10 insanely useful metrics to improve your maintenance analysis

Maintenance analysis has changed a lot over the last decade or so. New tools and technology have increased our ability to collect and interpret data. It’s enabled us to make informed decisions that wouldn’t have been possible 10 years ago.

But if our understanding of maintenance analysis has changed, why do we still rely on the same handful of metrics we did 40 or 50 years ago?

Metrics like overall equipment effectiveness (OEE) and mean time to repair (MTTR) dominate almost every list of go-to industry measurements. But experts agree that they’re flawed. Not only are these traditional metrics prone to bias and inaccuracy, but they also often don’t have a purpose. And when data doesn’t have a purpose, you can’t use it to make key decisions, like whether to hire an extra technician or increase the frequency of a task.

That’s why we’ve put together 10 useful metrics you won’t see on any other list and some tips for how to use them to improve your maintenance program.

10 maintenance metrics for better maintenance analysis

#1 – Time spent supporting production

What is it?: The total time that the maintenance team spends on production-focused activities. Usually measured weekly, monthly, or quarterly.

How can you use it?: Everyone has to pitch in to complete a big order once in a while. But when once in a while turns into every day, maintenance suffers. This metric helps you catch an unhealthy backlog before it happens and reallocate resources to prevent it. It also helps you advocate for a higher headcount on your team or an increased training budget to help production staff learn minor maintenance tasks.

#2 – Follow-up work created after inspections

What is it?: The number of corrective work orders created from routine inspections. Usually measured monthly, quarterly, or annually.

How can you use it?: There are many different ways you can use this metric for maintenance analysis. You can sort it by machine, shift, or site to get insights into how your assets or team are performing. But the most useful is by task.

It’s a good sign when regular preventive maintenance includes follow-up repairs. It means your schedule is accurate and that you’re preventing bigger problems. It allows you to flag common repairs and build processes to make them more efficient. For example, you can create parts kits for quicker access.

If the failed inspection percentage is low, you can increase preventive maintenance intervals. This will reduce the amount of time and money spent on tasks without increasing risk.

#3 – Cost of follow-up maintenance vs expected cost of total failure

What is it?: A comparison between the cost of corrective maintenance (i.e. labor and parts) and the cost of asset failure if maintenance is not done (i.e. lost production, labor, and parts).

How can you use it?: Use this type of maintenance analysis to plan your maintenance strategy. For example, if regular inspections cost you more than failure, you can likely go with a run-to-failure approach for an asset over a preventive one.

You can also use this metric to prioritize tasks and backlog, and figure out how to allocate your budget.

How to decide if you should invest in regular PMs on an asset

#4 – Cost by maintenance type

What is it?: The total cost of maintenance (i.e. labor and parts) by maintenance type (ie. preventive, emergency, follow-up). Usually measured monthly, quarterly, and/or annually.

How can you use it?: Higher costs are usually the result of broken processes. This view allows you to find out which processes need work so you can increase efficiency.

For example, are work orders unclear and leading to increased repair times and labor costs? Try clarifying instructions.

Are you bringing outside contractors in to do emergency repairs? You could invest in more training for your team or hire a specialist.

#5 – Clean start-ups after maintenance

What is it?: The number of times a production line starts without stoppages or waste after completed maintenance. This is measured monthly, quarterly, and annually.

How can you use it?: Include this metric in your maintenance analysis to draw a direct line between your team’s work and increased output.

If clean start-ups are low, it gives you another chance to spot problems in your processes. For example, you might find that the specs for a production line may be out of date. This will lead technicians to rebuild components incorrectly and the line to stall. Updating the specs is a simple tweak that could lead to higher output.

#6 – Size of backlog

What is it?: The total number of hours of overdue and scheduled maintenance tasks. Track this metric weekly and monthly.

How can you use it?: This metric can be a godsend when it comes to getting your team some much-needed relief. Quantify the gap between available labor hours and your total backlog hours. You might find that the amount of backlog far outpaces how much your team can do. Use that to make a case for more budget to spend on extra overtime, hiring another technician, or bringing in more contractors.

