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How To Use Tools & Equipment Management To Increase Your Profit Margins?

2:51 AM Lokesh kumar 1 Comments

In the construction sector, maintaining profit margins is an ongoing challenge due to the cyclical nature of the market. In difficult times such as the current period, profit margins are very tight because more and more companies are bidding for fewer and fewer markets. The investment and material costs added to the lack of qualified operators also trim the potential profits.

Effective equipment management is one way to deal with this pressure. Equipment management can go a long way in reducing costs, increasing efficiency and significantly improving profits.

Equipment Management - What Is It?

No matter how many machines you use, in equipment management, the equation is simple: it's all about monitoring and using your equipment to ensure you get the most work at the lowest possible cost.

It sounds simple; however, it is essential to focus on several key factors to achieve this goal:
Machine Performance: Well-maintained machines give the best of their abilities; provide more work at a lower cost.

Machine Condition: A machine in good condition spends less time in the shop and delivers more reliable performance when you need it, with no surprises.

Scheduling Maintenance and Repair - Joining a recommended maintenance program helps you identify and fix small issues before they cause larger outages and reduce downtime and downtime.

Safety and protection: Well-managed equipment is less likely to be involved in accidents. Locating machines and monitoring their use carefully ensures that they are not stolen or used without authorization.

In the past, equipment management data was collected through checklists, tables, and / or human memory. All this is tedious, expensive, error-prone and slow to execute. Today, there is a better way to get the information you need to manage your equipment in the most cost-effective way.

Simplifying Technology

Technologies built into existing construction equipment make it easy to gather accurate, up-to-the-minute information about your equipment. Where he is. If it works well. When it needs to be revised. If something is wrong. If the machine is used improperly.

This information may be sent to you directly through Vision Link over the Internet or by mobile device in the form of electronic equipment data. You do not have to send someone to collect them. And you can save valuable time instead of processing numbers because many scans are done automatically in advance by Visionlink software.

In the end, you get useful information that allows you to make decisions faster. Decisions based on facts, not on assumptions. Decisions that can help you make your business more efficient. Check out these tools and equipments https://www.mydeal.com.au/tools-and-equipment.

Benefits of Equipment Management

The benefits of managing the equipment help your business achieve four important goals:

Controlling Costs - By finding out what your actual costs are, you can take steps to reduce them. Monitoring technologies can help you by:

Precisely identifying the problems

Giving priority to certain tasks and rationalizing them

Providing data that helps you better manage direct costs such as personnel costs, fuel, maintenance and repairs

Developing reports that will help you identify and eliminate excessive downtime to reduce your overall fuel costs.

Accurate cost tracking can also give you a basis for analyzing repairs and maintenance and determining the optimal date for major revisions or replacements.

Improve processes - If you know exactly where your machines are and when they need maintenance, you can make better, more informed operational decisions. Equipment management helps you to:

Improve your efficiency by monitoring productive work time, machine utilization, logistics, equipment wear and the sense of responsibility of your team.

Define when the machine should be subjected to overhaul or preventive maintenance.

Decide how to move your fleet between shipyards so that your equipment is always in the right place at the right time, and whether you could remove a machine from the jobsite while meeting your deadlines.

Manage the personnel - Any equipment management program must take into account the qualifications and habits of the people who are most familiar with the needs of the machine: the drivers. As the first line of defense for your equipment, your drivers must be fully aware of the consequences of their actions on your fleet.

Show you how your drivers work and if they handle your equipment responsibly.

Show you how often drivers have problems so you know whether it would be wise to offer additional training.

Helping you manage other groups in your organization and more easily see how to assign teams so that they are always busy without being overloaded.

Paying special attention to training and corporate culture can also produce quantifiable results about how much your staff cares about your wealth and how motivated it is to contribute to your long-term business success. .

Reducing risks - Insurers' anti-crime service reports that the construction industry is losing more than $ 1 billion each year due to theft of equipment and tools, an increase of about 20% year. And the National Register of Equipment (NER) indicates that only 10% of stolen equipment is recovered.

Theft is one of the risks that equipment management technology can help prevent. Cat technologies also help you reduce your risk by:

Helping you maintain maximum uptime for your fleet to quickly deal with unexpected delays such as weather

Keeping your equipment in good working order to reduce accidents and injuries

Replacing your machines at the most convenient time for your business

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