights, “The global big data analytics market is projected to grow from $271.83 billion in 2022 to $655.53 billion by 2029, at a CAGR of 13.4% in forecast period”
How do reports help in improving asset maintenance?
Reports that help in improving asset maintenance are discussed below:
1. Reports help in effective maintenance
Maintenance is an inevitable part especially when your organization is asset-intensive. If maintenance is neglected, then it can lead to sudden equipment failure which will increase maintenance expenses.
In order to avoid these issues, maintenance must be done on time. Now the question comes, after how much time should maintenance be given? Reports are helpful in providing valuable data that enables organizations to schedule maintenance on time.
2. Equipment history reports
You can get a lot of answers with equipment history that will help you identify the main issue and accordingly take steps in order to resolve that issue. Analytics lets you know the root cause of the problem. Sometimes machines work more hours than usual, the reason being too much dependency on that asset, that is why all these factors must be taken care of so that unnecessary burden is avoided.
3. Reports help in reducing cost
Maintenance cost is one of the most important aspects of asset management. As it can be very expensive, and reports can be helpful in reducing maintenance costs. You can check the last few months' maintenance reports and get an idea about future maintenance costs.
You can also check each asset maintenance cost and with reports, you can identify areas where costs can decrease so that overall maintenance costs can be minimized.
4. Reports help in improving uptime
For improving downtime & uptime reports are crucial as they provide critical information, and they can be helpful in getting a breakthrough in enhancing asset performance. You get valuable analytics that provides a complete picture of asset performance & you can also get a solution by taking care of issues.
For asset performance optimization reports can be effective that will help you in not only decreasing downtime but optimizing the total cost of ownership (TCO) as well.
5. Depreciation reports
What kind of data reports can you collect with Asset Infinity’s Asset Management Software?
Below we have given what kind of reports or data you can collect with Asset Infinity’s Asset Management Software:
- Get a report based on the total value of assets based on purchased price, and depreciation value.
- Generate reports based on asset location, asset categories, or dates.
- Get reports on all purchases, movements, and consumption of inventory.
- Export all reports in Excel or CSV.
- The record cost of maintenance along with related inventory to complete an activity.
- Get a list of all activities completed against an asset, by an assignee, on a category of assets, locations, or activities done by a vendor.
- Check the amounts spent on activities earlier between custom date ranges.
- Record the repairs done, costs incurred, and spares consumed.
Data reports are helpful in running the business efficiently & in a smart way. You don’t make decisions based on assumptions, they are based on solid numbers. However, you need to ensure that you are comparing assets of similar categories.
Assuming that you have comparative bits of hardware being utilized in functionally comparative ways, you can contrast the measurements with an attempt to learn assuming any one unit is off the mark when contrasted with the others.
Asset Infinity Asset Management reports are detailed and provide valuable information that helps you in making strategic business decisions. You can get customized reports as per your requirement.
If you want to improve your asset performance, then you must use Asset Infinity’s Asset Management Software which will take your business to a new level.
Frequently Asked Questions (FAQs)
Q1 - Why inventory availability is important for asset maintenance?
Inventory availability is important for asset maintenance because while performing maintenance, the maintenance team may require several types of inventories so that effectively part of an asset can be changed. If that part is not available effective maintenance will not be performed & the whole process will be repeated, this will be a wastage of resources. In order to avoid this type of scenario, inventory availability is important for asset maintenance.
Q2 - What are the main reasons behind sudden equipment failure?
Ending asset life ending, poor maintenance, asset overutilization, etc. are a few of the main reasons behind sudden equipment failure.
Q3 - Does Asset Infinity provide cloud-based asset management software?
Yes, Asset Infinity provides cloud-based asset management software. Asset Infinity also provides a mobile app so that you have access to the system everywhere & all the time.