Submitted by Sheila Kester, Vice President of Operations at TwinThread
When you are working with heavy equipment or capital assets in some form or fashion, it may not be top of mind, but variation in equipment performance has capital implications.
Heavy equipment manufacturing is one of the largest and most competitive markets of the manufacturing sector. So, it’s important in a large industry like this to have as little variation in equipment performance as possible.
Take the drilling industry, for example. There’s no shortage of organizations in this space that own and operate a large fleet of drilling equipment. With such a demanding industry clientele, drilling requires a continuously operating fleet. If a piece of your fleet has to go into repair unexpectedly, because of variability during its operation, you can’t confidently project to clients when maintenance and repair cycles will occur. Unchecked variation in equipment operation can spell large and unpredictable idle time (downtime events), which can easily consume millions in capital costs.
Whether you’re an equipment manufacturer, service provider, or operator - the effort to further optimize equipment operation, and reduce maintenance costs (resulting from outside optimal parameter functioning) can be painstaking without getting a proverbial leg-up from a predictive solution.
That means, you substantially reduce the probability that your crucial equipment will be placed (unexpectedly) on standby. So, not only are you improving overall fleet efficiency, but you are also saving millions of dollars annually and ultimately achieving lower cost of production for equipment operators.
To learn more about how TwinThread can prevent the loss of profit through operational variability,click here.