#7 – Top 10 assets by downtime

What is it?: This is your heavy hitters list—the equipment that breaks down most often or takes the longest to repair. Keep tabs on these assets weekly, monthly, and quarterly.

How can you use it?: This metric keeps your biggest problems visible. You might raise an eyebrow at that, but highly visible problems get solved the fastest. This kind of maintenance analysis can help you prioritize your problem-solving efforts, make decisions quickly, and measure their impact.

For example, if you know asset A is at the top of your downtime list, you can start by isolating the reason why. Is it because repairs take longer on that asset? Is work being delayed? Does that piece of equipment break down again and again?

The answer to these questions will give you an idea of how to prevent failure in the future. You might get rid of obsolete parts that keep breaking. Or put an extra technician on a job. Or clarify how much lubrication should be used on a bearing. If all else fails, conducting this type of maintenance analysis helps justify a capital expenditure on new equipment.

#8 – Planned maintenance percentage (last 90 days)

What is it?: The ratio of planned maintenance to all other types of maintenance over the last 90 days.

How can you use it?: This is a measure of progress. Going from reactive to planned maintenance doesn’t happen overnight. The time frame allows you to make a clear connection between action and results. You can draw a line between what happened and its impact on your end goals.

For example, if your percentage has dropped, you can look at what happened in the last 90 days to cause that drop. That could be a massive, unexpected breakdown. Or an increase in production support during the busy season. If you want to increase the percentage, try creating a better work request process to uncover problems earlier. Or shorten inspection intervals on assets with the highest instances of unexpected downtime.

#9 – Wrench time (last 90 days)

What is it?: The amount of time technicians spend working on a piece of equipment as part of the total time it takes to complete a job. This is usually measured by job or as a weekly, monthly, and quarterly average.

How can you use it?: Wrench time is a common tool for maintenance analysis, but it’s often used the wrong way. Technicians usually (and unfairly) get the blame for low-wrench time. It leads to wrench time inflation as technicians fudge the numbers to avoid trouble.

Low wrench time usually has its roots in broken processes, not the ability of the technician. That leads to bigger backlogs, more reactive maintenance, and avoidable labor costs.

To use wrench time in your maintenance analysis, start with the jobs that have the lowest scores. Review these jobs step-by-step with technicians. Work together to find out where unclear or incomplete processes cause delays. You’ll spot bottlenecks easier when breaking the task down into smaller pieces. The result is more value for your team’s time and money.

Common reasons wrench time is low and how to fix them

#10 – Health and safety work orders completed

What is it?: The number of work orders completed for health and safety or compliance purposes. This is usually tracked monthly, quarterly, and annually.

How can you use it?: Some metrics are quantitative. Others are qualitative. This one is the latter. And it’s essential for measuring the performance of your maintenance team and the impact it has on your business. A safe workplace keeps accidents low, and productivity and morale high. Passing audits and remaining compliant is crucial to staff safety and avoiding fines.

Three big goals you can accomplish by combining these metrics

All the metrics mentioned above are powerful in their own right. But when combined, they supercharge your maintenance analysis and help you achieve three common goals:

Get a bigger budget and more time for maintenance

Metrics to combine:

  • Cost by maintenance type
  • Clean start-ups after maintenance
  • Top 10 assets by downtime

Getting more money and time for maintenance means winning over whoever divvies up the budget, and whoever leads production. The quickest way to get them on board is to align your plan with their goals. The three metrics above will help you get there.

First, highlight the cost-benefit of preventive maintenance. Regular preventive maintenance might seem expensive. But just one instance of emergency maintenance can cost up to $250,000. If you’re tracking cost by maintenance type, you can highlight how much the company is losing with reactive maintenance, and how much it can save you by investing in preventive maintenance.

Next, it’s time to sway the production team. Use clean start-ups after maintenance to show production that you have their best interests in mind. It emphasizes what is good for maintenance is often good for production.

