In the field of business, your company needs to stay ahead of its competition in any way possible. This can be accomplished through the use of cutting-edge technologies and innovative ideas. However, new initiatives are not the only secret to success.
Companies can be more competitive by focusing on improvements as well. Some of these improvements include maintenance and ongoing servicing of equipment. Today, modern technology simplifies a variety of maintenance tasks. Here’s how advances in equipment maintenance keep you competitive.
Condition Monitoring and Preventative Maintenance
It’s imperative for you to keep a close eye on the competition. By doing so, you can monitor their progress and make sure your business is not trailing behind. If your business is not performing at its full potential, it will be impossible to keep up with the competition.
In the construction industry, there is little to no room for errors and mistakes. The smallest amount of downtime can have catastrophic results.
Business downtime can result in substantial losses and a variety of setbacks. These mishaps can make your customers wait for services and products they need. This leads to a variety of problems that could cause you to lose clients. Instead of putting your business at risk of failing due to setbacks, invest in condition monitoring, and preventative maintenance technology.
In the construction business, dirty equipment can become contaminated by grease, mud or grime. It’s essential to keep your machinery in the best working condition. Grease, grime, mud, and clay are types of dirt that can destroy your equipment over time. If your equipment is not cleaned regularly and thoroughly, it’s highly likely you will experience a variety of equipment malfunctions.
In today’s construction industry, project managers have innovative technology they can use to ensure their business operates with minimal errors. This new technology allows them to plan maintenance tasks to keep their business functioning at its highest potential.
Routine equipment maintenance helps prevent major equipment complications. By resolving issues when they are minor, you ensure that they do not become more significant. A drop in equipment productivity by as little as one percent can have a significant impact on a project’s profits. A prime example of modern preventative maintenance is condition monitoring.
Condition monitoring is a tool construction teams can use to supervise and observe their equipment, which helps increase profits. To help with the prevention of minor complications, the continuous monitoring of data health reports and equipment data is essential. This data helps businesses identify any minor complications that may occur.
Track Profitability & Depreciation
A business might be performing well, but you still need to track profitability and depreciation. A clear snapshot of a business’ profitability and depreciation can be obtained directly from your maintenance program.
Tracking this data using a maintenance program provides continuous, up-to-date asset information. It also gives you the necessary information to determine disposal times by observing asset maturity. This report helps reduce the risk of having to deal with unplanned equipment failure.
Accurately keeping track of profitability and depreciation enables you to create reasonable budgets. Keeping accurate profitability and depreciation records help you make financial decisions that will save your business money.
When it comes to audit requirements, you need accurate financial records that will help you remain in compliance with these requirements. Tracking your business assets help prevent inaccurate financial information. It also helps improve accuracy reports by providing information on actual depreciated values and the purchase cost of your assets.
Better Budget Forecasting
Understanding the status of a project is essential for continuous progress. It is also just as important to know where a project is headed. Budgeting is a project control that is essential for businesses.
You need full control and transparency of your project costs. Budgeting is not just about resources and equipment. It’s important to consider other elements when budgeting, such as insurance rates. This is where job costing can help.
Job costing helps you define all of the costs involved in any specific project. This includes equipment as well as staff costs plus other intangible costs. These costs can be assigned to a specific job which helps track expenses from project to project.
In this way, it is possible to create reasonable estimates quickly and easily. Your budget needs to include a variety of what-if scenarios. This helps your business analyze potential issues that can occur in the future.
The better you can budget, the more money you will have available. These funds can be used in other parts of the business.
Worker Safety First and Foremost
New advances in technology ensure staff safety. Advancements in technology allow remote systems to provide information in high-risk environments. These could be risky due to weather conditions or even simply based on their physical location.
Systems are capable of alerting inspectors and auditors to faults requiring corrective maintenance. This ensures time is saved and also helps identify equipment that cannot be used based on maintenance issues. The risk of injury is significantly reduced, thanks to reliability-centered maintenance. This type of support keeps crews safe from injury due to malfunctioning equipment and machinery.
Field Eagle offers an advanced heavy equipment inspection and auditing suite of tools to help organizations around the world. It offers an integrated suite of features that enable companies to quickly and easily conduct trend analysis. Field Eagle helps businesses find equipment that needs repairs.
Inspection modules ensure that organizations stay current on the latest rules and regulations applicable. As government regulations change, these modifications can be distributed to field inspectors. In addition to its real-time communication capabilities, Field Eagle ensures that head office staff are also kept informed.