Reports are very important for all businesses. Especially when you are an asset-intensive organization. These can be manufacturing, construction, IT (Information & technology), Telecommunication, oil & gas, automotive, etc. These sectors are equipped with hundreds of huge assets. These need maintenance on regular maintenance.
Furthermore, maintenance must be given on a regular period of time otherwise it can result in catastrophic asset failure which will be not good for business.
When you have a lot of assets then managing them & keeping track of them becomes hectic. You do not know which assets need maintenance which does not! This is one of the most common problems it happens because of manual work management. As a result, all of a sudden, your asset stops working or overheating starts happening. In the worst-case scenario disastrous asset failure.
These failures are not good for business but it jeopardizes each employee safety & health as well, that is why scheduled maintenance is very important. Furthermore, organizations need to eliminate manual work procedures!
With the help of asset management software. This software will end most of your problems and you can achieve great results. For instance, a manual process will be eliminated so you don’t have to remember manually. It also means that your maintenance will be kept on track as this software alert the maintenance team in advance about work.
This software provides detailed reports that can be very helpful in business growth and when you analyze data of these assets you can find great and useful detail that will be helpful in the future.
What are the various reports that can be helpful in maintenance?
Various reports that can be helpful in maintenance are mentioned below:
1. Asset lifecycle reports
Assets are very crucial for business if want to increase your return on investment then it is important you ensure that assets are healthy and well-maintained. It is important for long-running equipment. It is crucial that you keep track of asset details such as when the asset was purchased so that you know when assets need to be disposed of!
After asset productive life is over the chances of a breakdown increase. You can easily get all the answers within asset-related reports. Furthermore, this software can help by alerting you in advance about asset life. However, you can increase asset life with proactive maintenance.
Statista says in the manufacturing industry “As of 2020, 76 percent of the respondents reported following a preventive maintenance strategy, while 56 used reactive maintenance (run-to-failure).”
2. Asset detail reports
There are lots of assets and equipment that is why it is essential to keep track of every asset. Otherwise, asset theft and misplacement can occur. It is not good for business productivity because your employees’ time will be wasted because they will be looking for the asset.
Misplacement or theft in both cases you will have to buy another asset unnecessarily. With the help of reports, you will know where your assets what is their status, and how frequently they are used. This type of detail helps in improving business outcomes.
3. MTTR & MTBF reports
If you want to improve the quality of maintenance work then it is important that you keep track of MTTR (Mean time to respond) MTBF (Mean time between failure). When you track these critical key performance indicators (KPI) then only you will be able to minimize downtime & failure chances and increase uptime.
When you find out assets are breaking frequently and maintaining them is expensive and it is consuming a lot of your time as well you can either sell them or dispose of them then automatically your uptime will increase.
Or you can try solving the issue of the asset once and for all. With detailed reports and specialists, you can help in finding the main issue and help in overcoming the issue.
4. Maintenance reports
In maintenance reports you can check how many work orders are completed in a specific time and how many work orders are left because of unavailability of employees or inventory or due to any other issue.
What is the average time of resolving maintenance of critical assets & non-critical assets separately? How each technician spent time on maintenance & how we can decrease maintenance time? You can know if there are too many work orders are left then you need more technicians in your maintenance team!
5. Critical and non-critical asset reports
These types of reports are helpful in decreasing maintenance time and when you reduce maintenance time your maintenance team can spend more time on assets so that they can perform better.
Maintenance has various types such as preventive maintenance and corrective maintenance, predictive maintenance.
You can use these maintenance types on the assets. For instance, on critical assets (assets that are very essential for daily operation & can be very expensive if asset failure occurs) you can use preventive or predictive maintenance. For non-critical assets, you can use corrective maintenance.
Dividing them into the category will be helpful in better asset management. In reports, you can see how many work orders were related to critical and non-critical. Once you know you can finish critical asset maintenance as per priority.
Maintenance expenses can decrease your profit ratio. That is why you need to decrease your maintenance expenses. A lot of organizations do not know how to decrease their expenses. As we have seen above reports can provide great detail of each asset, deep analysis helps in making crucial business decisions.
Reports & analytics is one of the most important features of asset management software. This software provides several other benefits that will help in taking your business to another level.