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Fincio team has developed maintenance software for Heavy equipment management in order to relieve the businesses of huge maintenance costs that are associated with equipment downtime and faults. Timely maintenance management can reduce such costs by up to 90 %.
It is an unspoken rule for any business where heavy equipment is a staple to have a maintenance management system in place. But not all such systems are created equal. While some companies have welcomed the use of modern computer-based systems, many still do it the old-fashioned way. Between these businesses, there is one big difference: the cost they spend on the whole when it comes to maintaining their assets/equipment.
On one hand, companies that use modern heavy equipment maintenance software make a considerable investment of time and money to get the computer-based system started. On the other hand, other companies only perform maintenance activities when necessary; that is, when the heavy equipment needs to be repaired. This is often done following an unexpected breakdown. And as many business owners have learned the hard way, any non-scheduled or emergency maintenance works performed on heavy equipment can cost a company in more ways than one.
Below are 5 ways on how using sophisticated maintenance software for heavy equipment can help save a company huge maintenance costs:
In any investment, there is always an opportunity cost. This is defined as the loss of potential profits that could have been gained if a company has made the right decision the first time. For any good investor, taking the opportunity cost into consideration before making a decision is extremely important.
This is true for business owners or maintenance managers who make the crucial choice between a conventional, reactive maintenance management system or a more modern, proactive method using a special software/system.
Many conventional decision makers are quite reluctant to spend on something that does not seem directly involved in the profit-making potential of the business, and they make the mistake of placing maintenance under this category. This is a potentially costly mistake, as what some modern CMMS (computerized maintenance management systems) can prove by comparing the cost of preventive maintenance and unexpected repairs.
Choosing to perform preventive maintenance may entail some cost for the company on a regular basis. However, unexpected repairs come at the expense of the company's operations, due to the time and profit lost while the equipment is out of commission. This is the opportunity cost that many business owners often overlook. They forget to consider how much money would be lost if their staple equipment unexpectedly breaks down in the middle of a peak season, and how much money would be lost during the time it takes to repair the damaged machinery.
Performing preventive maintenance does not at all guarantee against sudden heavy equipment breakdowns. But regular maintenance checks and tasks spell the difference between having to repair a piece of equipment and having to replace it entirely. In some cases, it spells the difference between repairing a broken part of the machinery and replacing the part entirely.
As much as possible, business owners want to put off replacing heavy equipment for as long as possible. Replacing new equipment does not simply outlay additional cost. It entails a completely new asset, and the company would then have to begin a new process towards achieving the return of their investment (ROI).
Repairs, on the other hand, are usually less costly. While machines depreciate and suffer from wear and tear over time, regular preventive maintenance can keep major problems at bay. Thus, most problems can usually be solved by repairing the machinery or some of its parts rather than replacing them.
Using heavy equipment maintenance software can help companies implement a maintenance management process more effectively. Computerized maintenance management software (CMMS) can track all necessary maintenance works, schedule such jobs, and document all maintenance activities in a single, streamlined, and proactive process that employees simply have to follow and execute. By following the system closely, employees can keep any equipment well-maintained and in a good working condition for a longer period of time.
And what this comes down to is that, longer the heavy equipment's life cycle, the more money a company can make out of it.
Regularly performing preventive maintenance works is the best way to preserve any heavy equipment. While this may not seem directly involved in the company's ability to produce profits, it actually plays an integral role. Equipment that are used for longer periods provide the best return of the business owner's investment.
Another key benefit of using heavy equipment maintenance software is that these systems are designed to keep all pertinent data regarding maintenance management all in one place. The system keeps a history log of all maintenance activities performed on all machineries making important data readily available to key decision makers in the business. This way, business owners can make better, more informed decisions that are backed by hard evidence.
Automated equipment maintenance software can also calculate the comparative costs of preventive maintenance against emergency repairs. By showing business owners how much they can save if they perform preventive maintenance works rather than waiting for their machines to break down, they are better able to see the need for it, even when it entails additional cost at the outset.
The data and calculations provided by heavy equipment maintenance software can also help business owners to allocate enough resources for the company's much-needed maintenance activities. The availability of resources can make any maintenance management process more efficient and more effective.
Business owners backed by a well-oiled maintenance management process enjoy peace of mind, and they are able to focus on the other more important aspects of their business - such as increasing profit, expanding their business, and outperforming the competition.
In contrast, those who don't give maintenance serious thought tend to live in fear of unexpected machine breakdowns and sudden work disruptions, which can cost them dearly. This fear can distract them and keep their focus off their business' marketing and business development efforts.
Thus, organizations that use heavy equipment maintenance software programs can bring in better business growth, and thus enjoy a greater profit margin. This makes heavy equipment maintenance costs a much lighter burden for the company to bear financially.
Although using a heavy maintenance software may involve some costs, companies that invest in them end up making more profit and saving more on maintenance costs in the long run.