What are the Financial Benefits of a CMMS software?

The benefits of CMMS software vary across different areas of your organization. Starting with work order management to scheduling preventive maintenance to efficient inventory management, a computerized maintenance management system (CMMS) helps to reduce downtime, increase asset lifetime, and improve efficiency. But it doesn’t stop there. Today we are going to look at the financial benefits of a CMMS that you can gain for your facilities and maintenance operations.

What is CMMS?

A computerized maintenance management system (or CMMS software) helps organizations with heavy machinery to digitally plan, track, measure, and optimize everything to do with maintenance. A CMMS helps you create, complete, and track work orders by allowing you to:

• Submit, review, filter, assign, and analyze work orders,
• Schedule and trigger alerts for maintenance,
• Send alerts when work orders are created,
• Add checklists, manuals, and guides to execute work orders successfully.

Financial Benefits of a CMMS

Experts say that a computerized maintenance management system can help organizations save between 5-15% of their maintenance budgets. Want to know how? Read on to learn more about the financial benefits of a CMMS software in details:

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Reductions in Equipment Breakdowns

Due to hectic days, regular maintenance can often be missed. When this happens, expect equipment breakdowns. To make things worse, production stops, and deadlines are missed. With a CMMS it would be easy to schedule maintenance tasks at a better time. Even if these maintenance activities are not caught at the planning stage, they are identified as pending tasks.

Reduction in Overtime Costs

Instead of using a spreadsheet, use a CMMS. It can help you accurately estimate labor hours required for maintenance tasks, making sure your staffing levels match the workload and decreasing overtime costs. You can also better schedule preventive maintenance work and reduce overtime by as much as a third.

Longer Asset/Machine Life

No matter what kind of equipment or assets you have, they will require some sort of maintenance. Missed regular maintenance of equipment results in early replacement due to premature failures. With a CMMS tracking your maintenance needs, the usable life of the equipment is extended.

Better Inventory Management

When we talk about the financial benefits of a CMMS, one of the biggest is that you can better track inventory. It tells you when to restock items and quickly identify parts that are no longer required (because a piece of equipment is retired). This helps you apply for volume discounts since you know how many parts you need in advance.

Help Establish and Record Best Practices

With a CMMS, instructions can be entered for each maintenance task. It can also generate maintenance reports that are useful for certifications and compliance with local health and safety standards.

The bottom line is that it’s possible to achieve a strong ROI on a CMMS investment. Automating maintenance management can deliver sustainable benefits across many industries (especially asset-intensive industries), navigating through major maintenance challenges and saving companies money.