Holly Welles, Contributing Writer
Equipment costs can be some of the most substantial expenses a company will have. Acquiring and running heavy machinery is a considerable investment, so maintenance is essential for any business that uses this equipment. No one would deny the importance of upkeep, but approaches to this subject vary.
A lot of companies follow a pattern of reactive maintenance, addressing equipment issues as they arise. The other increasingly popular option is proactive maintenance, which involves tending to machinery more regularly to prevent problems. Most people understand that prevention is better than cure, but some may worry about the costs.
The upfront costs of proactive maintenance do often seem high. After all, this technique means more frequent repairs, even if they are smaller. A broader, more comprehensive look at equipment expenses, though, would reveal how proactive maintenance is more cost-effective.
The real cost of breakdowns
One of the most significant advantages of proactive maintenance is that it prevents breakdowns. By checking equipment regularly, employees can notice abnormalities that could lead to more substantial problems. They can then fix these issues while they're relatively insignificant, preventing a breakdown.
This advantage assumes that the cost of repairing a broken machine is higher than that of preventing it. Depending on the type of problem and kind of equipment, that's often the case. There is another factor to consider, too — the cost of lost time.
A more substantial repair takes more time, which means lost productivity. Equipment downtime can cost anywhere between $150 and $350 an hour, which adds up fast. Since downtime affects project completion times and employee productivity, breakdowns can be massive expenses.
Decreasing costs through improved performance
Proactive equipment maintenance does more than just prevent costly breakdowns. On top of fixing minor issues before they become worrisome, it keeps the machinery running in prime condition. When equipment is running smoothly, it increases productivity and decreases operating costs.
Preventative maintenance does add some operating expenses, but it lowers other, more costly ones. Labor and fuel are often the highest machine-related costs and keeping things in prime shape addresses both. Namely, it increases fuel efficiency and improves productivity.
When equipment isn't in its optimal condition, it will use more energy for the same task, consuming more fuel. Similarly, a poorly maintained machine takes longer to accomplish a job, so operators have to work longer on one project. Since proactive maintenance ensures equipment stays in its prime state, it prevents these costly situations.
Finally, the overall lifecycle value of machinery can be increased with proper and scheduled maintenance. Business managers will find more value in reselling their used equipment down the road if properly maintained. This creates an added return on the initial investment should the equipment no longer be needed for a project.
Technology increases the benefits of proactive maintenance
Thanks to modern technology, proactive maintenance is more efficient and affordable than ever. One of the most substantial advancements is the availability of data gathering and analysis tools. Data analytics systems highlight peak performance levels and warn of problems, giving companies insight into the state of their equipment.
Sensors in heavy machinery can show users information about their performance so technicians can see if repairs are necessary. Tools like predictive analytics further these advantages by using artificial intelligence (AI) to predict when problems will likely appear. With these improvements, companies can create a more cost-effective maintenance schedule, custom-made for each machine.
Using these tools, mining giant Barrick Gold was able to save $500,000 in maintenance-related expenses. These services, like the Internet of Things (IoT) sensors and AI programs, are far more affordable than they used to be. This newfound accessibility allows any company to experience these benefits.
Proactive equipment maintenance is worth the investment
When comparing the overall expenses and benefits of different maintenance approaches, the winner is evident. Proactive maintenance prevents costly breakdowns, reduces operating expenses, and is accessible to any company. The shift to this method may take time, but it's worth it.
Taking a proactive approach to equipment maintenance does involve more work than a reactive one. Still, the long-term economic benefits of the former far outweigh any of the associated costs. Companies that want to make the most of their machinery should be proactive in maintaining it.
Holly Welles is a construction industry writer with work published in Construction Executive, Modern Contractor Solutions and other web magazines. Learn more about her work via her website, The Estate Update, or connect via LinkedIn.
