Improving your finances for your industrial business might seem difficult. However, you can save money by investing in predictive maintenance and safety training. Predictive maintenance involves using technology to detect and diagnose problems with machinery before they occur, reducing the need for costly repairs. Below are some of the many ways both predictive maintenance and safety training can improve your business’ finances.
Reduce Maintenance Costs
According to the Department of Energy, predictive maintenance can reduce overall industrial maintenance costs by up to 30%, cut downtime by almost half, and decrease breakdowns by more than 70%. Therefore, predictive maintenance is a great way to keep your finances in check, as it allows you to identify problems before they become expensive and time-consuming repairs. Some examples of predictive maintenance techniques include vibration monitoring, thermography, and oil analysis.
Improve Productivity and Decrease Downtime
Predictive maintenance can also improve the productivity of your industrial business. By predicting and addressing potential problems with machinery, your business will experience fewer breakdowns and less downtime. This can significantly improve the efficiency of your business, as well as your finances. Unfortunately, downtime can lead to lost revenue, so it’s important to invest in predictive maintenance to ensure that your finances stay on track.
Prevent the Need For Replacement Parts
One of the biggest advantages of predictive maintenance is that it can help prevent the need for replacement parts. This can save you a lot of money in the long run, as purchasing new parts or machinery can be costly. Furthermore, by investing in safety training, your business will be able to mitigate potential risks and avoid expensive accidents and repair costs.
Improve Employee Safety
Safety training is also essential for improving finances in an industrial business. Investing in safety training can help improve employee safety. For instance, a reputable metal fabricator will include safety training as part of their documented quality control program. This safety training may include learning how to use PPE, such as 3M masks with welder hoods, gloves, respirators, and more. By investing in safety training, you can help reduce the number of workplace accidents and injuries, which can ultimately save your business money.
Increase Durability
Some preventative maintenance techniques can also help improve the durability of your machinery. For instance, normalizing is a heat-treating technique in which a part is held under extreme heat, as high as 1700°F, then cooled with the surrounding air to increase ferritic grains in the steel for consistency. Predictive maintenance can help to identify potential problems, such as wear and tear, before they become more costly repairs down the line. For instance, thermal imaging can be used to detect temperature variations that may indicate an underlying problem. By investing in preventative maintenance, you can also help to improve the durability of your machinery and reduce costly repairs down the line.
Reduce Injury Lawsuits
Investing in safety training can also help to reduce injury lawsuits. By providing your employees with the proper safety training and equipping them with the necessary PPE, you can help to decrease the number of workplace injuries. This, in turn, will help reduce potential injury lawsuits that may cost your business money. For instance, say an employee is not provided with the necessary safety training or PPE and they are injured while on the job. This can lead to an injury lawsuit, which can cost your business both time and money.
Investing in predictive maintenance and safety training can save money for your industrial business. Predictive maintenance helps to identify potential problems with machines before they become expensive repairs, while safety training reduces the number of workplace accidents and injuries. Furthermore, some preventative maintenance techniques are good for increasing durability and preventing future costly repairs. Overall, these investments will help keep finances in check while improving productivity and employee safety.
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