Downtime is inevitable in many industries, especially in manufacturing. With that being said, you can plan around it with adequate checks and balances to avoid production spiraling out of control. Downtime can have an array of effects on businesses and have multiple causes. This includes equipment failures, power outages, bad data, and the list goes on.
Most of the causes of downtime can be prevented, but there are things that no one has control over such as catastrophic weather events, even with a planned process in place. Given that most of the reasons behind unexpected downtime are preventable, it is important your company ensures enough resources are being channeled toward preventing the unnecessary lost revenue and increased costs that result from downtime. One of the most effective ways to avoid unexpected downtime is to make sure that you have an appropriate focus on preventive maintenance. A migration to a new EAM or CMMS system is an opportunity to review your asset data and make sure all of your assets are included and have appropriate maintenance plans and that necessary spare parts are available to keep them running without downtime.
Efforts to reduce downtime like better scheduling, improved cost analysis, predictive maintenance, reliability centered maintenance (RCM) and failure modes and effects analysis (FMEA) will not be effective if your new EAM does not have high quality accurate asset and maintenance master data including all assets organized into a hierarchy that is appropriate for asset performance management (APM).
Save time, save money
Research has shown that something as small as a 1% downtime rate can cost organizations up to $5 million per year. Everyone recognizes that this is a significant amount of money. Improving maintenance and APM are desirable goals for most organizations but in order to succeed you need high quality asset and maintenance master data as your foundation. The NRX AssetHub solution helps asset-intensive businesses save costs by ensuring their asset and maintenance master data imported into their new EAM system is clean and accurate. If you would like to learn more about our solution and how we can help in connection with an EAM migration or upgrade, feel free to book a demo and our team would be happy to help.
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