Did you know that 34% of facilities are spending over 30 hours per week on scheduled maintenance? This is well over the average time spent on scheduled maintenance, 19 hours per week.
RCM services and training can help companies come up with a maintenance strategy that saves time and money. What are RCM services and how does the process work? Read on to find out.
What Are RCM Services?
Reliability centered maintenance (RCM) is a strategy implemented into the maintenance program of a facility or company for optimization purposes. Maintenance strategies are optimized to maintain productivity.
A reliability center maintenance program should include the following four principles:
- An objective to preserve system function
- Identification of failure modes that can affect the system function
- Prioritization of the failure modes
- Selection of applicable and effective tasks to control failure modes
To better understand RCM, you’ll have to undergo training. Click here to learn about some training options. You’ll also need to understand these five key concepts:
In a business setting, a piece of equipment gets purchased for a specific function. Every component of the equipment has a specific purpose as well.
In some cases, a piece of equipment or component might have more than one function. The main function is the primary function and other functions are secondary.
Stating the function is of the utmost importance. When you specify the purpose and what you expect it to do, you can figure out if the asset is doing what it is meant to.
This task might not seem like much, but defining the function correctly requires some experience. This is just one reason why RCM training is beneficial.
2. Functional Failure
When an asset doesn’t fulfill its primary function, it is considered a functional failure.
A total functional failure means that the asset does not perform the function whatsoever. A partial failure is when the asset works but not as expected.
An example of a partial failure is when an asset cannot reach the desired speed. For a large company, slow speeds would drastically reduce productivity.
3. Failure Mode
In RCM, there is a differentiation between functional failure and failure modes. Failure modes are the events that produce the functional failure.
When an asset begins performing under the desired value, it’s not fulfilling its function usually because of one or more of these reasons:
- Wearing or deterioration of parts
- Lack of lubrication
- Disassembling components
- Human error
It’s also possible that the asset wears out once the company increases the desired performance to keep up with demands. To deliver these results, the asset will begin to wear out.
For every functional failure, there might be between one and 30 failure modes. This is why details of the assets are necessary and training can teach this.
Failure modes can be managed and preventative maintenance is a good tactic to prevent probable failures in the future.
4. Failure Effects
A failure mod occurs, but it is not an isolated event. Failure effects are what happens to the asset during operation when a failure mode occurs. The information from this will help you analyze the consequences later.
RCM services should include relevant information related to the following:
- Evidence of the failure that occurred
- Threats to people’s safety or the environment
- Impact on operations (delays, rework, defective products, etc.)
- Damages caused by the failure
- Steps needed to repair the asset
Repairing the asset to put it back in operation might not be a tangible goal. You might have to replace the asset altogether.
5. Failure Consequences
When failure consequences are analyzed, a qualitative evaluation is performed to determine the importance of the failure mode relating to the operations. The analysis will discuss how much the failure means to a company.
There are two types of functions, evident and hidden. For evident functions, the asset’s functional failure should be detected by the operator and the consequences might have different levels of importance.
Worker safety and environmental safety are the most important factors to look at. Next, a company will check operational issues with higher costs. Last, non-operational consequences, such as repair costs, are looked at.
In contrast, a hidden functional failure cannot be detected by operators. This is a more complex failure that includes protective devices to minimize consequences.
Instead of determining repair costs, the company must determine the probability of failure.
With a maintenance program through RCM services, the above five aspects will create a strategy. So, what are the advantages of this type of program and training?
Implementing RCM increases equipment availability while reducing resource and maintenance costs. In some cases, using this strategy can reduce maintenance costs by up to 40%.
There are maintenance considerations not factored into the overall costs. For example, additional costs of ownership such as evidence-based maintenance, are not taken into account.
Depending on your business, you might choose one method over another to implement RCM services. No matter the method you choose, the five factors, function, functional failure, failure modes, failure effects, and failure consequences are needed for the strategy.
However, the process does not end there. To fully implement RCM services, you need a maintenance tactic for each failure mode. You can choose preventative maintenance or condition-based maintenance tactics.
The most important step of implementation is reviewing the maintenance tactic that you select. RCM services will only be useful to your business if you put these recommendations into practice.
Reviewing the process can ensure that the process continues to work for you.
The Impact of RCM Services
The goal of RCM services is to choose the appropriate maintenance strategy for each piece of equipment you purchase. With a well-executed RCM analysis that includes the five key components, your assets will be more reliable.
When done correctly, an RCM strategy can reduce costs, eliminate inappropriate maintenance tasks, and improve safety.
For more informative articles like this, check out our additional posts on our business blog.
5 Revenue Accounting Mistakes You Don’t Want to Make
Many people think that accounting is boring and fail to appreciate just how much value it creates for the modern world. In the United States alone, the market for the accounting industry is worth more than $119 billion every single year!
