You might have already worked through more of your budget than you were expecting. Or maybe there’s additional pressure in your business to improve the bottom line at a point in time when global economic conditions are weighing heavy on us all? What’s the best way to bring your maintenance costs down and help your business?
Asset management in the purest sense is looking after the investment you’ve made in your assets. Maintenance cost control is a huge part of that, so by getting your maintenance costs under control, you’re fundamentally doing a better job, creating great ROI from your assets, and making the most impact in your business.
Getting costs under control starts by looking up. Looking up at where you’re headed, rather than at your feet, as you fight the day-to-day fires of any production environment. If you spend all your time focused on the here and now, your lack of planning will bite you back. That’s what most asset managers get wrong when it comes to keeping maintenance costs down.
No one likes equipment being offline, much less paying for it. But it’s much better that it’s out of action for a day for maintenance than off for a week for repairs – because the maintenance that asset needed was skipped. It’s about long-term viability rather than just getting orders out today. The day-to-day operations are important because they pay for the work you’re doing right now, but without a long-term vision for asset management, including more effective maintenance planning, you’ll be missing out on a lot of ROI on your assets.
Uptime is the other side because reducing maintenance increases output. More output with the same equipment and number of people. That’s a big win for any production environment – pairing cost savings with boosts in revenue.
Data & Insight
Our technology offers the chance to do this in a more intelligent way, such as based on usage or output rather than arbitrary time intervals. Using Intuitive Business Intelligence dashboards, you can follow the progress of your budgets in real-time, detecting the cost drivers in your organization. This means you can use the information your business already collects to make better decisions on maintenance schedules.
By arming your technicians with the Ultimo Go app, the input of your maintenance data becomes more reliable and faster – so your data is accurate and up to date. Combining it with other smart technologies, like meter reading monitors, and managing that data transmission with your on-site IoT devices, you can do more with fewer people and still know exactly what maintenance to do and when. From there, it’s just a case of refining your service schedules and watching your maintenance costs plummet.
Want to get your maintenance costs under control? Ultimo is the best option, contact us today.