Don’t you think that maintenance sometimes costs you much more than your capital amount? The best maintenance organizations all over the world are working to lower down the cost of care. The key to asset management is to work smarter with the asset or people they have in their team.
What Is Uptime?
In a layman’s language, uptime is the time in which a machine is in operation. What does that mean? This means that when an asset is in the operational stage, it can produce output. Unfortunately, in the current scenario, many countries struggle with their assets running at optimal rates to meet the goals efficiently.
What does downtime imply?
Downtime is the opposite of uptime which means when the asset is not in operation. Thus no output is produced, resulting in result revenue-producing activities come to a rest.
As there are two categories of downtime. The first is planned, and the other one is unplanned. All the rest cannot be considered flawed because sometimes you might require a specific period to repair your assets.
Pros and cons of planned and unplanned downtime?
Pros of planned downtime
- Necessary for the maintenance of assets.
- To extend the life and production capacity.
- If planned, then the maintenance can be done in off-peak hours.
- It can be arranged so that apt tools can be assigned for the work.
There are no such cons for planned downtime.
Cons of unplanned downtime
- Created destruction and generally ends up costing a million dollars every year.
- Unplanned downtime can cause severe damage to the business.
Resource Utilization
After reading what a planned and unplanned downtime can do to your business, flawed bad what are the correct measures that you should take:
- Organize each day and take out some time for the maintenance.
- Studies show that you can roughly get 2-3 hours daily.
- By implementing a tiny amount of planning and organizing, you can quickly improve resource utilization from 25% to 50%.
- Assign the right people for the right task.
Frequently asked questions
- Why is asset management so important?
The foremost benefit of asset management is that it helps in the reduction of cost and increment in profit. This is so because when assets and equipment are appropriately tracked and managed using a systematic approach, it increases productivity and gives a better return on investment.
- How to manage assets effectively?
To manage the assets effectively and efficiently, the business must make use of asset management software. The software would help not only in managing the assets but also the stock.
Summary
It is essential to have planned uptime to reduce the cost of maintenance. This article has provided the necessary steps that you must follow to avoid unusual circumstances at the time of unplanned downtime. As a result, companies can successfully implement the new maintenance trends, adopt new technologies, appoint knowledgeable staff, and a lot more. Aspen field services put you forward by managing your maintenance cycle with the help of OEM – service asset management. If you don’t believe them, check out the official website of Aspen field services.
