Equipment Depreciation: What You Need to Know

Bar chart graph displaying equipment depreciation
Calculating equipment depreciation is a priority for many businesses. Whether you're planning to invest in new equipment or considering the retirement of older assets, it's essential to monitor both your equipment's depreciation rates, maintenance history, and real-time performance.  This blog will review the most common methods for calculating depreciation, providing insights into this important process. Learning more about this accounting method will help you manage your assets more effectively,  and make better financial decisions. What is Equipment Depreciation? Equipment depreciation is an accounting method used to measure the gradual decrease in the value of your assets over time (or its...

Corrective Maintenance: The Ultimate Guide

3D illustration of a system dashboard with maintenance warning activated, corrective maintenance
The manufacturing industry relies heavily on maintenance to keep equipment up and running at peak performance levels. Corrective maintenance will play a role in a company’s preventive maintenance processes or reactive responses to equipment failures and breakdowns. In this article, we will explore corrective maintenance in more depth. If you’re in a hurry, skip ahead to get the most interesting information: What is Corrective Maintenance? How Does Corrective Maintenance Work? Benefits of Corrective Maintenance in Manufacturing Corrective Maintenance Use Cases Implementation: Challenges and Solutions LLumin’s CMMS+ Overview Improve Your Maintenance Strategy With LLumin What is Corrective Maintenance? Corrective Maintenance refers...

Maintenance KPIs: The Complete Guide

Two maintenance workers tracking maintenance KPIs on a CMMS system
Maintenance key performance indicators (KPIs) are beneficial for determining ways to increase production, limit costs, and extend the service life of machines. They are frequently used to measure improvement in facility operations and may indicate ways to improve facility efficiency. By understanding these maintenance KPIs, maintenance and facility managers gain valuable information on how recent updates and future changes impact facilities and machine longevity. Today, we will discuss common maintenance KPIs, how to calculate them, the usefulness of each KPI to managers, and how LLumin's computerized maintenance management system (CMMS+) software can help improve maintenance KPIs. What Are Maintenance KPIs...

How to Calculate Production Efficiency

High-tech futuristic image, production efficiency formula
Key Performance Indicators (KPIs), like production efficiency, are metrics that help maintenance managers determine optimal operating conditions of people, processes, and equipment. The production efficiency formula will determine where your actual output and standard (or optimal output) intersect. This is important because it helps professionals understand the point at which they operate at maximum production levels and efficiency.  This article will introduce you to the production efficiency formula. We’ll provide some key steps for calculating it and best practices for improving your facility's production and efficiency levels before introducing LLumin’s CMMS+ (Computerized Maintenance Management System).  What is Production Efficiency? Production...

Predictive Maintenance in Automotive Manufacturing

An automotive factory line benefitting from consistent predictive maintenance
When dealing with critical equipment, it’s crucial to minimize uncertainties in maintenance planning and budgeting. The world of proactive strategies offers a game-changing approach: Predictive Maintenance (PdM).  PdM falls under condition-based monitoring (CBM) and utilizes machine-level sensors, Internet of Things (IoT) technology, and advanced data analytics to monitor and diagnose mechanical failures. It excels at spotting early signs of impending machine faults or failures.  This early detection, in turn, maximizes equipment uptime and substantially reduces maintenance expenses. In this guide to predictive maintenance within the automotive manufacturing sector, we'll explore the merits of PdM, the challenges and solutions it presents,...

What Is Scheduled Maintenance? A Guide for Maintenance Managers

Scheduled Maintenance written on a post-it note, scheduled maintenance for maintenance managers
Maintenance planning and maintenance scheduling are not the same thing. On the one hand, you can plan to carry out your maintenance schedule and then postpone actually scheduling it. Scheduled maintenance involves deciding on a certain task to be performed, determining the time or date the maintenance will occur, and then assigning maintenance to the right technician. Understanding and properly implementing scheduled maintenance can improve equipment uptime and performance, efficiency, and lower costs. This article will explain what scheduled maintenance is, how it works, how to calculate it, and how to improve it. What is Scheduled Maintenance? As previously mentioned,...

How to Prevent Equipment Failure: 6 Strategies

Bright dangerous electronic sparks of current quickly and sharply scatter from an unsafe short circuit, how to prevent equipment failure
If your organization wants to improve workplace safety and efficiency and reduce costs associated with unexpected breakdowns, knowing how to prevent equipment failure should be a top priority. This article will explore the most common causes of equipment failure and suggest practical solutions you can implement to avoid these setbacks.  Additionally, we’ll highlight how LLumin’s Computerized Maintenance Management System (CMMS+) can take preventive maintenance to higher levels of reliability. Common Causes of Equipment Failure Several factors can cause equipment failure; however, there are some common culprits across different types of equipment. We've listed the most common ones below for your...

How to Create a Fleet Maintenance Program

Industrial long haul carriers, how to create a fleet maintenance program
Real-time decision-making is required in many areas of fleet management, including fleet maintenance. Maintenance programs help to increase your fleet's reliability and lifespan while keeping your drivers and others safe on the road. Whether you have a small, medium, or large fleet, keeping vehicles in good condition is a matter of efficiency, safety, and compliance, and it's not an easy task to support regularly without the right tools and approach. This article will provide practical steps for developing a fleet maintenance program. Whether you use preventive or predictive maintenance, having the right software to support your program is critical. We...

The Benefits of Mobile Maintenance Software

technician using mobile maintenance software
In the age of smartphones and digital connectivity, maintenance management practices and outcomes must include mobility as a core premise of maintenance operations – or prepare for their facilities’ inevitable decline. Despite the increased efficiency and profits that result from adopting mobile technology in countless other industries, a recent study by Plant Engineering reveals that 65% of industrial and manufacturing organizations do not use mobile devices for maintenance task completion or management. The future of efficiency, convenience, employee engagement, and reliability lies with mobile technology, which encompasses devices, strategies, and mobile maintenance software. Leveraging such technology enables maintenance teams to...

How to Determine & Extend the Useful Life of Assets

Modern industrial factory, the useful life of assets
If you're wondering how to determine the useful life of assets, you're probably concerned about how long your assets will last, will their value to the organization rank higher than their cost, and of course, over time, what will they be worth from a financial perspective. This information is critical to consider, particularly considering how these timeframes will affect your P&L. However, the useful life of assets varies, depending on the asset type, the manufacturer, and the care given. This article will introduce you to basic concepts, provide practical advice on determining your asset's typical useful life and possibilities for...

1 2 3 6