It’s not the million dollar question, but it’s close: How can your company reduce maintenance costs?
Often, the maintenance costs of a company are so high that it can severely curb the profit margins and prevents the company from blossoming. Don’t let this happen to you! Read our Top 5 Tips for reducing maintenance costs and start saving today.
1. Prevent breakdowns
Unsurprisingly, the best way to reduce maintenance costs is to prevent malfunctions. Not only because fixing damaged equipment is costly, but also because your operations have to slow down or even come to a halt in order to accommodate the reparation works. But how can you prevent breakdowns? Without a doubt, you should invest in a good preventive maintenance strategy and ideally in a computerised maintenance management system (CMMS) capable of scheduling, tracking and reviewing all technical operations.
2. Track and manage inventory
If your average repair time is too high, one reason could be having a lack of spare parts in stock. One possible solution for this problem is to ensure a degree of similarity between assets and/or to have interchangeable spare parts. Having the same parts fit many machines can be a smart money saving trick and makes it easier to obtain technical assistance from the manufacturer. Finally, you should bear in mind that ordering parts in bulk allows you can negotiate better prices.
3. Train your team
Another key to keeping maintenance costs down is training your entire team and not just the technicians. If all of your employees know how to detect problems, malfunctions will be detected much faster. Sure enough, you will have fewer periods of downtime and you will avoid expensive and time-consuming repairs.
4. Choose the Right Technology
Even if your phone freezes from time to time and your computer may require a quick fix via the failsafe “On-Off” method, technology is an asset to your business and should be used. Imagine (or worse, try) analysing all your maintenance operations one by one with a pen and pad of paper? Using a CMMS that you can customise to suit your needs will streamline your infrastructure management and save you a lot of time.
5. Extend the warranty/insurance period
Nothing functions flawlessly. It is always a good idea to insure the most expensive equipment for your business or to extend the warranty of some items. This will not only mean saving on maintenance costs but also on high repair costs. In some cases, you may even want to insure some specific components — talk to your technicians to decide which policy is the most appropriate for your business.