No one is going to give you more resources without a plan. Your list of bad actors is a blueprint for how you’re going to make the most of your extra time and money. It quantifies the problem and makes it very clear where you’ll focus your efforts.

Get your maintenance team to buy into change

Metrics to combine:

  • Planned maintenance percentage (90 days)
  • Wrench time (last 90 days)
  • Follow-up work created after inspections

Change sucks. And that makes it hard for your team to get on board with a new system or process. The best way to change the mind of naysayers is to show them how your plan is eliminating their biggest pains. Tracking the metrics above is one way to do this.

These data points give you a chance to compare how you operated before a change (i.e. lots of reactive maintenance and frustration over guesswork) and what you’ve accomplished since implementing a new system or process. Seeing the pay-off first-hand makes it easier to convert any critics and expand your project, whether it’s setting up a CMMS or allowing machine operators to do routine maintenance.

Build a preventive maintenance program that would make most other companies jealous

Metrics to combine:

  • Cost by maintenance type
  • Follow-up work created after inspections
  • Cost of follow-up maintenance vs expected cost of total failure

The best preventive maintenance programs don’t have the most PMs. Instead, they have the most efficient PMs. That means doing the right work at the right time. These metrics will help you achieve this balance.

Measuring cost by maintenance type helps you allocate resources to preventive tasks and gauge the efficiency of your PMs. You can track if cost-cutting strategies are working and make sure they’re not leading to reactive costs down the line.

Keeping tabs on follow-up work is one way to optimize PM frequencies. If an inspection isn’t leading to corrective work, you can increase inspection intervals. That means you can use fewer labor hours and parts, and spend that money and time elsewhere. Similarly, comparing the costs of corrective maintenance and total failure ensures you’re not spending money on proactive tasks that aren’t worth it.

The best maintenance analysis is constantly evolving

The best maintenance metrics have a purpose. They are collected and used consistently. They guide decisions and inform you on how to run your maintenance program on a daily basis. This is the backbone of successful maintenance analysis.

On the flip side, all maintenance analysis is a work in progress. Revisit your metrics on a regular basis to make sure they’re still relevant to your goals and the way your maintenance team works. Some of the metrics listed above might work for you now, but you might find others are more effective in six months. Or maybe five years.

Lastly, the best maintenance analysis incorporates data that other departments find useful. If you can connect the metrics above to solve the challenges of other business units, you’ll be well on your way to creating a world-class maintenance program.

Source: https://www.fiixsoftware.com/blog/10-metrics-for-better-maintenance-analysis/

The 3 Main Types of Content Services: Collaborative, Archival and Transactional

Over the past few years, content services have fallen into one of two different categories: transactional or collaborative. Transactional content, as the name suggests, directly relates to the case management content that businesses are working with on a daily basis. Collaborative content, on the other hand, has to do with all of those project-related documents that people are tracking to actively do their jobs.

In the past, both of these would have been handled by way of an enterprise content management system, otherwise known as an ECM for short. Unfortunately, this had led people to attempt to divide up their workflows based on which technologies help to solve their content problems. In reality, things would be much more productive if efforts were divided up based on the content type they were working with.

To that end, there are three main content types that any modern enterprise needs to be aware of: collaborative content, archival content and transactional content.

The Building Blocks of Collaborative Content

As stated, the first main type of content that most enterprises work with has to do with collaborative content. That is, the type of content that exists in the types of systems that people use to more efficiently work with one another on projects. Examples of these systems include but are not limited to ones like Slack, Teams and even “old school” email collaboration.

The purpose of these systems is clear: they’re supposed to optimize the way people work together.

The issue is that especially in the fast-paced modern era we’re currently living through, collaborative content is the type that is most likely to get “lost” over time. People are collaborating on so many different documents across so many systems that organizations don’t really have a sense of what they have – let alone where it happens to be. 

Their collaborative content is growing faster than they realize and, coupled with a lack of efficient storage and effective categorization, means that most businesses are soon left with a large stockpile of content and no real way to make sense of it all.

