Preserving Value: How Maintenance Impacts the Lifetime Value

Date: 7/18/2023

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Maintenance and Its Impact on Lifetime Value

Purchasing an overhead crane is a huge investment. These heavy-duty lifting machines are essential in various industries, from manufacturing to mining and automotive. So, getting the most out of this equipment is necessary. Neglecting proper maintenance can lead to equipment failures, breakdowns and safety risks, adversely affecting productivity and profitability. Conversely, implementing effective maintenance strategies helps mitigate these risks, enhance equipment performance, extend lifespan and ultimately increase the overall value of hoists and cranes.


The Role of Maintenance in Lifetime Value

An overhead crane system can increase its lifetime value and total cost of ownership when properly maintained. The purpose of maintenance is more than just fixing things as they break to keep things moving. The saying “a stitch in time saves nine” is right on the nose regarding equipment maintenance. Let's explore how proactive maintenance influences these factors.

  • Equipment Reliability: Regular maintenance helps ensure that hoists and cranes remain in optimal working condition. By addressing potential issues early on, such as worn-out parts or lubrication problems, maintenance helps minimize breakdowns and equipment failures. This improved reliability increases the uptime of the equipment and extends its lifespan.
  • Safety: Hoists and cranes are often used in critical lifting operations, and safety is paramount. Proper maintenance includes thorough inspections, testing and adherence to safety regulations. Maintenance minimizes the risk of accidents or injuries by identifying and rectifying any safety concerns promptly. This protects personnel and prevents potential damage to the equipment, enhancing its longevity.
  • Performance Optimization: Regular maintenance ensures that hoists and cranes operate at peak performance levels. This includes adjusting operating parameters, calibrating sensors and optimizing mechanical components. By maintaining optimal performance, maintenance contributes to efficient and productive operations, reducing downtime and maximizing the equipment's productivity over its lifetime.
  • Cost Management: Neglecting maintenance can lead to unexpected breakdowns, repairs and unplanned downtime, resulting in increased costs. By contrast, planned maintenance activities, such as routine inspections, proactive maintenance and timely component replacements, can help minimize unscheduled maintenance and repair costs. Well-maintained hoists and cranes are less likely to experience major failures, reducing the need for costly repairs or replacements.
  • Resale Value: The lifetime value of hoists and cranes also includes their potential resale value. Equipment that has been well-maintained and regularly serviced often retains a higher resale value compared to neglected or poorly maintained equipment. Prospective buyers consider the equipment's maintenance history and overall condition before making purchasing decisions. Therefore, a well-maintained hoist or crane can fetch a better price in the used equipment market, further contributing to its lifetime value.

These factors collectively contribute to maximizing the lifetime value of hoists and cranes.


Investing in Proactive Crane & Hoist Maintenance

The proactive maintenance approach can enhance equipment reliability, reduce downtime, manage costs, enhance safety and increase resale value. By implementing effective proactive maintenance programs, you can optimize the performance, lifespan and financial returns of your hoists and cranes, ensuring efficient operations throughout their lifecycle. Proactive maintenance includes:

  • Data Collection and Analysis: Proactive maintenance relies on the collection and analysis of real-time data that provides insights into the health and performance of the equipment. The data can be used to inform proactive maintenance schedules and decisions.
  • Condition Monitoring: Real-time detection of anomalies and potential failures lets you identify critical components that need attention. You can then prioritize maintenance tasks and allocate resources efficiently.
  • Maintenance Triggers: Early warning signs of equipment degradation or failure let you proactively schedule the replacement of the component before it causes a breakdown. This proactive approach minimizes unplanned downtime and optimizes maintenance efforts.
  • Maintenance Optimization: Instead of performing routine maintenance on all components at fixed intervals, you can use proactive maintenance data to adjust maintenance schedules based on the actual condition of the equipment. This allows for targeted maintenance interventions, reducing unnecessary maintenance tasks and associated costs.
  • Continuous Improvement: As you gather more data from proactive maintenance activities, you can analyze patterns and trends to identify opportunities for process optimization, equipment upgrades or modifications. This iterative approach helps refine maintenance strategies, improving equipment reliability and cost-effectiveness.
  • Documentation and Knowledge Transfer: Proactive maintenance generates valuable data and insights, including historical data, maintenance tasks performed and equipment condition information. This documentation ensures knowledge transfer between maintenance personnel, enabling them to make informed decisions and build upon the insights gained.


Prioritize Maintenance with the HoistMonitor® and OLI App

By prioritizing maintenance, you can maximize the lifetime value of your cranes and hoists while optimizing their total cost of ownership.

R&M's HoistMonitor, HoistMonitor Enclave and HoistWatch collect data in real-time so you can easily view active faults or warnings that have been recorded and need to be addressed, such as overloads, faults and runtime information and motor overheating. When connected wirelessly to the OLI app, you can access this information from a handheld device in a matter of seconds.

The OLI app keeps you up-to-date with your hoist's status and lets you access its complete data log. This feature provides easy access to critical information, whether to schedule routine maintenance or investigate a part failure.

Want to know more about how our hoist monitoring system can enable proactive maintenance that increases lifetime value and reduces TCO? Contact us online or give us a call at 800-955-9967.