If your business is only looking at external factors, like sales and partnerships, to achieve its profitability goals, it’s likely you’re missing out on opportunities to grow your ROI. This sort of farsightedness is surprisingly commonplace. Once a company is up and running, all of its infrastructure in place, it is easy to turn your attention outward and never look back.
Companies that do monitor internal opportunities to manage proceeds, however, know that it pays to trim the fat. While there are dozens of places you could probably find this so-called fat, look no further than your organization’s maintenance budget for its equipment and other fixed assets.
No matter what field you work in, your daily operations rely on some sort of machinery—whether that machinery takes the form of computers, servers, and telecom devices, or more specialized equipment used for manufacturing, construction, and other industrial applications. The inescapable truth is that all machinery eventually breaks down, requiring repair or replacement. Even day to day maintenance costs, including parts and labor, can strain a company’s overall financial structure.
Enter EAM—enterprise asset management, also known as computerized maintenance management system software (CMMS).
EAM software maintains a database of information about company- and/or department-wide maintenance operations. The primary goals of this technology are monitoring, reporting, safety, and compliance. EAM software, like Tabware, streamlines and automates these activities.
The result? Less down time and lower costs. According to independent research reported by the Aberdeen Group, a company that implements a CMMS solution can expect to lower maintenance costs by an average of 9.5% and downtime by 14%. Overall equipment effectiveness, or OEE, generally rises by 8%. Depending on the scale of your business, this can equal huge savings and the opportunity to reinvest those resources in expansion.
With rapid technological advancements, EAM programs can be delivered as a cloud service, online, or onsite via a company’s own servers. This gives businesses an unprecedented degree of flexibility in maximizing asset performance and controlling maintenance costs. Paired with appropriate training, both in EAM implementation and hands-on maintenance skills training, you company can cut out internal expenditures that were once necessary, but no longer.
How long has it been since you took a close look at your overhead? If it’s been more than a few years, it’s probably time for an audit. Chances are good that you’ll find a few extra pounds of “fat” you didn’t realize you were carrying around.