In a scenario where numerous equipments form part of the daily operation within an organization, one must be well-aware of the complexities that accompany the process. The differences in asset/equipment types, their usage patterns, maintenance needs, production expectancy, and lifespan makes handling them a challenging task. The problems multiply further when the equipment management team tries to resolve it through basic spreadsheets instead of a system.
Currently, in an Indian infra-asset scenario, following are the most frequent challenges that cloud the equioment intensive firms:-
Equipment industry - Challenges
- Equipment Information – Though it may look like a child’s play, keeping a centralized record of the equipments and their various parameters is one of the most unaccomplished tasks in the equipment-intensive organizations. Firms often tend to lose count of total number of equipments, where they are deployed, who is operating them, which are non-functional and needs repair, their output and many such crucial aspects. Without a birds-eye view of the assets along with their information, it thus gets impossible to keep control over them and utilize them effectively.
- Performance Measurement - The measurement of performance is operator dependent instead of being system dependent. Lack of automated records for equipment -running time, output generated, idle time, downtime, and etc. results in undesirable performance and lower RoCE.
Maintenance Delays- All equipments have a different maintenance schedule to be followed. Plus, a close watch is also required to notice any performance disruptions which are indicative of a preventive maintenance need. Also, the maintenance schedule for all equipments of the same category may differ depending upon their date of purchase, running time, performance glitches, etc. Now, multiply the maintenance schedule with the number of equipments you own. Maintaining them on your own is next to impossible. The results are technical glitches, downtime, reduced lifespan, rising expenses and few more.
Inventory Management- Inventory management is a science that is based upon various parameters of equipment’s lifecycle. A poor record of these crucial parameters directly leads to either of the following:-
- Unnecessary pile-up – which is a pointless cost to company and often results in redundancy.
- Non-availability in the hour of need – Loss to company as it directly results in equipment downtime and productivity failure.
- Decision-Making – Decisions, when not supported by correct information, can be disastrous. As the above points explain the ambiguity in information that the Indian equipment industry is currently subject to, it leads to excessive uncertainty in the decision-making process. Decisions such as which equipments to buy, when to buy, which ones to keep or discard often go wrong without system-driven Business Intelligence Reports.
If there is a problem, there has to be a solution. Digitalization, the silver lining in the clouds of manual equipment management, is the only way forward to address the above challenges. Here is what you can achieve by digitalizing your equipment management process:-
- Know your equipments – Digitalization brings together all your equipments and related information under a single window on your desktop or mobile app. It helps you collect, store, edit, monitor, analyze and visualize various asset-related information by allowing secured access to various stakeholders. This enables the organization to enjoy a consolidated view of all its assets irrespective of geographical barriers and free of individual dependence.
- Data Analytics- Data Analytics refers to scrutinizing the available data to draw definite conclusions, with help of a specialized system. Digitalization’s key benefit ‘ Data Analytics’ helps equipment-led organization arrive at immediate conclusions about asset’s performance, output, expense ratios, inventory ratios, employee performance, equipment downtime, idle-time, etc. The Business Intelligence reports help the companies in designing and implementing necessary steps to optimize productivity, reduce expenses, minimize idle time , exercise inventory control, improve ticket management, improve equipment lifespan, etc.
- Maintenance Alerts- Digitalization, by providing for constant alerts and reminders, ensures that the companies do not miss the equipment maintenance schedules, thus increasing their performance and life expectancy. You can expect the system to alert you for preventive and predictive maintenance by constantly keeping a tab on all crucial performance parameters.
- Strategic Decision-Making- An integrated system with data analytic tools gives you the leverage to constantly monitor your equipments and compare them with others. With this, you are better enabled to take strategic business decisions and garner better return on investments.
The importance of digitalization and what can be achieved through it has been clarified through the aforementioned points. The next step is to essentially find a system that can give you a head start and is typically customized to cater to the Indian equipment scenario.
TappetBox- The Tailor-Made Infra-Asset Management Platform
TappetBox, a reputed Infra Asset Management platform tailor made to cater to the Indian Infra-asset industry, offers you the above benefits and some more. Consciously developed as an end-to-end solution capable of catering to every aspect of your equipment lifecycle, it can turn around their performance and add a good number of years to their lifespan.
Opt for a free demo to check how this miraculous platform can transform your equipment’s output. Click here. You may also contact TappetBox at +919212311151