Archival (Read: Old) Content

This segues directly into the next most common type of content: archival content. This refers to those documents or other materials that may not have a pressing short-term need, but that businesses still don’t want to just get rid of.

Usually, archival content is either that which has been retired from an ECM solution or that which has been gleaned from file shares, collaborative solutions and other areas where people just get overloaded with content.

To successfully manage an archival system, people need to be able to identify and categorize content, all so that they can determine when it is best to permanently dispose of it. Automatic metadata classification tools are essential to that end, as they not only help sort high quality data from its low quality counterparts, but they can also help remove duplicate content and solve other challenges.

The Era of Transactional Content

Finally, we arrive at the idea of transactional content: that is, content services that are built to support all of these different content systems. Solutions like M-Files bring the best of CRM, ERP and even custom case management systems together, all in a way that breaks down data silos and makes sure that businesses have complete visibility over their enterprise at all times.

The main benefit here is that employees can work within just a single system and have access to all of the critical data they need, regardless of where that data is housed. Not only do you still maintain the benefit of allowing people to better work together, but they can do so remotely from literally any device on Earth with an active Internet connection. Here, data is stored externally from the moment of its creation – meaning that anytime, anywhere access to key insights and other important documents is all but a forgone conclusion.

In the end, it’s important to understand your options when picking the right content services and solutions to meet the ever-changing needs of your business. When executed properly, most employees shouldn’t be interacting with content services directly. They shouldn’t have to use seven different systems just to get work done on a single file.

They should have access to a single point that gives them everything they need to interact with their content and conduct business, all while staying in sync with the rest of the enterprise as well. That’s why solutions like M-Files are so essential: they go a long way towards guaranteeing precisely that.

Source: https://resources.m-files.com/blog/the-three-main-types-of-content-services-collaborative-archival-and-transactional

Content Discovery is Way More Efficient with a Powerful Enterprise Search Capability

According to Forrester – “Employees know the content exists but are unsure where to find it.”

Enterprises are consuming content generated from multiple sources and in various forms. It is no longer limited to documents. It now includes audio, video, social, e-mails, and much more. With this huge amount of data, it has become difficult to find the right information at the right time. When employees need to stop, think, and look for content in disparate systems, productivity takes an inevitable plunge.

Don’t let your employees get lost in the content deluge. In an age where your enterprise users are accustomed to a ‘Google-like’ experience when searching for information online, you need to take a step back and assess how you can empower them with effortless content discoverability.

A powerful enterprise search capability built into your content management system can enable efficient content discovery by enabling users to intuitively locate and access content quickly, regardless of the type of file, its format, or storage location.

Enterprise Search Capability Has Evolved by Leaps and Bounds. Are You Leveraging It?

Traditionally, content management systems used to have a basic search capability for the documents stored in their repository. But with time, enterprise search has become more specific and extensive.

Today one can search content by tags, words, phrases, wildcards, thesauruses, and more. A single search query can provide you relevant results from the entire enterprise content spread across multiple repositories and applications. This capability of searching across repositories is known as “federated search”.

Essentially, search works on the principle of leveraging metadata of files to scan through huge volumes of content quickly. However, this doesn’t imply that if the information is buried deep inside the content and not present in the metadata it is not searchable. Some of the top content management vendors have built search capabilities that can traverse through the content of each document and provide relevant results. This is known as “full-text search”.

 The Future of Enterprise Search Capability

With artificial intelligence and machine learning venturing into every domain, enterprise search is not far behind. Some of the common examples of such use-cases are:

  • More search term suggestions based on current search
  • Suggested documents and files which might be related to a particular document being viewed

Today, having a great enterprise search capability that is built into your content management system can give you a tremendous competitive advantage.

