Financial Benefits of Regular Equipment Maintenance

Regular equipment maintenance is vital to keeping a business operating at a low cost, saving moneyand keeping staff happy. For instance, a single minute of down time of machinery in the automotive industry costs the global sector around £17,000. And these costs add up for the individual business.

Let’s explore the financial benefits to keeping equipment maintained.

Avoid Costly Repairs

Being proactive about maintenance and keeping a routine maintenance schedule can prevent you from suddenly facing costly repairs when something breaks down. A routine check will identify any potential problems before they occur and save you paying more for replacement parts.

You will avoid large repair bills thanks to preventive maintenance programs for the equipment your business owns or hires. This also prevents lengthy down times when the machine is not working due to a breakdown. Continuing to use equipment that has a hidden fault will aggravate the problem and cost you more to repair.

Underperformance

Equipment that needs maintenance will underperform. This can affect the quality of the products it produces. These will be wasted and cannot be converted to inventory. You will also have to pay employees to work overtime to catch up with production. There is also the additional cost of more materials being needed to remake a batch.

Safety in the Workplace

Many workplace accidents that are fatal occur while using equipment. The consequences are obviously the tragic loss of life for families of the victims. The business will also incur heavy liability compensation and legal fees. A company that incurs this will also take a hit in negative brand awareness and will have to embark on a marketing initiative to recover from the damage.

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Lower Costs of Replacing Equipment Parts

Equipment that malfunctions costs more to replace the parts responsible before it results in a breakdown. You can extend the overall life of machinery through proactive maintenance and pay less for minor part replacements than having to get a brand-new machine.

Wear and tear are a natural aspect of the life cycle of any machine. Certain parts, such as gaskets, bearings, and seals do not last as long as the equipment overall. But they can take a machine out of commission if they give way before you do routine maintenance. Regular checks and replacements of vulnerable parts with shorter life cycles than the machine itself can save a ton of money and keep the equipment going for longer. This is better than leaving it to damage your expensive equipment.

Decrease Employee Turnover

When an employee is killed in a fatal workplace accident, other employees may consider leaving the company because they do not view its health and safety measures as adequate to protect them from injury or worse.

Creating a great work environment is the outcome of many factors, such as safety, and also comfort levels. One example of a resource that needs routine care to keep staff happy is air con maintenance. Air con maintenance will provide you with the benefit of an optimal room temperature that enables employees to work comfortably.Turnover and the cost of rehiring employees is expensive.

You can save your company a lot of money by sticking to a proactive preventative maintenance programme.

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