High maintenance costs of physical assets can cause major financial impact in any business. Hence, it is important to have a deep insight into the maintenance activities to keep maintenance cost in check.
7 top tricks to manage and track maintenance costs using digital maintenance solutions
- Backlog control- There could be need for extensive repair if preventive maintenance is deferred for long. With digital solutions, there would be a greater visibility of work that needs to do, reducing the number of maintenance work.
- Decide between repair and replacement (Scrap Report) – Using a digital solution for Maintenance management, the team can accumulate, analyse and sort details of assets related information accurately to decide if it would be cost-effective to replace or to repair the equipment to continue using it.
- Proactive maintenance- Maintain equipment through preventive and predictive maintenance which saves time and avoids unplanned downtime.
- Effective MRO Inventory management – The CMMS Software helps in digitizing the maintenance management and related Inventory management. Effective storage of information and digital updates of the Inventory for Spare Parts helps the user to access historical information and generate reports/alerts to maintain minimal required quantity.
- Lean maintenance practices – Digital CMMS software with data driven insight helps the Maintenance team to follow lean practices and bring down wastages in the process.
- Make investment in condition monitoring technology- Monitor the health of your assets and optimize the schedule of your maintenance tasks to avoid expensive repair and reduce overall cost of labor. Leverage IoT sensors for condition based maintenance to avoid unplanned downtime or hazards.
- Calculate KPIs- Monitor and control performance of the Maintenance team by monitoring important KPIs like MTTR and MTBF.
6 ways by which CMMS can help to manage and track maintenance cost
Just setup CMMS for once and then it will track on-going costs automatically. It is important for technicians to enter parts used and time spent to ensure accurate data output. You can rely upon the digital maintenance process to control costs using the following 6 tools from CMMS. It will help you to reduce expenses, spend more efficiently and strike out inefficiencies.
- Work orders are in digital format– You can create and submit work orders in the CMMS software. Thereby managers would know what tasks need to do. It also maintains visibility of small projects so that they do not fall through the cracks. This process makes the process of work order much more efficient. It helps to strike out backlogs and curtail downtime costing.
- Tracking Costs In A Work Order – In CMMS software the technician can add all the expenses while processing a work order. During the Maintenance Work, the technician may need to use new parts. They can add those parts in the work order from Mobile CMMS. Also the technician can add all the Miscellaneous costs like travelling, fooding, accomodation and other expenses in the Work Order. The labour cost for the Work Order is automatically calculated in CMMS. All these expense details introduced in the Work Order by various Technicians. For example, Parts consumed, Labor Cost, Food, Travel and Accommodation etc. adds total expense to the Work Order. This is calculated and stored in the system. The Management team can easily track the total maintenance cost including work log for the work order. Cumulative reports related to expense across multiple Work Orders provide Cost related insights to the Management for better decision making.
- Using Metrics and reporting – Maintenance history is available in CMMS. It shows the total repair costs. MTTR report provides insights to total and average downtime . These numbers allow the maintenance manager to take repair or replace decisions. And also come up with a maintenance strategy to maximize cost of labour.
- Mobile library of resources– Using CMMS, the maintenance team can build a mobile resource centre by uploading manuals, documents, videos, schematics etc. Attaching them to the assets and accessing them from anywhere and whenever they need. You do not have to be bound by physical documents. This will reduce downtime and associated costs.
- Root Cause Analysis (RCA) – RCA identifies the most common problems happening for assets and the Cause or reasons for it. This data stored in CMMS and insightful reports generated out of the RCA from CMMS. It helps the maintenance manager for an effective Maintenance planning and devising a Maintenance Strategy.
- Inventory management- Allows online checking of available parts. Hence, helps in fine-tuning in the ordering process, prevents redundancies and tracks extra parts.
Hence, investing in CMMS would help you to efficiently manage and track maintenance costs in a multitude of ways. Get in touch with DreamzCMMS for detailed information.