Creating Asset Maintenance Strategies to Track Conditions and Eliminate Downtime

Asset Management Software / November 2021

Asset maintenance managers have many concerns to attend to. Including the avoidance of unplanned downtime to critical assets. As well as ensuring assets remain in optimal working condition for as long as possible. Getting to grips with asset maintenance starts with strategy and planning. These plans go a long way to ensuring assets stay in good working order.

Managing and implementing maintenance plans is a complex process. It requires investment in maintenance tools such as a CMMS. The good news is, most Asset Management Software systems enable you to manage an asset’s entire cycle. Including planning, and scheduling and execution of maintenance strategies. Almost 40% of all asset management teams have already adopted an asset maintenance tool.

Switching From Reactive to Preventive Asset Maintenance Strategies

Asset maintenance is effective when moving from a reactive plan to a preventive approach. When companies react to problems or issues, they risk spikes in unplanned downtime. This can have a major impact on business performance and costs.

In reality, neither reactive nor preventive is ‘good’ or ‘bad’. But asset maintenance requires a balance between the two. As preventive maintenance takes a planned approach, it allows easier prediction of equipment failure. This predictive approach increases the chances of resolving minor problems long before they become major ones. It also extends the life cycle of assets.

To create a preventive strategy, businesses must create the right organisational systems. This can present an extra burden for their busy workloads. This is why, in practising asset maintenance day-to-day, reactive plans can take precedence. Benefits of moving from reactive to preventive strategies include:

  • More value from the life cycle of assets
  • Better promotion of health and safety
  • Reduced energy consumption
  • Increased productivity
  • Cost savings from lower insurance premiums
  • Happier customers

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Preventing Unplanned and Costly Equipment Downtime

When equipment breaks down or is in poor condition, it leads to a loss in productivity. As well as time and costs. But there are ways that asset maintenance tools can mitigate these losses and prevent downtime.

How asset maintenance can reduce unplanned downtime of equipment

Conduct Regular Asset Maintenance Checks

Downtime in the manufacturing industry is a common occurrence. With over 80% of companies experiencing unplanned downtime in the past 3 years. Regular downtime leads to significant costs. This can be avoided with regular maintenance checks. Helping to identify a problem and fix it before it becomes an issue.

Predictive Asset Maintenance

Predictive maintenance is an extension of preventive maintenance. It helps to identify potential defects in machinery before they happen. Over 90% of manufacturers are seeing a reduction in unplanned repair and downtime. Simply by monitoring the condition and performance of assets during normal operations. A predictive approach allows teams to reduce the likelihood of equipment failure. Ultimately reducing unplanned downtime.

Plan for Unplanned Employee Absences

Employee absences cost the UK economy a total of £77.5 billion each year. Such a predictable rate of absence is likely to impact the performance of assets. Meaning businesses must have a plan in place to cover any absent skills.

Reducing Expensive Breakdown Costs With Asset Maintenance

The condition of equipment has a huge influence on the performance and well-being of staff. So, keeping assets in good working order is vital to a well-functioning company. There are several ways companies can keep costs low:

Build an Asset Register

Mapping out your assets is a critical way to stay on track with your asset maintenance needs.

Analyse Asset Maintenance Failure Data

Using a preventive approach to data analysis will help address problems before they arise. As will setting out failure KPI’s.

Keep a Spare Parts Inventory

A good way to protect the health of equipment is to keep a log of spare parts. As well as using a strategic approach in implementation.

Put Safety First

By implementing regular safety training, you’ll reduce the risk of injuries or accidents. Both of which could cost your reputation and finances.

The Ability to Track the Conditions of Assets

Digital technology has changed the business model for tracking asset maintenance. Whilst providing new and enhanced ways to add business value.

Asset management tools can track the condition of assets by plugging into a predictive maintenance strategy. Using condition-based monitoring, predictive maintenance tracks assets in real-time. Simply by collecting the right data from monitoring hardware such as IoT-enabled devices.

Companies that invest in predictive maintenance are making use of 10 billion IoT devices. Each one helps to track the condition of assets. This approach is reducing costs whilst adding notable long-term value to their business.