Despite the fact that it may seem as though the overall cost of oil is displayed on its price tag, that simply isn’t true. The true price must also consider costs such labor expenses among other opportunity costs. For example, a gallon of oil may appear to cost $5, but the actual cost of that oil can skyrocket when considering the labor hours needed to make it function in any operation.
No organization should overlook any aspect of their current machinery fleet. Ensuring each piece of equipment is performing at optimal levels is imperative. This is only accomplished through routine maintenance such as proper lubrication and regular oil changes. Though it may seem easy, finding the time to maintenance each piece of equipment in any operation can be a challenge; one that ends up costing an organization a great deal of capital if not handled correctly.
For example, one form of additional costs that are incurred by organizations are unnecessary oil changes. Though it may seem beneficial, organizations incur these costs for no reason when they hope to resolve a much deeper rooted issue in the machine through an oil change. When they realize it had no impact at all, it becomes much clearer how valuable resources and time were wasted.
Within that same vein, organizations must consider the costs associated with potential damage to their machinery. Whether it be related to a mistake or the overall integrity of the equipment, finding the resolution can be costly. Even the most simple mistake can result in machine damage, which can go on to require maintenance and subsequent downtime. This downtime can lead to operations being incapable of being ran, running up even more additional costs to deal with.
Sometimes maintenance and downtime are the least of an organization’s worries. One part of a machine could become inoperable, leading to equipment failure. The most common reason for this failure has been attributed to bearing malfunctions. Nearly 40-50% of reported failures are attributed to improper lubrication or re-lubrication of bearings. Finding replacements for these bearings, shafting or motors within a machine can cost an organization a great deal money, but are necessary investments.
If organizations aren’t aware of the options out there to help them avoid this equipment malfunction or equipment failure, the infographic accompanying this post provides a massive amount of helpful information with solutions to these problems. For example, re-engineering equipment with better seals and filtration equipment makes a huge difference. Similarly, taking the time to upgrade equipment with cutting-edge seals, like recent magnetic face bearing seals, can help reduce costs. Take some time to consult the infographic accompanying this post for more information on how your organization can reduce the costs associated with its equipment. Infographic courtesy of Isomag.
