Recession is now defined as ‘a significant decline in economic activity that lasts for an extended period.’ No longer are two consecutive quarters of negative economic growth universally accepted as the primary determinant of recession. This was likely to curb panic and avoid announcing that both the US and Canada have been in recession for well over a year now. Only now are the federal governments of North American countries reluctantly disclosing what many have known for a long time. We ARE in recession, have been for some time, and all indicators are that it WILL get worse before it gets better.
We have seen a decrease in consumer spending, a decline in business investment, a reduction in international trade, financial crises, and other external shocks to the economic system. (think war in Ukraine and now Israel) Governments and central banks often implement various monetary and fiscal policies to mitigate the impact of recessions and stimulate economic recovery. Tinkering with interest rates, increasing government spending, and implementing tax cuts to encourage spending and investment.
In business, finance executives are taking similar measures. However, most companies have already been running lean to optimize profitability and there is very little room left to further improve the bottom line. An unexpected failure of a critical asset at this moment can have devastating consequences to the business. Capital needs to be conserved in order to weather this recession, so investment in new equipment must be weighed very carefully against prolonging the useful life of your existing assets.
This is where a robust Computerized Maintenance Management System (CMMS) comes in.
If you have been making do with an inadequate or outdated CMMS, an upgrade now may be your best investment decision to ensure your next unplanned outage does not cripple or kill your company.
Some essential workflows include:
· Preventative Maintenance to keep equipment running at peak efficiency.
· Predictive Maintenance to anticipate failures before they occur.
· Inventory Management to optimize time to repair and reduce carrying costs of spares, parts and supplies.
· Data Analytics to examine historical maintenance data and identify areas for improvement, cost reduction opportunities, and optimal resource allocation.
Every Maintenance Director in North America should be assessing the value of their current CMMS and taking action to upgrade or replace systems that do not inspire confidence. Don’t have a CMMS? My advice is to get one fast.
Visit our website and register for a FREE TRIAL. Try out Azzier 8.0; if it works for your company, convert your trial to a production site directly and easily through our website.
Take Azzier® for a test drive at https://www.azzier.com
Call 1-866-818-8376 ext. 407 for a personalized consultation of your maintenance needs or email us at sales@tero.ca . With 44 years of maintenance experience, we can help you reduce risk and improve your bottom line
