Benefits That A Finance Manager Can Reap From Preventive Maintenance Software

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The ultimate goal of any business in the world is to make profits. If you are in charge of the finances in a facility such as a factory, you may therefore be interested in finding ways of keeping the cost of production down while maximizing the profits that you get. The latter is particularly important, especially in a world where the cost of production is increasing. With issues such as high energy costs, you may need to find increasingly innovative ways of keeping an eye on the cost of running the facility as well as making sure that it runs optimally.

One way of doing this is by use of preventive maintenance software. Most high quality solutions of this kind have many features that finance managers can find useful in managing the cost of running the factory. In addition to that, the fact that most companies can make bespoke software means that if need be, you can ask them to add a few features that you can use for more effective management.

However, even if you decide to get premade software, you are likely to find them more than adequate for this. Some of the features that they have that make this possible include:

Easy cost reporting

In such a facility, you may need to get information such as the cost of each maintenance done. You can then try to find trends on such costs, so that you can make decisions that will reduce the cost of running the facility without affecting productivity. For instance, if you notice that the cost of doing maintenance for a particular machine has been increasing while the rest have been static, you can try to find out why this is. You can even use the software to get a breakdown of each cost associated with the maintenance of that machine. For instance, if it turns out that the problem is a supplier who is increasing their costs arbitrarily, you can then make a decision to find another one or get new equipment.

Of course, if you are running a small facility, you can easily do this manually. When you are dealing with hundreds or even thousands of machines, this becomes very difficult, since the offending cost might be a needle in a haystack. The use of preventive maintenance software makes it very easy for you to rapidly analyse this information so that you can find solutions that last.

More cost effective scheduling

There are times when the scheduling for preventive maintenance is done too frequently, which might waste funds. A finance manager can use the preventive maintenance software to get information on issues such as how frequently specific machines have been maintained in the past. They can then compare this information to what the manufacturers of such parts recommend, as well as standard industry practices. If it turns out that other players in the industry do the maintenance less frequently without any reduction in productivity, the manager can then explore the option of reducing the frequency of such maintenance as well. Using the data from the preventive maintenance software, they can tweak the maintenance schedules to be as cost effective as possible.

More precise planning

When a finance manager is in the process of drawing up a budget for the facility, he or she can look up the historical trends in the cost of doing preventive maintenance. They can then use this information to predict how much it would cost to do the maintenance in future. This is a highly accurate method of doing it, which means that their budget is likely to be more reliable. The fact that the budget will be perfect means that in future, no compromises will need to be made. Usually when a factory goes over budget, they try to compromise by doing things such as not servicing some of the non-essential machines. In the long term, this could prove to be more expensive, since it means that they would be exposed to a lot more wear and tear than usual.

Financial reporting

If there are stakeholders in the factory, they will need detailed information about issues such as how much it cost to run the facility in that financial year. When preventive maintenance software is used for this, it is usually a lot more detailed and a lot more accurate. It also takes a much shorter time to come up with this information, since it’s a simple matter of aggregating the data between two specific dates.

In summary, the use of quality preventive maintenance software does not only benefit the engineers or people who are directly responsible for maintenance in the company. Even finance managers can benefit from them as well.

Byline

Jay is a financial blogger who has extensively studied the impact that preventive maintenance software has had on financial management of many industries.

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