Newgen’s contextual content services platform has a comprehensive, intuitive search capability that can help you increase your employee productivity by transforming their search experience. The content services platform has received the highest possible rating for its search services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.

source: https://newgensoft.com/blog/content-discovery-is-way-more-efficient-with-a-powerful-enterprise-search-capability/

M-Files and Hubshare: Delivering a Best-in-Class Digital Client Experience

A key component of most successful organizations is truly seamless collaboration. Oftentimes, there is a tendency to think about collaboration with an internal focus – is everyone at my company able to collaborate? While that is certainly an important part of the equation, of equal or greater importance is the ability for companies to effectively collaborate with their customers and clients. Within the bounds of a single organization, it is possible to deploy a standard set of tools and processes that help aid in fostering a collaborative environment that is efficient, secure, and controlled. Outside those “walls”? Well, that’s another story. A confusing mix of email attachments, various file sync and share solutions, SharePoint repositories, and collaboration apps like Teams and Slack can create more complications than valuable connections. Relying on a hodgepodge mix of point solutions to share files, manage electronic signatures, or review project documents limit productivity and can increase business risk. Things can be simpler, intuitive, and more secure.

M-Files’ mission is to profoundly improve how companies do business in the digital, work-from-anywhere world. We feel like we’ve made great strides to meet that mission head-on and integrating Hubshare into our product portfolio is a key component of fully realizing our mission. Getting the right documents and information to the right people, when they need it, no matter where they are. With Hubshare, we are expanding that reach to include external parties and clients.

Hubshare offers a secure digital workplace portal that enhances user and client engagement through collaborative working, secure file sharing, and project management. Businesses can quickly and easily customize each portal to their client or project needs and provide users and external parties access to documents, processes, people, discussions, and more.

The environment for Professional Services and client-facing companies is fraught with challenges. Meeting and exceeding client expectations in an ever-evolving business landscape while ensuring workforce productivity is no small feat. Over the last year, we’ve all learned how important is to remain flexible and agile. The good news is that there are powerful solutions that can help your organization and your clients’ businesses thrive, no matter what lies ahead.

Contact us to learn more about how M-Files and Hubshare can strengthen your external content sharing capabilities and help you deliver best-in-class digital client experiences.

Source: https://resources.m-files.com/blog/m-files-and-hubshare-delivering-a-best-in-class-digital-client-experience

M-Files Acquires Hubshare to Strengthen External Content Sharing and Collaboration, Deliver Best-in-Class Digital Client Experiences

M-Files, the intelligent information management company, today announced the acquisition of Hubshare to bolster external content sharing and collaboration and deliver an improved digital client experience. Hubshare offers a secure digital workplace portal that enhances user and client engagement through collaborative working, secure file sharing, and project management.

Now part of the M-Files product portfolio, Hubshare provides a secure information exchange platform where companies can be forerunners in driving digitalization and improving the customer experience using branded, customizable client portals. The portals can be quickly and easily tailored to meet individual client needs which drive collaboration and productivity.

“The Hubshare acquisition helps us deliver a unique digital client experience and better serve knowledge worker industries such as Professional Services, where information sharing and external collaboration are critical requirements,” said Antti Nivala, founder, and CEO at M?Files. “Our integrated offering takes M?Files from the back office to the frontline of our customer’s business, helping provide a digital window for our customer’s clients as they drive digitization across the organizations they serve.”

Unlike typical file sync-based document portal solutions where information is copied from an enterprise content repository, M-Files now offers a secure and integrated solution for internal and external collaboration without data duplication. While the M-Files user experience is optimized for streamlining internal document management processes, the new Hubshare hub in M-Files provides key information such as documents, people, processes, discussions, and more to external users, such as clients, via a branded portal that is optimized for an improved external user experience. This helps strengthen customer satisfaction with a better and more compliant collaboration experience.

“Today, with the announcement of our acquisition, we celebrate our common vision and goal of making work smarter and collaboration more efficient for our clients,” said Nicholas Child, CEO, Hubshare. “Our combined offering will undoubtedly benefit organizations across the globe seeking a more secure and integrated solution for internal and external collaboration. We are delighted to be an integral part of the M-Files journey, delivering our digital client experience and collaborative workspace solution alongside the visionary M-Files intelligent information management platform.”

