Workers waste time and lose productivity because of unexpected asset failures. These problems are preventable, as long as managers are able to track the performance and repair or the maintenance schedule of assets.
Effects of Asset Failure
A fixed asset that suddenly breaks down or ceases to work altogether not only affects your company’s bottom line, it affects stakeholders and customers.
Damaged assets are a nuisance to the surrounding offices or homes as they create noise, smell and vibration. They also increase the likelihood of outages in power, gas, water or other important utilities. An asset that ceases to function properly increases the downtime of workers, leading to disruptions and lower profits.
Asset failures make their presence felt when you look at the costs you incur because of changes in plans, responses to problems and accumulation of deferred maintenance or repairs. Failure also leads to inefficiency across your operation as these machines use up energy, people and resources inefficiently.
You also have a difficult time moving failed assets as they have reduced resale value. It leads to missed opportunities for maximising economies of scale lead to lower profits in the long term.
Asset Management Solutions
The consequences of failed assets hurt your bottom line and affect your customer service. Software and other asset management tools, such as CMMS systems streamline and organise your company’s operations.
Computerised systems limit human error and provide the best solution when an asset fails or ceases to function completely. The software simplifies operations by recording and monitoring maintenance, repair and replacement schedules of assets. These reduce the downtime of workers and machines within the workflow.
A reliable asset management system determines the cost of maintenance, labour, and safety and quality costs faster compared to doing it manually. It makes sure that assets are reliable and in good working condition for maximum efficiency.
Running a plant or business requires near perfect operational management, one cog that does not work properly leads to losses. Proper asset management reduces the likelihood of unexpected asset failure during operations.