Organizations of all shapes and sizes must overcome unique challenges daily just to keep operations moving. One of these challenges is business downtime.
Unexpected downtime is a costly business disruption that can happen for several reasons, from not having the right tools and equipment available to erroneous data input or even outside forces like cybercriminals or natural disasters that bring your systems down.
During business downtime, your assets, equipment, or network could be offline or out of service, creating involuntarily unproductive staff who cannot execute typical business functions or assist customers.
Any profit your company loses when its equipment stops functioning is a downtime cost. According to one Gartner study, the average cost of downtime for an average size organization is $5,600 per minute. More recently, the Ponemon Institute declared the average cost of unexpected downtime to be $8,850 per minute. It’s a figure that rises year after year.
2 hours of downtime cost Apple an estimated $25 million in 2015.
5 hours of downtime cost Delta Airlines almost $150 million in 2016.
14 hours of downtime cost Facebook nearly $90 million in 2019.
Predictability is a powerful weapon in rapidly changing business environments. But think beyond the predictability that conjures up images of tedious, repetitive work. Instead, think of predictability as having the right equipment with up-to-date service records and correctly estimating the time, resources, and risk to take on a task.
Clear benefits to predictability include better resource allocation, improved efficiency, and, you guessed it: reduced downtime (increased uptime). In the end, these are profit drivers essential to every business.
Meet Tom. His automotive company has an order for 20,000 auto units which he makes $10 gross profit from each. Tom assures the client that the units will be ready for shipping in 7 days but realizes he doesn’t have all the compressors he usually has on hand. He recalls some of them being sent out for service, but he’s unsure where or exactly when they’re due back or how many compressors are being serviced. When the client’s logistics company is ready to ship the order seven days later, Tom only has 10,000 units ready. Aside from hurting his credibility and reputation, Tom’s now looking at a $100,000 gross loss of profit.
Now let’s look at it from Tom’s client’s perspective. Janet has ordered 20,000 auto units and is preparing to ship them to their designated locations. But Tom’s missing-in-action compressors have resulted in downtime for Janet, too, forcing her to subcontract for production and delivery of expected units, rescheduling, and material wastage from unused resources. This is terrible for her business, too.
Equipment maintenance doesn’t have to be a setback. Businesses need to ensure staff work productively between operations and maintenance schedules. Since one cannot exist without the other, companies can reduce equipment breakdown through immediate replacement, repair, or servicing tools. In turn, you get steady operation with clear visibility.
One of the biggest obstacles to seamless operations and minimizing downtime is taking preventative measures, clear communication and documenting preventive, corrective, and routine equipment maintenance.
Business disruptions and downtime costs are caused by points of failure in your existing processes and can cripple an organization by causing irreparable damage. With no foolproof way to avoid downtime incidents, replace outdated methods with systems and security features that ensure business continuity and the availability of your essential resources.
An order status feature could have better prepared both parties for planned downtime allowing each to put measures in place to protect their investments.
From our order status dashboard, you can track the current status of any tracked components tagged with RFID or QR Code. This allows you to track and locate the real-time location of your equipment.
With Anytime Assets, data regarding the tools and equipment with their images are input into the system. Every piece of equipment is tagged with an Asset ID and a tracking code used to know the status and location.
The Order Status feature focuses on providing visibility to protect how client-business relationships build trust. It gives client companies the confidence to outsource equipment maintenance services because they can track their orders and ensure they are delivered on schedule and to the right person.
Order Status is an excellent Anytime Assets feature that provides peace of mind that equipment is available and ready to use. By displaying the condition and state of your equipment, you know whether your gear is pending, on hold, canceled, or on its way. In return, production errors get reduced, productivity increases and client expectations are met.
Anytime Assets delivers an efficient, intelligent, and secure assets management system. From customized solutions specific to your industry and tailored to your business, Anytime Assets helps your business grow through an integrated Cloud-Based environment so you can have real-time assets and equipment data available at your fingertips.