large tubes industrial equipments inside a factory

Guide to Minimizing Life Cycle Cost for Industrial Equipment

Regarding the choice of industrial equipment, firms are under intense pressure to costs both in the long and short terms. This is understandable as industries are running on limited budgets, yet engineers have to ensure flawless plant operation. Regulations are also on the necks of management, their oversight increasing by the day. Equipment such as centrifugal pumps Australia can consume a lot of energy, thus adding to the continual need for maintenance and repairs. It is for these reasons that organisations need to sit down and analyse the life cycle cost of their equipment, the aim being to reduce this figure as much as possible. First, it is vital to get the basics of calculating the life cycle cost of any equipment.

Calculation Method

To determine whether to buy equipment or even continue using a current one, proprietors or managers can perform a life cycle cost. Of course, the price of the equipment is often the most significant factor for most firms. However, large products tend to have other underlying costs that one must take into account. For this reason, a life cycle cost analysis applies four significant costs namely acquisition, maintenance, disposal and operating. Operating costs go towards things like repairs, downtime and spares while disposal costs cover discount rates, interest rates and so forth. So, is there a way of keeping all these costs at a minimum?

Data- Asset Management System

A reliable asset management system takes care of the data aspect of equipment maintenance scheduling. It is the best way to avoid costs that sprout when you maintain a component because the need has arisen. The system ensures correct record keeping, whereby expenses are recorded independently. Accurate records help identify an equipment problem before the cost escalates. With a few months of use, the system will generate a pattern that you can use to predict maintenance costs.

Maintenance Cost Reduction

When it comes to implementing maintenance cost reduction measures, no strategy is more effective than preventive maintenance. It can be a serious challenge for any organisation if mishandled. From the word go, analyse the maintenance needs of the equipment. This helps in developing and applying the correct procedures. Alongside this is adherence to workable cost minimisation targets. Equally important is the load subjected to the equipment vis-à-vis the expected life cycle. Consider getting the software to help in preventive maintenance as well.

Operator Training

Operator training is crucial for cost reduction measures to succeed, especially on matters best practices. Other areas could need improvement too- you can identify them with the help of a training consultant. Training does prevent improper use of centrifugal pumps and any other equipment. Get feedback from the team from time to time to know areas that need improvement.

Equipment Sizing

Another solution to high life cycle costs is proper design and sizing of equipment. This calls for understanding in detail the demands of every component so you can identify the exact costs- energy, maintenance etc. Where necessary, every provider should provide equipment performance curves to aid in maintenance.

Conclusion

two industrial worker manning equipments in the facory

Many industries in Australia are struggling to stay afloat in the face of reduced budgets and profitability needs. If you need more details and tips surrounding the life cycle cost of industrial equipment, please contact a reliable team.