How Do Reports Help to Improve the Maintenance of Equipment?

When work is done manually, the chances are that reports are not accurate. When reports are not accurate, the decisions based on these reports will not be accurate. Some organizations just make decisions based on assumptions; again, decisions based on assumptions are not accurate, which is why automated business reports are essential. In this blog, we will learn how reports are helpful in improving maintenance equipment. But first, let us understand what business reports are!

What are business reports?

A business report is a collection of facts about assets, written in an orderly manner connected with your business matter according to a bunch of standard conventions. It assists managers in getting complete information on the issues and how to overcome the issue.

The goal of business reports is to provide the data in an organized way which helps in making significant & effective decisions and planning for the future. Reports assist organizations with planning budgets for maintenance and finding assets that are productive or consuming more maintenance.

Reports are accurate and help in setting future goals or creating a baseline. They are helpful to businesses in all aspects of asset management. Reports consist of valuable data, statistics, and graphs. The diagrams make it easy to understand the data. According to Fortune Business Insights, “The global big data analytics market is projected to grow from $271.83 billion in 2022 to $655.53 billion by 2029, at a CAGR of 13.4% in the forecast period.”

How do reports help in improving asset maintenance?

Reports that help in improving asset maintenance are discussed below:

1. Reports help in effective maintenance

Maintenance is an inevitable part, especially when your organization is asset-intensive. If maintenance is neglected, then it can lead to sudden equipment failure, which will increase maintenance expenses. In order to avoid these issues, maintenance must be done on time. Now the question comes, after how much time should maintenance be given? Reports are helpful in providing valuable data that enables organizations to schedule maintenance on time.

2. Equipment history reports

You can get a lot of answers with equipment history that will help you identify the main issue and accordingly take steps in order to resolve that issue. Analytics lets you know the root cause of the problem. Sometimes machines work more hours than usual, the reason being too much dependency on that asset; that is why all these factors must be taken care of so that unnecessary burden is avoided.

3. Reports help in reducing cost

Maintenance cost is one of the most important aspects of asset management. As it can be very expensive, reports can be helpful in reducing maintenance costs. You can check the last few months' maintenance reports and get an idea about future maintenance costs. You can also check each asset's maintenance cost and with reports, you can identify areas where costs can decrease so that overall maintenance costs can be minimized.

4. Reports help in improving uptime

For improving downtime & uptime, reports are crucial as they provide critical information, and they can be helpful in getting a breakthrough in enhancing asset performance. You get valuable analytics that provides a complete picture of asset performance & you can also get a solution by taking care of issues. For asset performance optimization, reports can be effective that will help you in not only decreasing downtime but optimizing the total cost of ownership (TCO) as well.

5. Depreciation reports

You do not have to calculate depreciation as you can easily calculate it with asset management software. You can get depreciation reports as per your business needs.

What kind of data reports can you collect with Infizo’s Asset Management Software?

Below we have given what kind of reports or data you can collect with Infizo’s Asset Management Software:

1. Get a report based on the total value of assets based on the purchase price and depreciation value.

2. Generate reports based on asset location, asset categories, or dates.

3. Get reports on all purchases, movements, and consumption of inventory.

4. Export all reports in Excel or CSV.

5. Record the cost of maintenance along with related inventory to complete an activity.

6. Get a list of all activities completed against an asset, by an assignee, on a category of assets, locations, or activities done by a vendor.

7. Check the amounts spent on activities earlier between custom date ranges.

8. Record the repairs done, costs incurred, and spares consumed.

Conclusion

Data reports are helpful in running the business efficiently & in a smart way. You don’t make decisions based on assumptions; they are based on solid numbers. However, you need to ensure that you are comparing assets of similar categories. Assuming that you have comparable pieces of equipment being used in functionally similar ways, you can compare the metrics to learn if any one unit is off the mark when compared with the others.

Infizo's Asset Management reports are detailed and provide valuable information that helps you in making strategic business decisions. You can get customized reports as per your requirement.

If you want to improve your asset performance, then you must use’s Asset Management Software, which will take your business to a new level.

Frequently Asked Questions (FAQs)

Why is inventory availability important for asset maintenance?

Inventory availability is important for asset maintenance because, while performing maintenance, the maintenance team may require several types of inventories so that an effective part of an asset can be changed. If that part is not available, effective maintenance will not be performed & the whole process will be repeated; this will be a wastage of resources. In order to avoid this type of scenario, inventory availability is important for asset maintenance.

What are the main reasons behind sudden equipment failure?

Ending asset life, poor maintenance, asset overutilization, etc., are a few of the main reasons behind sudden equipment failure.

Does Infizo provide cloud-based asset management software?

Yes, Infizo provides cloud-based asset management software. Infizo also provides a mobile app so that you have access to the system everywhere & all the time.

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