Asset management can have a significant impact on the profitability of an asset-intensive organization, so it has become a hot topic in recent years. Poor equipment reliability leads to damaged reputations, higher energy costs, equipment damage, inefficient use of resources, safety and regulatory issues, and unmanageable maintenance budgets.

Therefore, “asset management” is no longer about fixing assets when they break but rather about employing cost-effective asset management strategies that maximize asset availability and reliability by minimizing the probability of equipment failures. Well-executed asset management can extend the economic life of capital equipment, increase system availability and reduce maintenance related costs.

Reactive maintenance is like flying blind, however, 55% of all maintenance performed in North America is reactive. In contrast, preventative maintenance ensures maximum reliability by taking precautionary and proactive steps to reduce unscheduled equipment failures. The purpose of preventive maintenance is to institute scheduled inspections so that defects can be spotted before they evolve into something more severe. It is well documented that regular, preventive maintenance can easily pay for itself by reducing unplanned repairs. Here are 7 tips to help drive preventive maintenance at your facility:

Safety first — Machine shops contain numerous hazards that can impact the life and health of technicians. Technicians need to be aware of potential safety hazards when performing preventive maintenance activities. Ensure technicians are familiar with health and safety processes when performing preventive maintenance tasks by documenting them in every PM procedure and by providing regular safety training. Use lockout tag out hardware where necessary.