Let’s face it, a lot of us are guilty of not giving our equipment much thought when it’s
working just fine. If it ain’t broke, and all that. The problem with this mindset boils down
to dollars. Simply put, you’re going to spend significantly more money if your strategy is
to simply react when an issue comes up with your equipment.
A successful preventive maintenance program improves the performance and safety of
your company’s valuable assets. Equally important, regularly scheduled maintenance
helps you avoid unplanned downtime.
According to Plant Engineering’s 2017 Maintenance Report, 69% of respondents have
decreased downtime with a preventive maintenance program, while 66% report a
reduced probability of equipment failure, 63% experienced improved overall equipment
effectiveness and 62% have improved their plant’s safety.
Need more convincing? Here are 5 good reasons why a proactive preventive
maintenance approach will reduce your costs and improve overall operations.
1. Save Money
Unplanned downtime caused by equipment failure can cost a fortune in lost production
revenue, not to mention emergency repair costs. Back in 2006, one minute of downtime
in the auto industry was found to cost a whopping $22,000.
From paying technicians overtime to the cost of overnight parts delivery, everything is
more expensive in an emergency—especially when a production line goes down.
A preventive maintenance program is simply good business. How good? How about a
545% return on investment, according to a recent study from Jones Lang LaSalle? Not a
bad ROI, to say the least.
2. Maximize Efficiency
Regular equipment maintenance optimizes operations so you can run at maximum
efficiency. According to CMMS software company eMaint, most maintenance
organizations operate at only 10% to 40% efficiency and spend a staggering 50% of
their time on emergency work.
Keeping your equipment running at optimal potential increases uptime, enhancing
production while reducing costs. Poorly maintained equipment uses a lot more power,
resulting in increased energy costs that add up over time. Well-maintained equipment
also reduces scrap produced by machinery that’s operating at a sub-par performance
3. Prolong Equipment Life
Predictive maintenance programs result in longer lasting, better-performing equipment.
According to Plant Engineering’s survey, aging equipment is the leading cause of
unscheduled downtime. Regular maintenance protects your investment and improves
both your equipment’s lifespan and performance. And as we all know, more efficient,
effective equipment translates to higher profits.
4. Reduce Maintenance Costs
Reactive maintenance is widely thought to be anywhere from 2 to 5 times more
expensive than preventive maintenance. Over a period of time, regularly scheduled
maintenance minimizes breakdowns and makes for much quicker, easier repairs when
issues do arise.
It’s simply smarter to replace components that wear down before they fail. Preventing
problems before they occur is always going to be less expensive than equipment
5. Improve Safety and Reliability
Poorly operating machinery can create hazards and unsafe working conditions. Dulled
and warped edges on equipment with grinding gears can be dangerous. Regular
maintenance inspections ensure that faulty equipment doesn’t cause injury. And when
your equipment is in safe working order, your employees stay safe as well.
A preventive maintenance program can also help you earn a reputation as a reliable
partner. Putting this proactive strategy in place goes a long way to helping you complete
projects on time and deliver products without delay.
There are endless ways a professional preventive maintenance strategy can improve
your operations. In a future post, we’ll discuss how to set up a preventive maintenance
plan, but Plant Maintenance has some helpful guidance to get you started.
Implementing a successful preventive maintenance program can be time consuming and
costly, but the rewards are well worth the effort.
If you’d rather outsource the effort, MW is here to help. For a complimentary preventive
maintenance assessment, give us a call.
We’d like to think a 545% ROI is a worthy investment.