{"id":166714,"date":"2018-10-11T10:53:21","date_gmt":"2018-10-11T14:53:21","guid":{"rendered":"https:\/\/fiix.wpengine.com\/?p=166714"},"modified":"2024-04-24T13:47:11","modified_gmt":"2024-04-24T17:47:11","slug":"digital-maintenance-technology-to-cut-costs-increase-revenue","status":"publish","type":"post","link":"https:\/\/fiixsoftware.com\/blog\/digital-maintenance-technology-to-cut-costs-increase-revenue\/","title":{"rendered":"8 ways to cut maintenance costs and boost revenue with maintenance software"},"content":{"rendered":"<p><em>This post is part of a series detailing the benefits of digital transformation in maintenance and how facilities can embrace new technology to improve asset reliability and asset management. Check out the other articles in this series:<\/em><\/p>\n<ul>\n<li><a href=\"https:\/\/fiixsoftware.com\/blog\/improve-asset-reliability-with-a-digital-knowledge-hub\/\" title=\"Permalink to Knowledge is power: How to improve asset reliability with a digital knowledge hub\" rel=\"bookmark\">Knowledge is power: How to improve asset reliability with a digital knowledge hub<\/a><\/li>\n<li><a href=\"\/blog\/using-maintenance-software-to-save-time\/\" title=\"Permalink to Time is money: Tips for using maintenance software to save time and spend more efficiently\" rel=\"bookmark noopener noreferrer\" target=\"_blank\">Time is money: Tips for using maintenance software to save time and spend more efficiently<\/a><\/li>\n<li><a href=\"\/blog\/7-ways-to-reduce-downtime-with-maintenance-technology\/\" title=\"Permalink to Break free from breakdowns: 7 ways to reduce downtime by updating your maintenance technology\" rel=\"bookmark\">Break free from breakdowns: 7 ways to reduce downtime by updating your maintenance technology<\/a><\/li>\n<\/ul>\n<div id=\"toc\">\n<p><strong>Table of Contents<\/strong><\/p>\n<ol>\n<li><a href=\"#intromoneyball\">Introduction: Approaching maintenance with a Moneyball mindset<\/a><\/li>\n<li><a href=\"#controlcostssolutions\">8 ways to use digital maintenance solutions to control costs<\/a><\/li>\n<li><a href=\"#implementmoneyball\">Create a Moneyball attitude at your facility with Fiix\u2019s CMMS<\/a><\/li>\n<\/ol>\n<\/div>\n<hr \/>\n<p>There\u2019s a lot more in common between Major League Baseball executives and maintenance professionals than you may think. While they may seem like very different callings, they\u2019re united by one, simple idea; Moneyball.<\/p>\n<p>Moneyball is the concept of maximizing resources and exploiting inefficiencies to control costs and increase return on investment. While general managers around the MLB look for a championship team on a budget, maintenance managers have their eye on optimizing equipment for better production. Analyzing a stream of numbers can lead to more wins on the diamond, just as scrutinizing <a href=\"\/blog\/important-metrics-maintenance-department\/\" target=\"_blank\" rel=\"noopener noreferrer\">key maintenance metrics<\/a> can lead a manufacturing facility to new heights.<\/p>\n<p>The term Moneyball was coined by author Michael Lewis in the early 2000s and has been adopted in almost every industry since, although it\u2019s remained an elusive goal for many maintenance managers.<\/p>\n<p>Now, with a host of sophisticated digital technologies more accessible to manufacturers than ever before, maintenance professionals can use the tenets of Moneyball to discover how to spend less, make more and maximize resources by identifying inefficiencies in their operations. This takes a combination of measuring and analyzing the status quo and instituting a balanced maintenance strategy to eliminate the inefficiencies that cause costly emergency breakdowns.<\/p>\n<h2><span id=\"controlcostssolutions\">8 ways to use digital maintenance solutions to control costs<\/span><\/h2>\n<p>Here are eight ways that introducing new technology can help you uncover inefficiencies and help your facility control maintenance costs across the board.<\/p>\n<h3>Control backlogs<\/h3>\n<p>By continually deferring preventive maintenance you run the risk of <a href=\"\/blog\/the-state-of-maintenance\/\" target=\"_blank\" rel=\"noopener noreferrer\">letting small fixes turn into large, expensive projects<\/a>. Deferred jobs that fly under the radar can build up, and result in much more extensive repairs. Moving to a digital solution allows for greater visibility of projects that need to be done, making backlogs harder to ignore and reduces the number of work orders that fall through the cracks.<\/p>\n<p style=\"max-width: 600px; padding: 20px 0;\"><a target=\"_blank\" class=\"blog-link track\" href=\"https:\/\/resources.fiixsoftware.com\/backlog-template?utm_source=resource\" rel=\"noopener\">Start slashing your maintenance backlog tomorrow with this template<i class=\"fas fa-arrow-right\"><\/i><\/a><\/p>\n<h3>Create a mobile hub for information<\/h3>\n<p>Having an information hub available in <a href=\"\/cmms\/mobile-cmms\/\" target=\"_blank\" rel=\"noopener noreferrer\">a CMMS app<\/a> that details the asset history and can speed up the process of fixing a piece of equipment if it goes down. Even cutting downtime by the five minutes it takes to retrieve a manual from the office can save companies hundreds of thousands of dollars a year.