For a forward-looking company, Key Performance Indicators (KPIs) are the foundation of achieving goals and tracking progress within the organization. These measurable values determine the company’s performance in terms of systems, organization and the like. Understanding which KPIs benefit your company the most will provide positive feedback in terms of maintenance management.
According to MC Global, maintenance managers face two common problems: one is not getting enough information to keep the business going at optimum performance, while the other one is the opposite—getting too much information. With a Computerized Maintenance Management System (CMMS), problems in maintenance management will no longer be a hindrance. FaciliWorks presents KPI graphs on Mean Time Between Failures (MTBF), Assets with Highest Downtime for WOs, your organization’s Top 10 Assets and Most Work Orders, and Percent PMs Completed On Time vs. Late, helping attain insights and focus on and manage the KPIs that truly matter.
CMMS Management: What are KPIs? Why are they important?
KPIs are critical performance indicators; they lead you towards the continuous progression of your intended goals. They help cut down complex performance tracking and reduce extreme amounts of information that the company has, breaking them down into simpler, more manageable data, as a tool for gaining insight and critical decision-making.
It is also important to note that KPIs have two categories: lagging and leading. Lagging indicators enable you to predict when you are going to hit your target; lagging indicators only target one thing at a time, so it is easy to keep track of them. Meanwhile, for leading indicators, you have quite a collection of data. Your KPIs may be divided into specific sections, depending of course, on your target.
Before getting into how you find these target KPIs, you will first have to understand how important they are. KPIs directly impact the total performance of the assets and equipment, as well as maintenance costs. The main goals of these indicators are to increase asset life, improve productivity within the company and reduce overall costs, which may be coming from maintenance costs due to downtime.
CMMS Management: How do you find your target KPIs?
The right maintenance metrics truly depend on your company’s goals. In finding the right KPIs, you have to keep these questions in mind:
- What is your desired outcome?
- How will this outcome affect current operations?
- How will this measure your progress?
These targets should become the answer to these concerns. You and your team, with the right KPIs, can easily accomplish selecting metrics that are relevant to your organization’s desired outcome. Before committing to specific KPIs, it is also important to first review the business objectives and current performance, identify short-term and long-term KPI goals, and get your team involved in the process. In this way, the list for the specifics is narrowed down and your team will become more hands-on with it. Note that these metrics should be specific, especially to your desired maintenance KPIs.
ClearPoint Strategy, on the other hand, shares that KPIs must have the following characteristics:
- Well-defined and quantifiable
- Communicated throughout your organization and department
- Crucial to achieving your goal
- Applicable to your line of business or department
If the stated traits fit your chosen KPIs, then you know that your maintenance management team has chosen the right building blocks towards your company’s success.
How does CMMS come into play?
Now that you have determined which specific KPIs are necessary for the overall maintenance management of your company, you will need a central hub for all of this maintenance information. With FaciliWorks, data is presented in such a way that you meet your targets. It also makes data easily accessible as it is a web-based mobile and desktop CMMS Software.
The photo shown below is from the FaciliWorks website, showing KPI-specific features of the FaciliWorks 8i CMMS platform. This view presents the graphs, making it easy to understand and analyze.
CMMS aids in such a way that it presents MTBF, which is easily calculated by getting the sum of the start of downtime minus the start of uptime, divided by the number of failures. With CMMS, you will no longer have to manually compute this. With this metric, you will be able to easily quantify the reliability of an asset, predicting its performance. Its main goal is to gauge the mean time a system failure takes to recover from a breakdown or a set of breakdowns. In this way, maintenance schedules may be optimized, and reduce any unexpected failures. Besides this, the maintenance management system can also help to monitor KPIs in terms of work orders. FaciliWorks determines which assets have the highest downtime, as well as assets with most work orders. Applying proper maintenance management on work orders enables you and your team to see when orders were scheduled, completed, and if they are past due. This data, according to Tim Kister, a planning and scheduling consultant from Life Cycle Engineering, is quite critical in terms of decision making. CMMS also aids in working on Product Management, as well as Predictive Maintenance. Expected downtime can easily be accounted for and prevented, as CMMS ensures that the KPIs relevant to the project process are tracked.
Accurate data will only come from reliable KPIs and CMMS. These two elements are essential for every company as they go hand-in-hand in working towards the organization and success of the company. It gives them a system that identifies both opportunities and setbacks in terms of improvement.
Remember that with the right KPI maintenance management, the company will encounter fewer problems and costs minimized. Decision-making will no longer be a hindrance to the company’s performance, as they easily identify the root cause of complex problems. Do not forget to assess your company’s goals, common problems and overall mindset when choosing KPIs. Always do your best to work as a team towards eradicating problems within the company. Also, remember that FaciliWorks is the most reliable CMMS software out there, so register now to get a free trial and a free demo as well as a training program under the system. Use the power of KPIs and CMMS to your full advantage, making the future of your company brighter than ever.