Maintenance is one important part of operating your equipment and its a cost of doing business thus required to be reported in the financial statement.
Maintenance costs normally involve many variables; workforce, part replacement & usage, tools rental etc.
the purpose of measuring maintenance cost of each asset is to set a benchmark in comparing with performance, target & different equipment and to take action when the difference is significant.
Several actions you can take based on this measurement are:
- Overhaul or replace unit, Rent or Purchase unit
- Invest in proven efficient & productive manufacturer brand
- Planned purchase of spare part components
- Scheduled work order for maintenance
- Recruit or outsource technical engineer
Enterprise spent thousands of dollars on a single machine maintenance. if you can save 10-30% out of each unit cost of maintenance, you can save millions of dollars in total.
Makes sure you have taken good attention in monitoring your asset maintenance costs.