By monitoring equipment performance and scheduling maintenance when needed, these facilities reduce the likelihood of unplanned downtime due to equipment failure, spend less on “reactive” maintenance fees and equipment repair costs, and extend the lifespan of machine assets.
Here’s the trick: to save money, preventive maintenance should not create excessive additional maintenance efforts. The goal is to transition maintenance resources away from emergency repairs and into scheduled inspections of key equipment. Inspections take less time than repairs, especially if done with a thermal camera.
RETURN ON INVESTMENT AND COST SAVINGS
Studies by the Federal Energy Management Program (FEMP), estimate that a properly working preventive maintenance program can lead to savings, to the tune of 30 to 40%. Other independent surveys show that, on average, sustaining an industrial preventive maintenance program results in savings:
- Return on investment: 10 times
- Reduction in maintenance costs: 25 to 30%
- Elimination of breakdowns: 70 to 75%
- Reduction in downtime: 35 to 45%
- Increase in production: 20 to 25%
You can share this information with your supervisor or clients. To calculate the savings at a facility, estimate the costs of unplanned equipment failures. Then factor in human resources, costs for parts, and lost revenue from specific production lines. It would be wise for the maintenance manager to keep a record of machine asset availability, production output, and the distribution of maintenance dollars and total maintenance costs over time. Those numbers will help you calculate the return on your thermal imaging and maintenance investment.