Obviously, there are certain types of costs that are associated with equipment downtime that you’ll want to do everything in your power to avoid. If a mission critical piece of equipment is supposed to be able to produce 100 parts an hour and it was offline for 30 minutes, that’s roughly 50 parts (give or take that never got made). Meaning, of course, that this is 50 parts don’t exist and as a result can’t be sold to customers – representing a not-insignificant amount of revenue left on the table.
But at the same time, there are also hidden costs that can also add up quickly. To continue with the above example, that’s also 30 minutes where employees were being paid to essentially sit around and wait. That’s money that needed to be spent on replacement parts or to call in maintenance crews to get things back up and running again.
Save Money (and Your Sanity) With Downtime Tracking
If those hidden costs add up to a significant amount of money over just 30 minutes… think about how bad things can become if the situation is left unchecked for three hours. Or an entire eight-hour shift. Or a day or two… only to have it happen AGAIN next month for reasons you haven’t figured out yet.
This, in essence, is how downtime tracking helps to eliminate a lot of these hidden costs – the type of detailed reporting and analysis the right solution can offer will give you every piece of insight you need to make better and more informed decisions whenever possible.
Only downtime tracking solutions like Thrive let you analyze stops by factors like which particular process was running, which machine was being used, what line you’re talking about, etc. You can break things down (no pun intended) based on department, shift, crew, you name it – all to uncover trends and patterns that likely would have otherwise gone undiscovered.
But what this really means is that you’re never more than a few quick mouse clicks away from identifying ALL of your top downtime losses, which in turn allows you to drill right down into the causes in a way that eliminates guesswork from the conversation. So not only are you getting back up and running after downtime instances even faster, but you’re also figuring out what you need to do to prevent those reoccurring (not to mention costly) issues from rearing their ugly head again.
Plus, the best part of all is that you can make these types of reports a regular part of your monthly review process – thus making sure that these hidden costs aren’t the types of things you need to worry about ever again.
If you’re interested in learning about even more ways in which downtime tracking can help eliminate a lot of those hidden costs that your organization shouldn’t have to deal with any longer, or if you just have any additional questions that you’d like to go over in a bit more detail, please don’t delay – contact Thrive today.