6 Tips to Minimize Maintenance Cost for Equipment

Is your organization spending too much on maintenance costs? Do not worry; you are not alone. Many organizations struggle with maintenance costs. They want to decrease these costs but do not know how to do so!

In this blog, you will learn 6 important maintenance tips to minimize equipment maintenance costs! 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.

Many 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 costs is your objective, you must use proactive maintenance. It may seem costly at 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.

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

According to 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

If your average repair time is too high, one reason could be the lack of spare parts in stock. One potential solution to this problem is to ensure a level of similarity among assets as well as to have interchangeable spare parts.

Having similar parts fit many machines can be a smart money-saving trick and makes it easier to get technical support from the manufacturer. Ultimately, you should remember that ordering parts in bulk allows you to negotiate better prices.

4. Implement Automated Software

We know organizations have a lot of assets, which 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 many 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.

However, when you create a checklist, 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, which 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 lets you know the maintenance frequency, maintenance expenses of an 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 costs minimized becomes a huge task.

You can simplify the whole process and minimize the maintenance cost by utilizing the maintenance management software of Infizo Desk's Helpdesk and Ticketing software. When your organization has Helpdesk and Ticketing 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, and boosting performance. If you want to keep your asset organized & want to improve asset availability, then Helpdesk and Ticketing software can help you achieve your goal.

Frequently Asked Questions (FAQs)

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.

Why is inventory tracking important for maintenance?

Inventory is crucial for all businesses; it does not matter which business you are in; there must be inventory in your business. While performing maintenance, you must have inventory on 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 not be considered productive work.

What is proactive maintenance, and why is it 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, an asset is provided maintenance after failure & it can be cost-effective in the short term & costly in the long term.