Optimizing Asset Maintenance Management for Growth

While planned downtime serves a valuable purpose, such as allowing technicians to upgrade machinery and replace worn components, unplanned downtime proactively presents a different and often more costly scenario. Unplanned downtime arises when equipment or machinery fails unexpectedly, abruptly halting production and necessitating emergency repairs, which can strain budgets.  

You can’t be left unprepared. A staggering 82 percent of companies have experienced unplanned downtime for their critical assets at least once in the past three years. Physical assets inevitably degrade without regular servicing and inspections, affecting their performance and your team’s productivity. Without planned maintenance, assets can unexpectedly break down, incurring substantial repair expenses, such as on-demand contractor visits, expedited parts delivery, and the production losses incurred while waiting for the asset to be restored to full operation.

When an asset reaches the end of its asset lifespan—typically defined as when projected ongoing maintenance costs exceed replacement costs—it is replaced. If the number of assets you have reaching their lifecycle end dates is mounting, then that is a clear sign you must institute a more formal asset maintenance program. Of course, that means you would have the data in the first place to know how your projected costs stack up against those of buying replacements. 

Learn More: 10 Proven Strategies for Effective Equipment Lifecycle Management

Remember: it’s never just about the technology. Tech is just there to serve your people, and your asset maintenance effectiveness is only as good as the team that supports it. Well-trained technicians are essential for properly executing and documenting maintenance work. Training should encompass maintenance procedures, detailed recordkeeping, and ongoing business improvement efforts. 

Collecting and analyzing data on your assets gives you insights that lead to cost savings and informed decision-making. One key metric often tracked is the average asset lifecycle. Understanding an asset's life cycle enables you to perform preventive maintenance at critical points, extending its useful life. It also helps in planning and budgeting for eventual asset replacements. 

Tracking key performance indicators (KPIs) enables you to improve your organization's performance continuously. Key asset maintenance KPIs, such as Mean Time Between Failures (MTBF) and Overall Equipment Effectiveness (OEE), provide daily performance insights for your physical assets. 

Setting KPI benchmarks is an important form of goal-setting for businesses. Clear goals and actionable plans enhance your facility's overall effectiveness and efficiency.

Preventive maintenance reduces costs, improves asset performance, and eliminates unplanned downtime. However, preventive maintenance schedules must be tailored to your facility's unique needs. The point of these programs is not necessarily to prevent equipment damage. They’re to prevent downtime. The first case is about technology. The latter is about overall business concerns. 

To create an effective preventive maintenance schedule, organize and analyze all available asset data, prioritize critical assets, and allocate maintenance funds accordingly. Continuously assess your preventive maintenance activities' performance, maintenance expenses, and effectiveness. Adjust your schedule as needed to decrease downtime further, improve asset performance, and extend asset lifespans. 

To create an optimal inventory tracking system, determine which spare parts are commonly used in daily repairs and maintain an ideal inventory stockpile model. Choose an inventory management approach that suits your facility, and consistently stay organized. Implementing a smart equipment management system simplifies asset inventory tracking by automatically reducing stock levels during maintenance projects and prompting reorder notifications when items fall below predefined thresholds.