October 06, 2020 | by Ahmed Al Hamdani, Jointly Owners Property Expert, Dubai
It’s no secret that all kind of assets require proper and timely care.
Unsurprisingly, the number one reason for unscheduled downtime is premature deterioration of Assets. What is the “not-so-secret” secret to prolonging Asset Life cycyle?
Organized and realistic preventive maintenance (PM) programs that can save your investment as much as 12 to 18 percent in avoidable costs.
Let’s learn how a strategic preventive maintenance for your facility and the steps you can take to launch a successful PM program, but before that What is Preventative Maintenance (PM)?
Preventative maintenance, or scheduled maintenance, is a type of maintenance that’s regularly performed on facility assets in order to ensure the assets perform in best efficiency and prevent or minimize the possibility of premature failure of assets.
Preventive maintenance programs revolve around scheduling routine tasks to extend asset life. Depending on the type of facilities you run—government buildings, college campuses, industrial plants, rental properties—PM tasks can vary dramatically. However, most PMs are centered around cleaning, lubricating, and replacing parts as per standards or as per the working environment. The quality of the PM can be monitored through a Checklist which enlists all required parameters be checked during the PM process. This ensures that you stay on top of maintenance tasks.
Preventive maintenance programs are centered around three primary goals:
- Reducing unnecessary downtime, which usually impacts production times, customer experience, and outsourcing expenses.
- Maintaining the efficiency of the asstes to deliver its expected outcome with nominal energy consumption.
- Extending asset Life so organizations don’t have to pay for assets prior to its original life cycle
How Preventive maintenance programs help you as an investor?
- They reduce costs
The term downtime, or outage duration, describes the period of time when a system stops working as designed. Though most folks associate the term with a remote network of IT servers, it can apply to any sort of assets failure. Downtime could be caused by an old air filter, door locks, a worn-out bearing, or any number of production part malfunctions.
Here’s what happens when facilities function without any sort of periodic maintenance plan in place:
- Unplanned downtime halts production, causing missed deadlines and disappointed customers.
- Employees sit around on the clock, waiting for operations to resume.
- Technical staff is paid overtime to work on failed assets.
- Professionals are outsourced in the event staff members are unavailable.
- Management pays expedited shipping fees to get emergency parts delivered.
Of course, facility managers who practice preventive maintenance schedules mostly avoid these issues. Why? Because there are, virtually, no emergency situations with preventative maintenance. Assets shutdowns can be scheduled for time periods that won’t impact worker productivity, customer service, or product output. Of course, the larger the organization the higher the potential for cost savings via planned maintenance.
- They decrease downtime
For the reasons mentioned above, downtime is one of the most critical metrics in maintenance management. Downtime is simply when a machine or asset is not operating according to design.
For this reason, it’s not unusual for parts to either become unavailable or take weeks to deliver from overseas. Understanding assets availability, and consistently following suggested maintenance schedules, can mean the difference between several hours and several weeks of unnecessary downtime. Imagine if such an event happened during the holiday season. Translation: Unexpected downtime could negatively impact incoming revenue during your facility’s highest production quarter of the year!
Additional risks that impact automation infrastructure are security, safety, and quality. You can better equip your facilities by conducting an asset risk audit to determine potential asset problems and solutions. As the saying goes, “The best offense is a strong defense!”
- They increase business efficiency
This one is pretty simple—preventive maintenance programs also increase assets efficiency, which increases overall business performance. Take your personal vehicle, for example. Change your oil every 5,000 miles, or according to manufacturer’s guidelines, and the engine will perform significantly better over time. Without the thick oil causing friction in between parts, your vehicle will require fewer repair visits over the long-haul.
- They improve safety
Assets running in subpar condition poses a risk to employees, vendors, and customers. Machine failure can lead to hazards and safety concerns, like fires. Translation: Unexpected failures present real workplace risks and liabilities. With this in mind, preventive maintenance programs can reduce on-the-job injuries and potential lawsuits.
- They increase reliability
Finally, planned maintenance programs increase your brand’s reputation for reliability. In today’s competitive economic landscape, most businesses can’t afford to miss deadlines, disappoint customers, and generate negative online reviews. Facilities operating within the B2C industry can provide more consistent customer experiences with PM plans. Conversely, facilities operating within the B2B industry can set more realistic purchase order timelines and foster stronger relationships with suppliers and clients alike.
Facilities don’t just lose money on malfunctioning assets; they waste funds on costs associated with lost productivity, overtime labor, and spare part/storage purchasing. However, reactive maintenance should not be performed on every asset. Effective preventive maintenance programs aren’t centered around planning for every asset. A good rule of thumb on determining whether or not to perform preventive maintenance on a particular asset is to ask yourself: Would the associated costs of performing PM be less than the cost of failure for this particular asset?
If you haven’t been routinely tracking asset history in some kind of database, definitively answering that question may be tough. Reserve preventive maintenance for your facility’s most expensive and integral assets when in doubt. Consistently monitor your assets, and they will perform longer; the less often you have to replace assets, the more capital your facility has to invest in things like hiring top talent, developing new products and services, and expanding grounds in the future. However, if you fail to perform your manufacturers recommended routine maintenance, you could be looking at costly downtime expenses.
In todays market the application of technology to enhance Preventive Maintenance is a BIG-HIT. There are I O T devices that predicts failure of any mechanical equipment with actual fault, atleast 3 weeks in advance, enabling the client to avoid any catastrophic failure of breakdowns that may impact operations of lifestyle. All such solutions will ensure that the assets value is stable and the investment of the individual of organization is maintained for better returns in the market.