Impact of Maintenance on Balance Sheet
In an alarming report, the UN’s trade and development body had provided a hint of the possibility of a global recession in 2020. The people, worldwide, feel the heat now with a decline in industrial production, per capita investment & consumption. In such a global scenario, a CMMS is a valuable tool that can demonstrate the degree of impact of maintenance activities on a company’s balance sheet.
Maintenance and post-recession growth
A mere survival during the recession is not praiseworthy. Rather it is high time that businesses rethink pursuing their traditional maintenance management approaches. Companies must be well-positioned to bounce back when the economy recovers and expedite production as soon as possible to shine as before.
Eminent consulting & research firms assert that the companies which combat recession and strike form in a short span are those which spend for out of the box approaches that serve as an alternative to conventional practices. For this strategy to be successful, maintenance has to be a part & parcel of it. Investing in maintenance ensures the production cycle is ready without any hidden delays & potential failures. Better planning is possible only when the health of assets and facilities are well maintained in a good shape. Planning is very essential for any company to make their way out of recession.
Productivity during recession
When the sales drives fail to bring in expected profits companies must turn to minimizing operational costs. For maximum cost efficiency the management must have great insights on the overall maintenance activities. The data on maintenance must be easily traceable and available at the click of a mouse. The best maintenance strategy is automation of work orders and the industries are steadily shifting towards digital transformation of maintenance realm of their businesses.
Apart from productivity concerns during recession, you’ll also be required to maintain your reputation and uphold the safety of workforce. With a good CMMS, in place, it will automate the preventive maintenance schedules. The schedules can, in turn, be broken down into tasks and checklists. These checklists appear right in front of the concerned people while discharging tasks that need special caution and protection.
A capable CMMS will also shield you against any potential legal risks that may arise due to non-compliance of government standards by establishing an effective procedure for work orders and schedules with reminders & escalations so that you never miss out anything you need to pay attention to, on time!