<\/p>\n<h3>Reduce scrap and rework<\/h3>\n<p>Scrap and rework happen when production systems break down. It often leads to increased energy use and lost product, which does double damage to your bottom line. Getting a digital maintenance system\u2014like a CMMS\u2014in place allows maintenance teams to schedule preventive maintenance more effectively to reduce the likelihood of breakdowns that cause scrap and rework.<\/p>\n<h3>Determine repair or replace<\/h3>\n<p>It can be difficult to make an educated <a href=\"\/maintenance-strategies\/repair-or-replace-equipment\/\" target=\"_blank\" rel=\"noopener noreferrer\">repair or replace<\/a> decision on an asset without a database of information about that equipment. A digital platform allows maintenance team to accumulate, sort and analyze detailed and accurate asset data to discover which assets are being repaired on a recommended basis and when it would be more cost effective to invest in a newer, more efficient piece of equipment.<\/p>\n<blockquote class=\"section\"><p>. . .maintenance professionals can use the tenets of Moneyball to discover how to spend less, make more and maximize resources by identifying inefficiencies in their operations.<\/p><\/blockquote>\n<h3>Calculating important KPIs<\/h3>\n<p>Digital maintenance software makes it easy to calculate important KPIs and advanced metrics from assets. Having these metrics on-hand can eliminate redundancies and fine-tune maintenance practices to cut costs. For example, <a href=\"https:\/\/fiixsoftware.com\/maintenance-metrics\/mean-time-to-repair-maintenance\/\" target=\"_blank\" rel=\"noopener noreferrer\">mean time to repair<\/a> (MTTR) provides insight into predicting the life cycle cost of new systems, which helps maintenance teams make smarter purchasing decisions.<\/p>\n<h3>Make smart inventory decisions<\/h3>\n<p>Creating a digital inventory of parts eliminates reliance on messy and often inaccurate pen and paper inventory tracking. Having a firm handle on stock levels saves everyone time and money. Proper inventory tracking prevents duplicate ordering, sets minimum levels and reorder quantities, and identifies surplus parts that could be returned for a rebate.<\/p>\n<p style=\"max-width: 600px; padding: 20px 0;\"><a target=\"_blank\" class=\"blog-link track\" href=\"https:\/\/resources.fiixsoftware.com\/mro-checklist?utm_source=resource\" rel=\"noopener\">Optimize your parts management with this free checklist<i class=\"fas fa-arrow-right\"><\/i><\/a><\/p>\n<h3>Reduce energy consumption<\/h3>\n<p>A digital platform keeps maintenance teams on schedule for planned checks and repairs. These preventive strategies keep machines and systems running efficiently and using less energy. Less energy means fewer costs. Adhering to <a href=\"\/glossary\/scheduled-maintenance\/\">maintenance schedules<\/a> and keeping systems in like-new condition ensures efficiently, and limits the impact equipment has on the environment.<\/p>\n<h3>See trends in asset costs<\/h3>\n<p>With new technologies, maintenance teams no longer have to analyze budgets and expenses in different spreadsheets with little to no context. Tracking all expenses in one place and associating these costs with specific assets or work orders allows you to see where money was spent, identify areas that are running over, and make educated repair or replace decisions.<\/p>\n<h2><span id=\"implementmoneyball\">Create a Moneyball attitude at your facility with Fiix\u2019s CMMS<\/span><\/h2>\n<p><span>Now that you know how digital maintenance can be used to control costs, here are six tools from the <a href=\"https:\/\/fiixsoftware.com\/cmms\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fiix CMMS<\/a> that can help you cut expenses, eliminate inefficiencies and spend more effectively.<\/span><\/p>\n<h3>Digital work orders<\/h3>\n<p>The ability to submit <a href=\"\/blog\/work-order\/\" target=\"_blank\" rel=\"noopener noreferrer\">work orders<\/a> and prioritize them right in the software helps maintenance managers know what work needs to be done and keeps small projects visible so they don\u2019t fall through the cracks. This makes the work order process more efficient, which helps eliminate backlogs and cuts downtime costs.<\/p>\n<h3>Mobile resources centre<\/h3>\n<p>The CMMS allows maintenance teams to build <a href=\"\/blog\/the-new-fiix-cmms-mobile-app-is-here\/\" target=\"_blank\" rel=\"noopener noreferrer\">a mobile library of resources<\/a> by uploading documents, videos, manuals, schematics and other helpful pieces to the software, attaching them to assets and accessing them wherever and whenever. Not being bound by paper or physical documents means less downtime and fewer associated costs.<\/p>\n<blockquote class=\"section\"><p>Even cutting downtime by the five minutes it takes to retrieve a manual from the office can save companies hundreds of thousands of dollars a year.<\/p><\/blockquote>\n<h3>Reporting and metrics<\/h3>\n<p>Fiix\u2019s reporting module helps maintenance teams <a href=\"\/blog\/feature-update-custom-report-builder\/\" target=\"_blank\" rel=\"noopener noreferrer\">forecast scheduled maintenance<\/a> and allows them to sort by equipment by total and average repair costs. The online\/offline tool can also track which assets break down the most and their total and average downtime. This gives maintenance managers solid numbers they can use to make repair or replace decisions and <a href=\"\/blog\/essential-guide-to-comparing-types-of-maintenance-strategies\/\" target=\"_blank\" rel=\"noopener noreferrer\">design a balanced maintenance strategy<\/a> to maximizes labour costs.