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...

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 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...

What Is Time-Based Maintenance? A Guide for Maintenance Managers

Photo of maintenance manager in electrical room, time-based maintenance
Industrial maintenance is increasingly moving toward higher levels of technological advancement and complexity, with strategies like condition-based, predictive, and prescriptive maintenance leading the way in ensuring equipment reliability. Amidst these evolving changes, however, Time-Based Maintenance (TBM), historically known as periodic-based maintenance, remains a common approach to maintenance management.  This guide will explore TBM, providing insight into its mechanisms, pros and cons, and implementation, as well as context for its evolution and the statistical models that support it. What is Time-Based Maintenance? TBM is a maintenance strategy that involves scheduling maintenance activities at regular, predetermined intervals based on the equipment's estimated...

4 EAM Trends to Watch in 2024

The words asset management on a notebook on a white workspace. The notepad is near dollar bills and a calculator. EAM trends
As we complete another year and head into 2024, it’s important to recognize that Enterprise Asset Management (EAM) is rapidly evolving, driven by technological advances and fast-changing business models. Staying ahead of these trends will be important for organizations that need to retire old paper-based processes and siloed asset management systems. This article will discuss the top EAM trends to watch in the coming year. We will highlight how these cutting-edge trends align with LLumin’s Computerized Maintenance Management System (CMMS+). We will also explain why LLumin's CMMS+ can improve and optimize your EAM practices. The Top 4 EAM Trends to...

What Is a Work Order? Everything You Need to Know

A maintenance technician using a CMMS on a laptop radioing to his supervisor asking the status of a work order.
What is a maintenance work order? Work orders, whether in paper or digital format, are the foundation of a company’s maintenance operations. A work order contains all of the information required to perform maintenance tasks. This includes where the work is needed, what the reason for the work is, who created the work, and when resolution is needed.  As the work progresses, other important information will be gathered and recorded, such as the date and method by which the tasks were completed and the costs incurred, as well. These documents facilitate proper oversight and management of a company’s maintenance operations,...

4 Maintenance Troubleshooting Techniques for Your Toolbox

Maintenance technician performs maintenance troubleshooting
Maintenance troubleshooting in the past relied solely on experience, training, and human intuition. Maintenance technicians were dispatched to investigate mechanical problems, identify issues, and then suggest solutions to get equipment up and running.  This article will discuss the importance of effective troubleshooting and provide valuable tips and techniques for maintenance technicians. Further, we’ll highlight the benefits of using a Computerized Maintenance Management System (CMMS) like LLumin CMMS+ to improve this business-critical process.  The Importance of Effective Troubleshooting When maintenance is performed manually and relies solely on human troubleshooting, it is necessary to identify the root cause of the mechanical failure,...

How to Implement Predictive Maintenance

Text sign showing predictive maintenance.
Maintenance no longer relies on inefficient manual processes, and it's critical to understand that staying competitive will require staying one step ahead of legacy industry standards and practices. Traditional maintenance strategies based on reactive (run-to-failure) or preventive approaches have helped improve equipment performance. However, to maintain a competitive advantage in today's fast-paced market, newer, cutting-edge maintenance strategies are needed, and this is where predictive maintenance can be a game changer. Predictive maintenance (PdM) is a data-driven approach to maintenance that has gained popularity in recent years. This maintenance strategy uses AI, IoT, and machine-level sensors to collect real-time data and...

Work Order Management Process: A Step-by-Step Guide

Office professional discovers the benefits of work order management with LLumin.
Efficient work order management is the cornerstone of successful maintenance operations. This process ensures that maintenance is completed on time, resources are used efficiently, and assets remain in good working condition.  In this mini-guide, we’ll explore the details of the work order management process and provide actionable suggestions to make this process more efficient. Further, we’ll introduce the advantages of using a Computerized Maintenance Management System (CMMS) with advanced work order management capabilities, like LLumin’s CMMS+. The Work Order Management Process Previously, work orders were mostly paper-based, meaning they were issued on paper and distributed to maintenance personnel, who would...

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