The ROI of Preventative Maintenance

Preventative maintenance consists of any regular maintenance performed on an active piece of equipment. By following a consistent maintenance strategy, a company can catch potential problems with its machinery before they arise, preventing equipment failure from happening.

In the long run, preventative maintenance extends the working life of equipment and reduces maintenance costs, making it a valuable investment in and of itself. In fact, preventative maintenance can have a ROI as high as 545%. The sheer savings it can create make preventative maintenance a necessary component of any business’ operations.

Benefits of Preventative Maintenance

Although preventative maintenance can be costly, its benefits far outweigh its costs. Its many advantages include:

• Decreased downtime and reduced repair costs
• Increased life expectancy of equipment
• A lower risk of unplanned maintenance
• Improved equipment efficiency and quality
• Enhanced corporate reputation

Costs of Unplanned Maintenance

The costs of unplanned maintenance can be quite high. Without a preventative maintenance plan in place, the likelihood of unplanned maintenance only increases. Should equipment break down, it will likely result in unexpected downtime and significant production losses. It will also force your staff to spend valuable time responding to emergencies and diagnosing the causes of equipment failures. In addition, any replacement parts  might need to be shipped express from the supplier to your location, creating further expenses for your company.

Things to Consider when Calculating ROI for PM

Any company preparing to calculate the ROI for their preventative maintenance strategies needs to consider the following:

• Equipment cost
• Repair costs
• Replacement costs
• Impact of preventative maintenance on the equipment’s expected life cycle
• Impact of preventative maintenance on the equipment’s energy usage
• Frequency of repairs for poorly-maintained equipment

After considering the above factors, you can determine whether preventative maintenance would be beneficial or not to your organization.

Quality Assurance at PrecisionX

At PrecisionX Technologies, we follow a rigorous quality assurance program to ensure that all products manufactured in our facilities are free from defects. Critical components of our quality program include:

• OGP SmartScope dimensional measurement systems with tactile, optical, and laser functions that ensure optimal part performance and safety.
• Statistical Process Control (SPC) for close monitoring of all manufacturing processes.
• Continual improvement training for our team of Six Sigma-certified professionals.
• A commitment to continuous process improvement throughout the company.
• Advanced Product Quality Planning framework for parts validation and development.
• Calibration maintenance and tracking software for all of our parts supplied by either PrecisionX Technologies or our partners.
• Up to 20 different visual inspection systems, including various state-of-the-art microscopes.

Preventative maintenance is crucial to the successful operation of equipment and assets. Although there are significant costs involved, it eventually leads to lower maintenance costs and longer equipment life cycles, making it a necessary strategy for any company. At PrecisionX Technologies, we work to simplify your maintenance strategies by subjecting all of our products to a strict quality assurance program. If you’d like to learn more about our quality assurance strategies, contact us today.