M-Files’ mission is to profoundly improve how companies do business in the digital, work-from-anywhere world. M-Files connects siloed systems, applications, and repositories and provides a full view of all relevant information across an organization. Delivering connected content and intelligent automation, M-Files increases the productivity of knowledge workers, ensures a seamless digital experience, enables business continuity, and reduces business risk.

About M-Files Corporation

M-Files’ AI-powered intelligent information management solution connects all documents and information, across every platform and repository, then analyzes them to place them in context. This makes it possible to serve up the right information to the right people right when they need it—and automate information-driven business processes—while maintaining complete control and compliance. Thousands of organizations in more than 100 countries (including NBC Universal, OMV, SAS Institute, and ThyssenKrupp) use M-Files to manage their business information and processes—and give their employees A Smarter Way to Work. For more information, visit www.m-files.com.

M-Files is a registered trademark of M-Files Corporation. All other registered trademarks belong to their respective owners.

About Hubshare

Hubshare enhances user and client engagement through collaborative working, secure file-sharing, and project management. The solution provides an all-in-one, flexible, and customizable digital workspace that allows unlimited customer-specific portals, each one unique to each customer’s requirements. Hubshare helps its worldwide users boost their productivity and facilitate external and internal collaboration. Hubshare has offices in France and distributors in the UK, Hong Kong, Australia, and North America, and resellers in numerous other countries.

source: https://resources.m-files.com/blog/m-files-acquires-hubshare-to-strengthen-external-content-sharing-and-collaboration-deliver-best-in-class-digital-client-experiences-2

Fire Up Your Insurance Engine with Predictive Analytics

Are you looking to reduce your underwriting expenses and transform your claims process? Are technological advancements and cut-throat competition driving you to analyze and optimize your existing processes?

For a long while, process automation has been at the forefront in the insurance landscape, but now, the future of insurance will be shaped by behavioral intelligence and predictive analytics. In order to maintain a competitive edge, you must transform your traditional, rule-based framework into a data-driven, intelligent, and predictive system.

Let’s take an example of a modern insurance company that is disrupting the industry landscape. The company offers homeowners and renters insurance. It targets tech-savvy millennials—people with basic coverage needs, looking for a completely digital experience.

They hit the nail on the head by building a business model powered by artificial intelligence (AI) and predictive behavioral analytics. The insurer uses behavioral intelligence to measure their customers’ “digital body language” when they begin the application process all the way through to filing a claim. This incredible amount of data is leveraged to provide a world-class experience to its customers.

So, if you’re looking to transform your processes and tap into your target market share, predictive analytics is the answer.

Here are five areas where predictive analytics is projected to be influential:

  • Underwriting

Predictive analytics acts as underwriters’ virtual assistants. It analyzes historical data to rank risk parameters according to their significance and weightage. It also provides data-driven reports in a snapshot for efficient decision-making

  • Insurance Pricing

With predictive analytics, you can dynamically adjust quoted premiums. By monitoring variables—such as claim history in an area, construction costs, and weather patterns—you can predict risk and set prices more accurately

  • Claims Processing

Decision-making support through analytics can help you in accurately adjudicating claims. This will also facilitate in expediting the process and reducing errors

  • Preventing Claims Fraud

Input claim parameters—such as a surge in claims during a specific month, previous matching claim amounts, the same surveyor being involved in multiple claims from the same area, etc.—can be compared with past records and an alert can be raised if anything unusual is detected. You must take advantage of any available data and convert it into actionable intelligence

  • Improving Customer Loyalty

Predictive analytics can be used to anticipate the needs of your customers by analyzing their history and behavior. This information can also help you offer personalized products, better suited to their specific needs

Transform Data into Future Insights!

It’s time for you to focus on what the future holds for your organization. Predictive analytics has never been more important for insurers, and time is of the essence. Technology, and implementing it in a timely manner, is the best way for you to boost customer loyalty, increase market share, and thrive in a highly competitive market.

To learn more about how Newgen’s predictive analytics helps insurers, like you, contact us here.

Source: https://newgensoft.com/blog/fire-up-your-insurance-engine-with-predictive-analytics/