The high cost of asset maintenance failure

No organization wants to be in the headlines because of a negative situation. Unfortunately, that can happen if your asset management program lacks efficiency. Organizations that don’t optimize the maintenance of their critical assets can face:

• Productivity, brand, and safety recalls or consequences
• Equipment breakdowns and unexpected downtime
• High costs of supply shortage and emergency repairs

Asset maintenance failure by the numbers

Unplanned downtime results in a loss of customer trust and productivity:

• 46% couldn’t deliver services to customers
• 37% lost production time on a critical asset
• 29% were unable to service or support specific assets

Aberdeen Research reports that:

• 82% of companies have experienced downtime over a three-year period
• $2M is the average cost of an average four-hour outage

Avoid the risks associated with asset failure

Having a robust enterprise asset management (EAM) strategy will help you optimize the maintenance of critical equipment and enforce policies and regulatory requirements. Save time and equipment downtime every day with Infor EAM Asset management system.

 

Image by Markus Winkler from Pixabay