An ounce of prevention is worth a pound of cure.
How often have we all heard that expression? And it definitely applies when it comes to equipment. While some companies may consider maintenance an unnecessary expenditure, it can often prove to be a costly mistake in the form of downtime, reactive fixes and shortened equipment life.
In fact, research reveals some surprising ROI that results from having a regular maintenance program.
How about an ROI of 545%!
That’s how much preventive maintenance saved a large telecommunications firm during a research study on 15 pieces of equipment including such items as air compressors, condensers and reciprocating chillers. The researchers assessed 7 different variables such as the cost of replacing equipment and the expected life of the equipment.
In another study reported in Grainger Know How, preventive maintenance “can lead to a savings of anywhere from $200 billion to $600 billion for manufacturers by 2025.”
The net takeaway? Preventive equipment maintenance is a good investment and saves money over the long run. It includes activities such as cleaning, lubrication, adjustments, repairs, and parts replacement to keep the equipment running in top condition.
Schedule wisely.
Don’t wait until it’s ‘broke’ to fix it.