<\/p>\n<h3>Root cause analysis<\/h3>\n<p>The <a href=\"\/blog\/5-whys-simple-root-cause-analysis\/\" target=\"_blank\" rel=\"noopener noreferrer\">root cause analysis <\/a>(RCA) feature records the most common problems associated with an asset or asset group and why they happened. This helps maintenance managers target the root cause of equipment failure and implement strategies that will make tasks more efficient. For example, the RCA might identify that a machine\u2019s preventive maintenance trigger is too high. Based on this, the trigger can change and the equipment can be maintained better with more uptime and fewer parts and labour costs.<\/p>\n<p style=\"max-width: 600px; padding: 20px 0;\"><a target=\"_blank\" class=\"blog-link track\" href=\"https:\/\/resources.fiixsoftware.com\/rca-template?utm_source=resource\" rel=\"noopener\">Download a free root cause analysis template here<i class=\"fas fa-arrow-right\"><\/i><\/a><\/p>\n<h3>Inventory management<\/h3>\n<p>Fiix\u2019s <a href=\"\/blog\/8-ways-to-control-inventory-related-costs-with-maintenance-assistant-cmms-2\/\" target=\"_blank\" rel=\"noopener noreferrer\">inventory tools<\/a> allow technicians and maintenance managers to check online to see if a part is available rather than physically checking. This prevents redundancies, helps fine-tune ordering processes and track surplus parts. In short, the CMMS system can take the place of an ERP system for inventory control, cutting the costs of a separate system.<\/p>\n<h3>Scheduling and calendar<\/h3>\n<p>Fiix\u2019s <a href=\"\/blog\/new-feature-calendar\/\" target=\"_blank\" rel=\"noopener noreferrer\">scheduling and calendar tools<\/a> allow maintenance teams to coordinate preventive maintenance tasks at a time that is best for the flow of production. Optimizing <a href=\"\/glossary\/maintenance-schedules\/\" target=\"_blank\" rel=\"noopener noreferrer\">preventive maintenance schedules<\/a> means work gets done on time and downtime is reduced. This leads to less scrap and rework and energy consumption. Controlling the costs associated with these two elements could be a huge boost to any manufacturing operation.<\/p>\n<p style=\"max-width: 600px; padding: 20px 0;\"><a target=\"_blank\" class=\"blog-link track\" href=\"https:\/\/resources.fiixsoftware.com\/maintenance-schedule?utm_source=resource\" rel=\"noopener\">Get your free maintenance schedule template<i class=\"fas fa-arrow-right\"><\/i><\/a><\/p>\n<p><strong>Learn more about using digital maintenance tools to control costs, increase revenue and eliminate inefficiencies at your facility:<\/strong><\/p>\n<ul>\n<li><a href=\"\/blog\/the-4-big-benefits-of-maintenance-software\/\" title=\"Permalink to 4 big reasons to invest in maintenance software\" rel=\"bookmark\">4 big reasons to invest in maintenance software<\/a><\/li>\n<li><a href=\"\/blog\/8-ways-to-control-inventory-related-costs-with-maintenance-assistant-cmms-2\/\" title=\"Permalink to 8 Ways to Control Inventory Related Costs\" rel=\"bookmark\">8 Ways to Control Inventory Related Costs<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>This post is part of a series detailing the benefits of digital transformation in maintenance and how facilities can embrace new technology to improve asset reliability and asset management. Check out the other articles in this series: Knowledge is power: How to improve asset reliability with a digital knowledge hub Time is money: Tips for using maintenance software to save time and spend more efficiently Break free from breakdowns: 7 ways to reduce downtime by updating your maintenance technology Table of Contents Introduction: Approaching maintenance with a Moneyball mindset 8 ways to use digital maintenance solutions to control costs Create a Moneyball attitude at your facility with Fiix\u2019s CMMS There\u2019s a lot more in common between Major League Baseball executives and maintenance professionals than you may think. While they may seem like very different callings, they\u2019re united by one, simple idea; Moneyball. Moneyball is the concept of maximizing resources and exploiting inefficiencies to control costs and increase return on investment. While general managers around the MLB look for a championship team on a budget, maintenance managers have their eye on optimizing equipment for better production. Analyzing a stream of numbers can lead to more wins on the diamond, just as [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":195777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,157],"tags":[],"coauthors":[371],"class_list":["post-166714","post","type-post","status-publish","format-standard","hentry","category-blog","category-cmms-basics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>8 Ways to Cut Maintenance Cost With New Digital Technologies<\/title>\n<meta name=\"description\" content=\"How to take advantage of digital maintenance solutions to control maintenance costs, increase ROI and eliminate inefficiencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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