9 Overlooked Benefits of Maintenance Metrics Tracking
Maintenance metrics tracking is crucial to the success of the maintenance department and the entire organization. Establishing a high-quality benchmark on metrics helps to see where you stand, enables you to develop, and lets you measure the success of maintenance management. It helps to optimize maintenance processes, identify areas for improvement, and make data-driven decisions to ensure optimal performance and productivity.
As per the industry survey, “Businesses incur an average cost of $260,000 for every hour of equipment downtime. Moreover, the cost of such downtime has escalated by 60% since 2014, exacerbating the situation”. Accordingly, maintenance metrics tracking can help prevent such downtime and mitigate its associated costs.
So, let’s dive in and discover the benefits of maintenance metrics tracking!
Benefits of Tracking Maintenance Metrics
Utilizing maintenance metrics tracking helps bring real change to the organization, as we understand them here below.
Tightening the purse strings through efficient planning
One of the most significant benefits of maintenance metrics is improved maintenance planning. By monitoring equipment performance, maintenance requirements, and other critical data, organizations can predict maintenance needs and schedule maintenance activities proactively.
This approach minimizes downtime and unplanned maintenance, optimizing equipment performance and reducing the risk of equipment failure.
Reduction in operational expenses
Speaking of costs, maintenance metrics tracking can also help organizations reduce maintenance costs. The unnecessary money spent is identified with the help of tracking metrics. For instance, the Stock Turn Ratio can pinpoint overstocking and understocking of inventory.
By analyzing maintenance data, organizations can identify areas where they can optimize maintenance activities, such as equipment repair, maintenance schedule, and staff allocation. This approach improves efficiency, reduces maintenance costs, and improves the organization’s bottom line.
With objective data on maintenance practices, organizations can identify trends, patterns, and areas of concern that require attention. This means that decisions can be made based on objective data, rather than subjective opinions, leading to better outcomes and more efficient operations.
For example, by tracking metrics, if a business notices an increase in maintenance costs for a particular asset, it can investigate further and identify the root cause of the issue. This can enable them to make data-driven decisions on whether to repair, replace, or retire the asset, ultimately optimizing their maintenance strategy and minimizing costs.
Covering all bases for a safer work environment
Proper maintenance is essential for ensuring the safety of employees and customers. Tracking metrics can help organizations identify potential safety hazards and take corrective action before accidents occur. This approach improves workplace safety, reduces liability risks, and ensures compliance with regulatory requirements. Additionally, it can help to identify trends in safety incidents or near-misses, allowing you to implement corrective actions to prevent future incidents from occurring.
For example, preventing accidents and passing audits can be made easier by tracking metrics such as PMP and PMC. These metrics provide valuable insights that enable organizations to maintain safe operations and comply with regulatory requirements.
Ensuring clear lines of communication
Communication is another area where tracking maintenance metrics can improve operations. By sharing data and insights across different teams, organizations can ensure that everyone is aware of maintenance schedules, potential risks, and areas for improvement.
This can improve collaboration, eliminate misunderstandings, and ensure that everyone is working towards the same goals.
Better Asset Management
By tracking the age, performance, and maintenance history of each piece of equipment, you can make more informed decisions about when to replace or upgrade assets. This can help you avoid costly breakdowns and ensure that your equipment is always operating at peak efficiency.
Additionally, you can identify which pieces of equipment may be costing you the most in repairs and maintenance costs, allowing you to prioritize replacement or upgrades as necessary.
Staying ahead of the game through benchmarking
Maintenance metrics tracking can also be used for benchmarking purposes. Organizations can compare their maintenance performance with industry standards or other organizations, identifying areas for improvement and setting goals for continuous improvement. This can help businesses optimize their maintenance strategy and ensure that their equipment and assets are maintained to the highest standards.
Measures maintenance performance
With maintenance metrics tracking, organizations can measure their maintenance performance and identify areas where they are doing well or falling short. By monitoring metrics such as equipment downtime, maintenance costs, and asset reliability, organizations can collect data that can be used to assess the performance of their maintenance operations. This approach helps set targets and measure progress over time, ensuring continuous improvement and optimizing maintenance activities.
Pinpoints potential areas for enhancement
Finally, tracking metrics for maintenance provides valuable insights into maintenance operations that can help identify areas for improvement. By implementing corrective actions, organizations can improve their maintenance practices, reduce costs, and increase efficiency. This not only benefits the organization but can also lead to improved customer satisfaction and a stronger reputation in the industry.
Maintenance metrics tracking is no longer an optional activity for businesses that want to remain competitive in today’s dynamic business landscape. It’s a crucial process that provides valuable insights and helps organizations make data-driven decisions, improve efficiency, reduce costs, and ultimately drive business success.
By leveraging the power of maintenance management software and tracking relevant KPIs, businesses can stay ahead of the curve and ensure that their assets and equipment are always running at peak performance levels.
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