The Mission-Critical Role of Capital Asset Management

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For many businesses operating in the construction industry today, much of their work relies on the operation of capital assets, such as generators, chillers, transformers, etc. These types of equipment contribute to the business’s ability to properly run and generate profit. It is therefore a major requirement that they remain in operation at all times because if a piece of machinery is down, the detrimental effect on the business is loss of work and, ultimately, income.

Preventing failure is the key to capital asset management, and it is a top priority for businesses operating capital assets today, alongside having a sufficient maintenance service in place. Indeed, the U.S. market in 2013 for “Machinery Maintenance & Heavy Equipment Repair Services” was estimated to be worth $27bn. For the mobile technician tasked with carrying out this responsibility, their role is truly mission-critical. There are many barriers that need to be overcome and customer requirements that need to be met in order to achieve a timely and efficient outcome.

REQUIREMENTS TO PROVIDING A MISSION-CRITICAL SERVICE

The significant costs related to capital asset downtime have led field service providers to adopt more of a preventative and predictive maintenance solution as opposed to previously offering break/fix service structures. Such a solution utilizes accurate real-time equipment data to determine the condition of an asset and emits an alert when maintenance should be performed. The value of this solution lies in its ability to allow convenient scheduling of corrective maintenance and to prevent unexpected equipment failures. According to Aberdeen Group, best-in-class performers (the top 20 percent of organizations) are more than 2.5 times more likely than all others to group multiple preventative tasks for a technician while they are already on a customer site. This proactive service not only prevents more assets from breaking down, it also shows the customer that they are important.

In the event of a capital asset requiring repair, the most common customer complaint is when a technician does not resolve the issue the first time. This may be due to not having the right part or tools, not having the right skills, or not enough time to complete the job. Achieving a “first-time” fix is therefore a priority, and more and more organizations are beginning to realize the value of intelligent scheduling that incorporates technician knowledge, parts availability, and capacity into the scheduling processes to ensure that the technician arriving onsite is actually the person who can resolve the customer’s issue the first time.In the event of a capital asset requiring repair, the most common customer complaint is when a technician does not resolve the issue the first time. 

More than half of best-in-classorganizations use service performance data to evaluate the effectiveness of scheduling criteria. Indeed, by leveraging performance management analytics tools, easily digestible performance reports can be generated and customized to showcase the key metrics of a field operation. Field service managers can identify the most productive performers, determine which schedules and routes produce the best results, and compare results from one vehicle or worker against the entire workforce. Performance analysis can also help with job assignments so managers can better match the skills of field technicians to specific service calls. This increases the prospect of first-timecase resolution.

Essentially, in the event of a capital asset requiring maintenance or repair, a major requirement from the customer is to have high-level contact with the technician and to know the precise time that they will be arriving onsite so that they know ex