How Equipment Management Benefits Your Business
You can achieve four of your main business objectives with greater efficiency using equipment management.
Control Costs. Equipment data shows you what your real costs are, which is the first step toward bringing costs in line with your goals. Use monitoring technology to:
- Pinpoint problem areas
- Prioritize and streamline tasks
- Access data that helps you better manage direct expenses such as labor, fuel, maintenance and repairs
- Use reports to find and eliminate excess idle time and reduce your total fuel costs.
Accurate cost tracking sets the foundation for repair and maintenance analysis. This enables you to plan the best time for major overhauls or replacements.
Improve Operations. When you know exactly where your machines are and when they’re due for maintenance, you can maximize up-time, and save time and money. Equipment data management also helps you:
- Monitor production times, machine usage, logistics, equipment wear and tear, and team performance
- Determine when to bring a machine in for service or preventive maintenance
- Position equipment to be exactly where it’s needed at any given time to cost-effectively meet deadlines.
Manage People. Information from Cat Product Link and VisionLink gives you valuable data based on the knowledge and habits of your machine operators. Well-trained operators who understand the important role they play in the fleet can help reduce downtime and maximize productivity.
- Evaluate your operators’ work performance, including whether they are operating equipment responsibly
- Assess the frequency of operator events and schedule additional training, if needed
- Manage others within your organization; allocate service personnel, for example, so they stay busy without being over-tasked.
Attention to training and company culture can yield measurable results. Dedicated people who are committed to doing a good job and taking care of your business assets are your best resource for building long-term success.
Reduce Risk. According to the National Insurance Crime Bureau, the construction industry loses more than $1 billion annually from equipment and tool theft, a number that grows by approximately 20 percent each year. The National Equipment Register reports that only 10 percent of those stolen assets are recovered.
In addition to reducing theft, technology can be used to minimize other risk factors. Cat equipment management technologies can help you:
- Maximize the up-time of your machines and fleet availability for fast response
- Maintain optimum equipment condition to avoid accidents and injuries
- Repair and replace machines when the time is right for your business
- Comply with emissions regulations.