In any asset-intensive business, it’s crucial to take the best care of assets as possible. It’s also vital to avoid downtime, which can have a significant impact on your company’s bottom line. The following initiatives can help your organization improve asset utilization rates and operational performance while reducing long-term capital costs. Learn how to improve the cost of assets significantly.
8 Tips for Reducing the Cost of Assets
1. Purchase EAM software
If you are not already using EAM software in your organization, it is worthwhile to consider. Enterprise asset management software automatically reminds maintenance technicians of maintenance needs and helps them follow best maintenance practices.
2. Standardize routine maintenance tasks
Many assets fail before their lifespan should be over due to a pattern of poor maintenance, resulting in preventable major repairs or fatal failures. Following a standardized preventive maintenance program will extend the life of your assets and save money.
3. Warranty recovery
Tracking asset warranty information with EAM software can help you process warranty claims and recover the cost of repairs.
4. Consider eliminating redundant equipment
Redundant equipment costs money to maintain and depreciates, so it may be more cost effective to maximize the use of a single piece of equipment instead of running two at half-capacity.
5. Capture as much data as possible
If you are already using EAM software, maximize its use by capturing as many data points as possible about all your assets. This will give you the freedom to run more detailed analyses to inform future business decisions.
6. Keep aging assets running
Keeping aging assets running for as long as possible is key to the financial performance of any organization. Regularly planned maintenance is crucial to keeping assets online.
7. Analyze key performance indicators and make necessary adjustments
You can improve your operations by analyzing equipment breakdown data, maintenance costs, work order backlog, equipment downtime, etc. An analytics dashboard will enable you to quickly evaluate key performance indicators and identify opportunities to lower asset costs.
8. Effectively track and control spare parts
Effective tracking and controlling equipment can help you increase your profitability by ensuring that you don’t order duplicate or excess parts. Reducing spare part inventory levels will enable you to cut costs, and by securing parts just in time, you can prevent costly downtime.
DPSI’s iMaint EAM software provides you with the information and tools you need to maximize the performance of your equipment, control cost of assets, and improve your maintenance operations. DPSI has been in business since 1986 and has over 50,000 satisfied users in 50 countries around the world. Contact DPSI for more information, or sign up for a free trial.