Unexpected downtime is a major issue that keeps professionals up at night and is inevitable in asset intensive industries. Unexpected downtime is becoming more frequent in organizations and causes production (and more importantly revenue) to come to a halt.
How can downtime really impact your company?
For starters, whenever there is a disruption in a business, every minute that goes by is a minute of lost revenue.
According to a 2016 report by the Ponemon Institute, the average cost of a data center outage now clocks in at more than $740,000 annually? or $9,000 per minute, Data Center Dynamics reported. The expenses are even more severe for major organizations like Amazon, which controls a number of different sites, services, and products and was impacted by a major outage in 2017.
How can downtime occur?
There are many reasons why unexpected downtime can occur, from material issues to viruses in the software. Downtime can be caused by power outages, human error, and even bad data.
Not only can bad data increase unexpected downtime, but it can also increase maintenance costs and decrease productivity.
So how can NRX AssetHub help reduce unexpected downtime?
NRX AssetHub helps identify data quality issues using strong reporting capabilities to highlight gaps and measure the completeness of the asset and maintenance data residing in EAM systems. Intelligent filtering allows our customers to focus on areas of concern such as knowing when to service a part prior to it becoming a problem.
By making it easy to find issues relating to data quality, NRX AssetHub helps you increase maintenance efficiency and reduce downtime. Allowing you to optimize or change maintenance strategies for existing assets. When customers have started identifying gaps in their data they can use the multiple features of NRX AssetHub to accelerate the data repair process, such as smart search and filtering to locate records along with additional features.
To find out more about how NRX AssetHub can help your organization cleanse and eliminate EAM data challenges, book a demo or contact us today!
Source: https://www.faronics.com/news/blog/downtime-understanding-costs-controlling-risks
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