Repair or Replace a Damaged Asset – How to Decide

Whether it is from regular wear and tear or an unforeseen event, at some point your assets become damaged. At that point, you are faced with a decision: repair the asset, replace it with something new, or leave it be. Knowing how to decide which is best for your operations will help control downtime and unexpected costs.

Repair, Replace, or Leave It Be

Using a Computerized Maintenance Management Software (CMMS) solution, your decision to repair, replace, or leave the asset as-is becomes easier. Accurate real time data is critical to making sound financial and managerial decisions and a CMMS solution can filter and sort your data to provide you with the information you need to determine the best course of action.

While replacements are often quicker than repairing an asset, there are benefits to repairing one you already have. Employees become familiar with existing machines and other assets. Retraining takes time and money. However, the older an asset is the more likely maintenance will be needed in the future, leading to more downtime. There is also the environmental impact to consider. By replacing an asset, more resources are used in the construction. Cost also becomes a factor.

There are a few key questions to ask yourself when reviewing your records. For example, how much time and money have you spent on repairs thus far? If you reinvest in repairing a machine, for example, does the amount of money and time invested on this repair a better solution than the money and time spent to replace it? Does the damaged asset warrant replacement? Does the life of the asset seem short lived even with replacement?

Although repairing or replacing are the main options with most assets, the third option is to leave it be. Ask yourself if the asset is truly damaged and in need of repair or replacement. Some minor issues can be left alone without impacting performance, while others will lead to bigger issues down the road. Determine whether the asset in question truly needs a repair for optimal performance and the safety of those using it, before investing money in repair or replacement.

Prepare for the Future – Preventive Maintenance

Once an asset is repaired or replaced, to reduce future downtime and un-expected maintenance expenses, a preventive asset management plan must be factored into your maintenance management strategy. Preventive maintenance decreases downtime and equipment failures through proper and periodic maintenance. While some unexpected damage is unavoidable, knowing the condition of your assets ahead of time helps you prepare for the future.

CMMS software is probably the most important tool to integrate into a preventive maintenance strategy. With a robust solution like Eagle Technology’s Proteus MMX, you can easily manage and monitor your assets to prepare for the unexpected. Proteus MMX provides a single point of control for tracking, managing and maintaining numerous assets, locations, and inventory. Up your game and take the next technological leap forward in asset management and preventative maintenance!

 

Asset Management: Repair or Replace a Damaged Asset – How to Decide