Does your asset management plan include budgets for maintenance of your assets? If not, why not? It doesn’t make good business sense to overlook the maintenance of your asset.
Why is it then, so many businesses continue to overlook maintenance plans?
There could be many answers to that one question, depending upon the industry, the asset type, and the culture of the business. But mostly, we’ve found that it comes down to the benefits of maintenance being a bit fuzzy, not immediately clear to stakeholders and those in leadership positions, making it an easy target to miss out on crucial funding.
But just think about the life of the asset. It’s a pretty quick and easy leap to realise that regular, preventative maintenance prolongs the life of the asset. And an equally easy jump to see that reactive maintenance makes any business haemorrhage money, simply because assets will deteriorate faster without planned overhauls.
Don’t let the grass grow around your assets. Start planning preventative maintenance.
One way this can be achieved is by leveraging the data available. By using analytics, your business can apply qualitative techniques to data in order to improve an asset’s performance. It means that your asset management plans can be moved from estimations, guesswork and opinions into evidence-based decision-making1.
Once the plans are established using actual data, the case for preventative maintenance becomes more compelling. Put simply, it takes the ‘fuzzy’ out of the benefits to maintenance and enables fluidity and cohesiveness in the development of a business’s asset management plan.
Consider joining our Maintenance and Reliability special interest group, to find out more ways in which you can build value by planning preventative maintenance.
1 Sourced: Carman, M. 2019, Using Analytics to Prevent the Deferral of Maintenance, AM Council Webinar, 13 August 2019