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5 Signs Your Critical Assets Are Costing You More Than You Think
- 2. 5 Signs Your Critical Assets are Costing You More Than You Think
- 3. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved Do any of these look familiar? 3
- 4. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved Do any of these sound familiar? 4 CONFIDENTIAL © 2016 Apex Industrial Technologies LLC. All rights reserved “It worked when I brought it back!” “Stopping a couple of minutes early won’t hurt anything and I’ll beat the queue!”
- 5. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved 5 Signs Your Critical Assets Are Costing More Than You Think 1. Accessibility: how easy are the assets to get? 2. Productivity: how much time are employees spending obtaining assets versus doing their jobs? 3. Information: do you know who is using your assets and when, who is not returning them, and how long the mean time between failure is? 4. Accountability: do you trust that your employees are treating your assets as if they were their own? 5. Costs: are you seeing a lot of overtime costs? Repair costs? Replacement costs? 5
- 6. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved CONFIDENTIAL © 2016 Apex Industrial Technologies LLC. All rights reserved 6 Accessibility How easy are the assets to get? Does it involve walking to a central location, waiting for a manager to provide the asset and log the transaction? What if all of this could happen in seconds and without the need for a manager?
- 7. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved Productivity 7 How long does it take and how many people are needed? CONFIDENTIAL © 2016 Apex Industrial Technologies LLC. All rights reserved Example: • Average walk and wait time is 30 minutes per worker per day for pick-up and drop-off of scanner • Assume 363 shift days • Assume fully costed hourly labour rate of £12.55 Each worker is being paid £2,277.83 per year to walk and wait
- 8. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved Information 8 What do you really know about your assets? • Do you know where you assets are? • Do you know who is using them? • Do you know if they are being returned on time? • Do you know if they are in good working order? • Do you know how often they are being repaired? • Do you know if there are any particular employees who tend to not return their assets or not return them on time? • Do you know if there are particular assets that are constantly in need of repairs? CONFIDENTIAL © 2016 Apex Industrial Technologies LLC. All rights reserved
- 9. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved Accountability 9 Do your employees treat your assets like their own? “They’re conscious that if a tool is broken or damaged, they let people know what has happened to it instead of putting it back into the locker without telling anyone,” Myhill said. “There’s now some peer pressure to return a tool at the end of a shift instead of making the next guy search for it. Knowing their name was attached to a tool led to a significant behavioural change that surprised us.”
- 10. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved Costs – A Case Study • Labor Costs 10 • Asset Replacement Costs - In the 9 Months Post Implementation Total Repair Cost is £0 - In the 9 Months Post Implementation Total Replacement Cost is £0 • Productivity Costs
- 11. CONFIDENTIAL ©2016ApexIndustrialTechnologiesLLC.Allrightsreserved 5 Signs Your Asset Management is Under Control 1. Accessibility: employees need only seconds to get their assets 2. Productivity: with their assets close by and easily obtained employees are spending their time doing their work 3. Information: you always know who has which asset, whether an asset was not returned on time, whether an asset is not working and so much more 4. Accountability: employees respect the assets they check out 5. Cost Savings: costs of replacement and repair are near zero, and overtime costs are not due to asset management 11