How Hidden Costs Are Impacting Businesses In The Industrial Sector
Preparing for the additional costs that come from operating in the industrial industry is imperative for any business. For example, the price per gallon of oil is rarely ever what a business will have to actually pay to enable it in such a way that their operations can continue running smoothly. In some cases, when things go wrong, these costs can extend much further than what most businesses would ever expect. This post will detail those costs, in addition to ways that businesses can look to avoid them and keep equipment output optimized.
Ensuring that each piece of equipment in an organization’s fleet is receiving the most ideal maintenance can be a real challenge. However, this maintenance is what allows the equipment to operate at its highest levels. This is only accomplished through routine maintenance such as proper lubrication and regular oil changes. Though it may seem easy, finding the time to work on each piece of equipment in any operation will be time consuming and will also cost an organization a great deal of capital if not handled correctly.
One of the hidden costs that would otherwise be not considered are the unnecessary oil changes organizations conduct in hopes to keep equipment operating at its highest levels. Organizations often schedule an oil change in hopes that it’ll resolve a problem that’s entirely unrelated to an oil change. Organizations waste valuable resources and time by doing this. Worse of, though, they’re emitting additional hazardous waste into to the environment.
In some cases, damage may occur that results in a machine requiring emergency maintenance. These costs, though seemingly not hidden at all, are required to keep an operation running smoothly. Whether the damages be related to over or under-filling the sump or reservoir, which can cause contaminated or incorrect product to be introduced to solutions, there will be downtime required to solve the issue. This also brings about administrative purchasing costs such as storage, handling and testing.
In some rare cases, whether it be damage related or poorly handled maintenance, some equipment may fail entirely. with comes in the form of equipment failure. When attempting to avoid equipment failure, businesses should prioritize bearing well-being. Nearly half of all reported machine failures can be attributed to improper lubrication or re-lubrication of bearings. The costs to replace these parts are very high and can likely still lead to non-operational equipment if not replaced properly.
The best course of action for businesses operating in the industrial space hoping to reduce hidden costs is to remain as prepared as possible for these issues to arise. Look for the signs that would indicate machine failure is approaching and especially look out for potential bearing malfunctions. If you were interested in learning more about how your business can take the right steps to be prepared for these instances, continue reading on to the infographic coupled alongside this post. Courtesy of Isomag.