By definition, facility managers are tasked with overseeing a company’s equipment and physical assets. They must make sure that all the necessary tools, machinery, and other resources are available to support the organization’s operations. One of the key responsibilities of facility managers is to ensure that all equipment remains in tip-top working order in order to minimize revenue loss. This involves:
- conducting regular inspections,
- scheduling maintenance or repairs when needed, and
- ensuring that all equipment is functioning properly.
True, that is a lot of work! But by doing so, they help prevent costly and unexpected breakdowns or downtime, which can impact the productivity of the company and lead to a loss of revenue.
Getting down to specifics, there are many tried-and-true ways in which facility managers can reduce revenue loss—many of them based on common sense. Take, for example, capital expenditures. While cost is often a major consideration when purchasing equipment, investing in high-quality, reliable equipment can save money in the long run by reducing the frequency of breakdowns and repair costs.
Another way to reduce revenue loss involves staff training. Facility managers should ensure that appropriate staff are trained to operate and maintain equipment at the varying levels of expertise. This reduces the risk of improper use leading to equipment failure. Equipment training requires minimal time and expense and provides the highest ROI in regards to proper equipment maintenance.
Despite the facility manager’s best efforts, equipment failure can still occur. Having well-thought-out emergency plans can further minimize downtime and loss of revenue. This could include having spare parts readily available, a backup system in place, or regionally positioned crews that provided quick response times.
Another important aspect of facility management is monitoring the lifecycle of equipment. This includes everything from planning for replacements or upgrades to sustainably disposing of old equipment. Facility managers must stay up-to-date with industry trends and technology to make informed decisions about when to replace or upgrade equipment.
In a nutshell, here are three primary strategies that can be employed by facility managers to minimize equipment costs:
1. Planning Ahead to Reduce Critical Asset Failure
The first step toward reducing revenue loss is by proactively planning for potential equipment failures. This entails identifying critical assets, understanding their life cycle, and forecasting possible malfunctions. A well-developed plan should include measures for quick response to equipment failures, standby alternatives, and a robust recovery strategy. By being prepared, facility managers can significantly reduce the impact of equipment failure on the company’s revenue.
2. Collecting Asset Information Using Data Fleet’s Property Echo Software Platform
Data Fleet’s Property Echo is a powerful tool that aids in collecting, analyzing, and managing asset information. When integrated with your company’s CMMS, it provides a comprehensive view of where the assets are in their lifecycle. This knowledge helps in predicting potential issues, understanding asset performance, and making informed decisions about asset management. By leveraging this technology, facility managers can proactively address potential problems, thereby reducing downtime and minimizing revenue loss.
3. Regular Preventative Maintenance Scheduled by the Company’s CMMS
Regular preventative maintenance is another key strategy in mitigating equipment failure. A Computerized Maintenance Management System (CMMS) schedules, tracks, and manages maintenance activities, ensuring that equipment is serviced at regular intervals. This not only extends the life of the equipment but also reduces the likelihood of unexpected breakdowns. By adhering to the maintenance schedule set by the CMMS, facility managers can ensure that equipment is always in optimal condition, thus reducing downtime and its associated costs.
Regularly scheduled maintenance is just half the battle in this regard. With advancements in technology, predictive maintenance has become increasingly important. It involves using data-driven, proactive maintenance methods to predict when equipment failure might occur. This allows for timely intervention, preventing sudden breakdowns, and unnecessary costs. Data Fleet’s Property Echo and Facility AI platforms are designed for exactly that purpose.
In conclusion, facility managers can significantly reduce revenue loss due to equipment failure and downtime by planning ahead, leveraging technology like Data Fleet’s Property Echo and AIM features, and adhering to regular preventative maintenance schedules. These strategies not only minimize downtime but also enhance the efficiency and longevity of the assets, thereby contributing to the company’s bottom line.
