Downtime has a tangible impact on production, revenue, and an asset’s lifecycle costs. Hence why it is critical to accurately track downtime data to spot and remedy problematic trends. This article shares a few of the many benefits of collecting downtime data.
Key Takeaways
- Downtime has a tangible impact on production, revenue, and an asset’s lifecycle costs
- Two commonly used tools to track downtime are a CMMS and EAM
- Downtime data can be used as KPIs (Key Performance Indicators) to track the impact of maintenance strategies
- There are five benefits to tracking equipment downtime, including improved PM programs
Equipment downtime is costing your organization – big time. In fact, according to one study released by Aberdeen, the average cost per hour of downtime is $260,000 USD. And that cost is steadily rising. However, despite the fact that reducing equipment downtime is a top priority for many organizations, maintenance teams across industries often grapple with scheduling maintenance activities to minimize their downtime.
Quick summary of downtime
In a recent article covering Mean Downtime, we shared an in-depth definition of equipment downtime and its subcomponents, planned vs. unplanned downtime. In short, downtime is the timeframe that an asset is not in operation and results in a pause in production. These fall under two downtime categories: 1) scheduled downtime and 2) unscheduled downtime.
The impact of equipment downtime
Downtime has a tangible impact on production, revenue, and an asset’s lifecycle costs. Hence why it is critical to gather accurate failure data to spot and remedy problematic trends.
Using a mixture of data-gathering tools, such as equipment condition monitoring devices and maintenance management systems, maintenance teams can gain insights into:
- the impact a downtime event has on the availability of critical assets
- the frequency of downtime events
- how long it takes to restore an asset back to its intended function
- the cost of downtime events
More importantly, by developing a proper system for tracking and identifying problematic trends, maintenance departments can make critical improvements to reduce the time a machine is down.
This makes understanding the best practices for collecting data, which key data to review, and how to act upon this information critical.
Value of tracking equipment downtime
By tracking downtime and making this data actionable, you will find yourself in a better position to make smart decisions about your maintenance strategy.
How to track equipment downtime
Many organizations have invested in digital solutions to gather asset data, analyze real-time data, and share this information on a centralized dashboard. Two commonly used technology platforms are a Computerized Maintenance Management System (CMMS) and an Enterprise Asset Management (EAM) system.
A CMMS is used to manage all phases of asset management including preventive, predictive, corrective, and recovery actions. It provides detailed information about the health of each component and helps identify potential issues before they become problems.
An EAM system is another tool that focuses on the operational aspects of asset management, including monitoring the performance of your machines and understanding what is happening when things go wrong. EAM systems collect data from sensors installed on machinery and other sources to figure out if something is broken. It is highly effective for supporting ambitions around preventive maintenance and for ensuring asset stability.
Data collection tools for tracking downtime
A great benefit of CMMS and EAM systems is that all this data is tracked and backed up for future reference, regardless of who is operating or working on a machine. However, a critical point to remember is that these data points should have standardized naming conventions and open fields should be limited as much as possible. The more exact historical data that is collected on these systems, the easier it will be for maintenance to collect failure data to track down problematic trends.
Maintenance metrics
This information can then be summarized in a report used to establish key maintenance metrics. For example, if we isolate failure, we should know an asset’s:
- MTTF (Mean Time to Failure)
- MTBF (Mean Time Between Failure)
- MTTR (Mean Time to Repair)
- MDT (Mean Down Time)
These can be used as KPIs (Key Performance Indicators) and influence benchmarks to track the impact of maintenance strategies or objectives.
Closing the loop: Acting on downtime data
By this point the benefit of tracking downtime is apparent. However, knowing the data points to track and implement a CMMS or EAM system is only half the journey. One must put this knowledge to use and connect the dots between people, processes, and tools that help strengthen an organization’s maintenance strategy.
A data-driven maintenance approach can lead to improved productivity, increase in revenue and profitability, and improve customer value.
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📰Continue Reading
- Using Data Insights to Strengthen Your Organization’s Maintenance Strategy
- How business context can influence asset performance benchmarks
- Reliability Centered Maintenance: 8 Steps for Improvement
- Infographic: 5 Benefits of Tracking Equipment Downtime
- How to build a Preventive Maintenance program for long-term success
- 5 keys to maximizing your EAM potential
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