Analytics and choices based on data are impossible without KPIs. Operating your business without a clear set of key performance indicators (KPIs) is doomed to failure. An array of maintenance operations and performance measures, including KPIs, can be tracked with CMMS software. However, it is essential to decide what those KPIs are.
If you've heard the term "KPI," it simply means "key performance indicator." Any number of systems or devices can have their own set of key performance indicators (KPIs). KPIs are a great way to understand what & how your operation and maintenance team are performing or even where they are struggling. While taking care of various KPIs, you, as a maintenance manager, can rank assets effectively and, at the same time, even create a maintenance strategy that can optimize the performance of assets and reduce costs and risks.
Key Maintenance KPIs of a successful maintenance team
As the name suggests, the mean time between failures is generally the average time a machine operates between breakdowns or stoppages. This KPI is fruitful for the maintenance managers to understand the availability of their equipment clearly. If the time between failure is high, it is clear that the machine is more reliable, has excellent operating life, and is durable. This is a crucial maintenance metric to calculate the performance and equipment design.
MTTR stands for mean time to restore and is yet another key and recommended metric used by maintenance departments to evaluate and successfully measure the average time required to establish the real cause of and fix the failed machine/equipment. It calculates how quickly the maintenance team could respond to and repair the unwanted breakdown in the production process in any plant. It is counted as the most crucial baseline. It can help you as a manager identify the reason. One of the reasons could be lack of know how to the team. The manager can plan for necessary training.
Prism CMMS allows the maintenance team to upload the unlimited technical specification documents for each asset. The maintenance technician anytime can access those documents. This will help them reduce the Time to resolve the issue significantly.
Work Orders Resolution Time
Work order resolution time is one of the factors that help to know the maintenance work that got completed and approved. However, this maintenance metric can effectively let you know about the team's performance and the ability to deal with complex or specific maintenance issues. If the work order resolution time is less, your team of technicians is good experts and solves problems shortly. Simultaneously, the fewer backlogs of work orders indicate that your team will stay on top of maintenance requests and fix work orders faster.
Prism CMMS will provide the data about this KPI at each work order level and at team level.
Cost of Asset Maintenance
Cost of Asset Maintenance is one of the essential KPIs that includes different aspects and systems for analysis. All prices in operations & maintenance are critical, and it can always prove handy if you know when a piece of spare parts of the machine is costing you more to repair than deciding to purchase a new piece of equipment. Thus it can be done by analyzing and comparing the expenditure of planned maintenance to unplanned maintenance. For example, if an expense is more on preventive maintenance for an asset, there is no decrease in the cost of unplanned maintenance. It is a clear indication of the failure of preventative maintenance. This KPI helps you get the right picture of your budget and work out on right plans more effectively for future budgets.
Prism provides the cost of preventive maintenance and breakdown maintenance spent at an asset level, location level, and at facility level.
Maintenance Backlogs and Overtime
Maintenance backlogs are one of the unique KPIs that play a significant role in hiring maintenance technicians. As a manager, if you are consistent in tracking the maintenance time and entire expenditure data, it will get easy to find out if the O&M department is overstaffed or understaffed at any given time. If the backlog of work orders is high, then it suggests the need to hire experienced or additional staff. Alternatively, no backlogs indicate a pointlessly large team that can be trimmed if required.
Prism provides the status of all the work orders handled by all the technicians. With the data provided, The maintenance manger can quickly make a decision to optimise the utilisation of the team’s time.
Key Benefits of KPIs
Assist in increasing the productivity
Increasing productivity may be a nebulous key performance indicator (KPI). Reducing the amount of time spent assigning, opening, and finishing work orders can be related to increased production during regular working hours. Reducing elapsed time is an effective way to boost output.
Keeping track of records and documents
To ensure that every aspect of your maintenance runs as smoothly as possible, you need constant access to a continual stream of data, information, and reports. Moreover, by seeing how these modifications are functioning in real-time, you may make adjustments quickly without having to wait too long to know if you've made the proper decisions.
Enhance machine life
If your company's business model relies on massive assets doing their job, extending their lives can be a lifesaver. Even if it's just for a few months, you're saving money by keeping these machines in the workforce longer than previously possible. Every cent counts!
Cost-Effective Preventive Maintenance
Preventive maintenance can save you money by reducing labour costs or extending the useful life of replaceable parts. This data can verify if you've met your key performance indicator for cost savings.
How Effective Is Your Maintenance?
Look at the ratio of scheduled maintenance to reactive maintenance to obtain a better idea of the quality of your maintenance job. Collecting information on why failures occur is a crucial key performance indicator that can help your firm adopt better life cycle procedures. Could your operators benefit from greater equipment training? Is the machinery falling because it is simply too old? Is your organization's maintenance crew using high-quality parts to keep company assets in top shape?
Where to Focus?
Strategy, enhancements, and long-term growth are the three main focuses of your KPIs. You must ensure that your objectives are both attainable and long-term when working to improve these aspects of your company. However, while creating your goals is to keep them achievable. Disorganization might occur if your goal productivity is too high or unsustainable. It's also recommended to limit your attention to no more than five key performance indicators (KPIs) at any given moment.
As a manager, you should include not just any metric in a KPI; they are supposed to be top priorities. Your goals will vary as your KPIs change, especially as your business grows. While choosing KPIs, it is critical to speak with maintenance managers first. Daily, they are responsible for monitoring KPIs and ensuring that production is functioning well. When creating KPIs, these workers' insights are invaluable. KPIs can be found elsewhere; however, the following are the most important for most firms.
Streamline tracking of KPIs with Prism CMMS Software
Maintenance KPIs and metrics are the most important tools if you are looking to optimize maintenance operations and progress. However, the real challenge that many managers face is tracking all critical metrics at once, reducing the focus and inability to produce the right report.
Nevertheless, the good news is that with the availability of the world's best cloud-based android supportive maintenance software, you can streamline data management and evaluate and take adequate actions based upon generated information. Using the Prism CMMS application, you can raise, assign, and oversee work orders, catalogue information on assets and spare parts, and, most importantly, access the performance reports without paperwork or hassles.
Any individual having a smartphone can download and begin cataloguing assets in just a few minutes. Instead of the maintenance team manually submitting the respective service requests, Prism acts as an easy-to-operate work order management software, which automates the entire process. Its interactive dashboards display everything you may require to run your team or even deal with your assets precisely.
Overall, every plant or facility manager anticipates workflows and work orders completed on time and with minimal costs. Getting there is a challenge, but there is an entirely different success story with the Prism in place.