6 Tips to Minimize Maintenance Cost for Equipment

Is your organization spending too much on maintenance costs? Do not worry, you are not alone, there are lots of organizations that are struggling with maintenance costs. They want to decrease maintenance costs, but they do not know how to do that! In this blog, you will learn 6 important maintenance tips to minimize the equipment maintenance cost! So, let us begin!

What Are the Important Tips to Minimize Maintenance Costs for Equipment?

Important tips to minimize maintenance costs for equipment are discussed below:

1. Avoid Sudden Breakdown

The breakdown can be expensive which is one of the main reasons behind increased maintenance costs. The best way to avoid a sudden breakdown is to provide maintenance at regular intervals.

Lots of organizations do not pay attention to asset health and condition as a result asset breakdown occurs. Regular maintenance can be one of the most effective ways to avoid a sudden breakdown.

2. Emphasize Proactive Maintenance

When minimizing maintenance cost is your objective then you must use proactive maintenance. It may seem costly in the beginning as you may have to spend money on inventory and purchasing spare parts. But in the long run, you will notice maintenance costs have decreased.

Proactive maintenance is that maintenance that provides maintenance to assets before they fail. It can be based on a time basis or performance basis. Time basis maintenance is that in which after every specific period maintenance is scheduled for the asset.

Also Read: 7 Ways to Grow Your Logistics Business Using Asset Management Software

Performance basis maintenance is that in which asset is scheduled for maintenance after every 2000-km ride.

According to the PR News Wire,  “The Global Predictive Maintenance Market size was valued at USD 4,331.56 million in 2019 and is projected to reach USD 31,965.49 million by 2027, growing at a CAGR of 28.8% from 2020 to 2027.” Predictive maintenance is also a type of proactive maintenance.

3. Better Spare & Inventory Management

On the off chance that your normal fix time is too high, one explanation could be having an absence of extra parts in stock. One potential answer for this issue is to guarantee a level of likeness among resources as well as to have tradable extra parts.

Having similar parts fit many machines can be a savvy cash-saving stunt and makes it simpler to get specialized help from the maker. At last, you should remember that by requesting parts in mass permits you can haggle better costs.

4. Implement Automated Software

We know organizations have a lot of assets, that is one of the main reasons that assets do not get maintenance on time. Doing work manually is another reason some assets get maintenance, some don't.

When your organization is equipped with automated software you get a lot of maintenance benefits such as maintenance is scheduled automatically for each asset & your equipment maintenance cost decreases as well.

5. Create Maintenance Checklist

Maintenance can be long, complicated & hectic work. The maintenance team has a lot of pressure to make deliveries on time. Sometimes maintenance work is left due to pressure or the maintenance team forgets.

Also Read: Is Leasing Equipment Beneficial for Start-Ups?

However, when you create a checklist of maintenance tasks are done on time and no work is left unforgotten. A checklist contains tasks that need to be done in each asset maintenance that is helpful to the maintenance team.

6. Analyze Maintenance Data

Data is the source of knowledge when decreasing maintenance cost is one of your goals then data can be very useful. Data is the key to business growth it provides a complete picture of your asset utilization and maintenance as well.

It let you know maintenance frequency, maintenance expenses of asset specifically. It can help you in calculating the return on investment on each asset. You can find assets that are productive and unproductive.

With data assistance, you can also find where you are investing more and how you can improve your asset performance with key performance indicators (KPIs) in order to optimize your bottom line.

Conclusion

Keeping assets maintained is important for all industries. However, it becomes complicated when the facility is huge, and the facility is asset-intensive, that is why keeping equipment maintenance cost minimized become a huge task.

You can simplify the whole process and minimize the maintenance cost by utilizing the maintenance management software of asset infinity's asset management software. When your organization has asset management software you can achieve all the benefits mentioned above.

Moreover, it can be very helpful in terms of saving money, scheduling maintenance keeping track of assets & maintenance boosting performance. If you want to keep your asset organized & want to improve asset availability, then asset management software can help you achieve your goal.

Also Read: How Is Preventive Maintenance Helpful to the Healthcare Industry?

Frequently Asked Questions (FAQs)

1. What are the benefits of asset management software?‍

The benefits of asset management software are discussed below:
1. Optimizing asset performance & calibration management.
2. Maintenance scheduling & controlling maintenance expenses.
3. Keeping track of assets and saving them from theft & misplacement.
4. You can get automated and customized reports.

2. Why inventory tracking is important for maintenance?‍

Inventory is crucial for all businesses it does not matter which business you are doing there must be inventory in your business. While performing maintenance you must have inventory in hand because the maintenance team requires spare parts as equipment has wear & tear, rusty parts which are removed by the maintenance team, and new parts are utilized. If the inventory is not available then the maintenance team will have to repeat the whole process and it will be not considered productive work.

3. What is proactive maintenance why it is better than reactive maintenance?‍

Maintenance is scheduled & provided in advance is called proactive maintenance. In the long term, proactive maintenance is cost-effective. Whereas in reactive maintenance asset is provided maintenance after failure & it can be cost-effective in the short term & costly in the long term.