How do maintenance strategies help businesses for maintaining equipment?

Maintenance is a very essential part of business especially if your organization is equipped with a lot of assets. Assets require maintenance at a regular period of time otherwise their effectiveness will be gone and performance will be compromised. Therefore, maintenance shall be done frequently.  

Now question which type of maintenance strategy is good for your maintaining assets? How maintenance helps business? The answer to these questions you will find in this blog.  

So let us begin!  

What are the main asset maintenance strategies that help in maintaining assets?  

Maintenance strategies that are helpful in maintaining assets are discussed below:  

Preventive maintenance

Preventive maintenance is one of the most utilized asset maintenance strategies. In this maintenance strategy, assets are scheduled for maintenance in advance. There are two ways for scheduling maintenance according to the preventive maintenance usage-basis and time- basis.  

Understand usage basis preventive maintenance with an example, let us say you have a vehicle. After reading its review and usage you have decided that you will service your vehicle after every 1500 kilometers ride. This is called usage basis maintenance.  

Time basis preventive maintenance is done after a certain period of time. It does not matter if you use a vehicle for 30-min or 2 hours. You decided to provide service to the asset after every 3 months. This is called time-based preventive maintenance.  

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Predictive maintenance

predictive maintenance is similar to preventive maintenance. It is one of the most effective asset maintenance strategies. According to the PR News Wire, “The Global Predictive Maintenance Market size was valued at USD 4,331.56 million in 2019 and is projected to reach USD 31,965.49 million by 2027, growing at a CAGR of 28.8% from 2020 to 2027.”  

Predictive maintenance ensures that the asset is utilized to its full extent & potential. For this purpose, asset inspection is done regularly so that maintenance is done right before asset failure. In preventive maintenance work order, all activities are done such as changing engine oil, air filter, oiling, removing rusty parts and installing new ones, etc.  

Corrective maintenance

Corrective maintenance is that maintenance in which asset breakdown has occurred & asset need to be maintained otherwise it will not work. This is a reactive maintenance type and unplanned so they are expensive. In this maintenance, asset inspection is done after inspecting the asset the cause is identified, and then a solution is provided to the asset.  

Condition-based maintenance

Condition-based maintenance can be proactive or reactive depending on the requirement of the organization. Some people believe that condition-based maintenance is more effective than predictive and preventive maintenance.   

Emergency maintenance

When an asset breakdown has occurred that needs to be repaired in the minimum possible time then emergency maintenance is used. Emergency maintenance does not need any planning. It is an unexpected breakdown because there is no planning in advance for asset maintenance. It can be the most expensive asset maintenance strategy.  

Why maintenance is so important?  

Maintenance is important for the business to run efficiently and smoothly. If assets are not in good condition, then assets will not be working effectively. As a result, production will be delayed customer’s requirements will not be fulfilled on time. In today’s competitive world these types of small mistakes can turn into big losses such as customer loss.  

Planned maintenance can decrease maintenance expenses. When maintenance is scheduled then asset performance is increased and it can lead to increased productivity. Furthermore, it also plays a crucial role in extending asset life. Overall, you will notice an increased return on investment (ROI). Another benefit will be downtime will decrease and uptime will increase.  

Conclusion

Equipment maintenance is the backbone of business growth. It plays a crucial role in business development. You don’t grow business by just acquiring new clients you also need to keep your old clients happy and save unnecessary expenses.  

That is why we have told you all the maintenance strategies that can be helpful to your business. Now you can know which maintenance strategy will be beneficial for your business.  

When you are confused in case of which maintenance is good for business, you can utilize a maintenance management software. This automated software schedules maintenance automatically as per the need of the organization. It means that you do not have to worry about asset maintenance as this software will take care of it.   

It will remind the maintenance team about each upcoming maintenance task. Moreover, it provides each asset history that is helpful in improving the efficiency of the machine and equipment. Furthermore, it provides data that is helpful in making crucial business decisions. Data also assist in increasing productivity and disposing of assets on time.