It’s not the million dollar question, but it’s close — how can your company reduce maintenance costs? The maintenance costs of so many companies are so high that their profit margin takes a significant hit. Naturally, this prevents businesses from thriving. But don’t let this be your case — we have put together 5 actions that will help you reduce maintenance costs both in the short and in the long term.
1. Prevent breakdowns
Not surprisingly, 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 yo slow down or even come to a halt. But how can you prevent breakdowns? Without a doubt, it’s mandatory to invest in a good maintenance policy and, ideally, in a computerized 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 good reason could be not having enough spare parts in stock. Now, one of the possible solutions for this problem is for all of your equipment to be similar and/or have interchangeable spare parts — so that the same the same parts fit all the machines that are essential to the business, and that it’s easier to obtain technical assistance from the manufacturer. Also, bear in mind that ordering parts in bulk means that you can negotiate better prices.
3. Train your team
Another key to keeping maintenance costs down is training your team — not just the maintenance team, but the entire staff. If all your employees are prepared to detect problems and troubleshoot, malfunctions will be detected much faster (and, at the end of the day, time is money). Surely, you will avoid more expensive and time-consuming repairs.
4. Choose the Right Technology
Your phone may have an odd behavior from time to time, and your computer can miraculously come back to life after a simple reboot. But even with these mishaps, technology is an asset to your business and your life in general. Have you ever imagined (or worse — tried it!) analyzing all the maintenance operations one by one and reporting on paper and pen? Using a CMMS that you can customize to suit your needs will streamline infrastructure management and save you time. You know how the old saying goes, right?
5. Extend the warranty/insurance period
There is nothing (or anyone) infallible. Therefore, it’s a good idea to extend the warranty or insure the most expensive and essential equipment for your business. This will not only mean saving in maintenance costs, but it may also prevent high repair costs. In some cases, you may even want to insure some specific components — talk to the relevant technician to decide which policy is more appropriate for your business.