In the Process Manufacturing Industry, the cost of asset maintenance is approximately 35% - 43% of the total cost of operations (excluding raw material cost). Maintenance is a critical function in any manufacturing operation to ensure business continuity, reduce unplanned downtime, avoid accidents, etc.
Managing maintenance costs within the planned budget contributes to overall business profitability.
Moreover, maintenance is a main driver of operational excellence. It affects all functions, be it supply chain or production and thus, affects the performance of an enterprise in many ways. While it is important to keep an eye on the equipment health, it is also of utmost importance to keep an eye on the maintenance related processes and get alerted on non-compliance, anomalous trends, clogged workflows, planning conflicts, spares stock-outs, competencies & certifications, etc. These are the underlying drivers to operations and business performance.
