On the one hand, you probably don’t need to be told that you should be tracking instances of downtime in your construction business. Regardless of how short the events are, downtime still means lost revenue for your business – so it’s in your best interest to keep a watchful eye on this as much as possible.
But that doesn’t mean simply jotting down some comments in a notebook. Today’s downtime tracking solutions can bring with them big benefits for construction manufacturing and related materials organizations in particular that you should definitely be aware of moving forward.
The Core Benefits of Downtime Tracking for Construction Companies
One of the major reasons why downtime tracking is so important to construction businesses in particular ultimately comes down to the idea that time is money.
When an unplanned downtime event occurs on a construction site or in a similar environment, absolutely no value is being produced to speak of – but despite that, overhead costs continue to grow. People that you’re paying are standing around, unable to do their jobs… but are still getting paid. Clients are growing impatient because they’re not getting the results they were after. The list goes on and on.
In fact, according to one recent study, an unplanned downtime event can cost as much as $260,000 an hour in some cases once both “real” and “hidden” costs like the above are accounted for.
So why is downtime tracking so important for construction manufacturing? Because while you can never totally eliminate the possibility of something going wrong, the faster you can find out WHY it went wrong means that you’re able to fix the problem as quickly as you can.
Another major reason why downtime tracking is so important in construction manufacturing ultimately comes down to the lifetime value of your equipment. Armed with accurate and actionable downtime data, a maintenance manager can now prioritize things like preventative maintenance as much as possible. They can help prolong the life of your equipment as long as they can, all to make sure that A) that piece of machinery is still functioning at peak efficiency, and B) to push that inevitable equipment replacement cost down the road as much as possible.
Even when a piece of equipment DOES need to be replaced, it’s far easier to justify if you’ve been tracking its performance over the long-term. You’ll have cold, hard numbers that you can turn to in order to say “look, this is holding us back. It’s breaking down far too often, which is costing this amount of money. By continuing to maintain it, it won’t save nearly as much as it appears, and it should be replaced.”
This is the type of insight you’re not going to get anywhere else, which is why downtime tracking is and will always be worth the investment.
If you’d like to find out even more information about the major advantages of downtime tracking for construction manufacturing and related materials, or if you’d just like to discuss your own technology needs with someone in a bit more detail, please don’t hesitate to reach out to your partners at Thrive today.