• Getting visibility into the costs spent on your assets

Getting visibility into the costs spent on your assets

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 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 the 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 the performance. Preventive maintenance will also preserve the safety of the equipment. The more they perform well, the more they generate revenue.

The company must manage the assets with a 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 defected 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 programme? Is it worth implementing?

Here, let’s discuss the importance of preventive maintenance in a business.

A preventive maintenance activity will benefit the company if the repairing activity is conducted under a scheduled programme.

In this process, the facility managers assign the 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.

Why necessary for keeping asset vendor record

Sometimes, business spends too much on maintenance programme 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 in engaged with a technician supplier to maintain the water purification system for every two months. However, the performance of the machine wasn’t improving at all. Now, the

company wants to take new technician service supplier for maintenance programme. So, it floats a tender for procuring the maintenance service. In this process, three vendors have applied for the position – V1, V2, and V3.

By using 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 management software, the facility managers can find out the performance of bidders. For an instance, if the vendor V1 has 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 cloud-based Asset Infinity application.

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.

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 resource 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.

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