Of course, there are a lot of common revenue accounting mistakes that detract from the value of proper accounting. Avoiding these mistakes can mean saving your company a lot of stress, time, and even money.
So just what are these common revenue accounting mistakes and how can you avoid them? Read on to learn all about the most common revenue accounting mistakes!
1. Keeping Records Incorrectly
Many people fail to keep records correctly because they do not find the work very interesting. Even modern digital filing techniques, which have made the whole process much more convenient, have failed to make the process interesting for most people.
If you end up in a tax audit, it is absolutely essential that you have all of your records on hand. Your receipts and other records need to be organized so that you can find them if you ever need to prove that you have been conducting yourself appropriately.
2. Few Checks and Balances
In some businesses, especially small ones, a single person is in charge of all financial matters. Unfortunately, that means that there is a single point of failure. Checks and balances are important to make sure that everybody is doing their absolute best to engage in accounting with integrity.
Setting up checks and balances can help everybody feel at ease about the integrity of accounting decisions.
3. Fiddling With Closed Periods
It is important not to mess around with closed accounting periods. Once they are closed, the data in them is used to inform financial statements and other official documents. Changing them can cause disagreements in your records and statements.
4. Falling Behind on Bank Reconciliation
It is important to reconcile bank and credit card statements regularly. Although this can be tedious, it has to be done over and over again to avoid serious errors. Don’t think that you can skip it without exposing yourself to problems down the line.
5. Exaggerating Revenue
There is a long list of reasons that people can accidentally overstate revenue. For example, people can mix up received revenue with accounts receivable. Whatever the reason, a lot of people accidentally overstate revenue.
Look at every category of transaction that could be mistaken for revenue. Make sure that everybody understands what counts as real revenue and what does not.
The more you learn about the most common accounting mistakes and business accounting errors, the more interested you might be in finding small business accounting solutions for payroll mistakes. To learn more about how to manage cash flow mistakes and other common errors, click here.
Avoid the Most Common Revenue Accounting Mistakes
We hope that you were able to learn something helpful from this short piece on some of the most common revenue accounting mistakes that you would want to avoid in your business. Although it can take a long time to learn all of the nuances of proper accounting, doing so is an investment in your future business success.
To keep up-to-date on the latest developments in business, finances, and more, take a look through our other articles!
Scale a Business: 3 Tactics for Operational Success
Are you looking for some growth strategies that can help you scale your business in the upcoming year? If you want to grow your business successfully, you need to make sure that you have a clear plan in place.
For some tips on how to scale a business successfully, keep reading. In this guide, we will give you some business strategies that can help you scale up in the new year.
1. Team Build for Success
In order to scale your business, you need to make sure you have the right people on your team. Growing your business is impossible to do on your own. Rather, you will need assistance from professionals and talent in your industry to work on moving your business up to the next level.
As a business owner, you want to start by ensuring that you have sharpened managerial skills, as properly managing your team is a must for success. Additionally, before attempting to expand your company, you will want to make sure your managerial processes are streamlined for optimal results. For example, look at where there is a need for improvement in areas such as training, onboarding, and recruitment.
This will allow you to ensure that you are prepared to properly grow your business and team, as you will effectively find and bring new talent onto your team, setting them up for success so that they can integrate as an integral part of your team. Many business owners chose to hire recruitment as a service in order to save time while finding the best talent available.
2. Focus on What Sets You Apart
Often, when it comes time for organizations to grow, the leaders behind the business will begin brainstorming on what new products or solutions they can offer their clients. However, this is not the best way to grow your business and can result in chaos. Instead, it is best to take a look at your current core offerings as well as what sets your brand apart from others in your industry.
Then, make sure that you are optimizing these areas in order to make sure quality is at the core of your company. By capitalizing on what makes you different from your completion, you are able to fill a niche while targeting a very specific demographic.
3. Streamline Business Processes
Before you even begin to work on scaling your company, you will want to make sure that all of your business processes are streamlined and optimized for success. This will ensure that your business is even able to grow at all. Improving all business processes will allow you the efficiency and effectiveness you will need while working to grow your company.
Scale a Business With These Tips and Tricks
When it comes time to scale a business, you will want to start by working to improve all areas of your current company, team, product, and more.
Head to the “Business” section of our site for tons of additional info and advice that can help business owners.
How to build a career with Business Analysis
If you are a professional who wants to be a change-maker in your organization or you wish to upskill in a data-driven discipline, opt for a Business Analysis Post Graduate Program and learn to manage complex business problems.
Master the necessary tools and frameworks that set you apart in the hiring landscape. Become recognized in Business Analysis fundamentals with hands-on experience and tools that facilitate better business outcomes. A Business Analysis Master’s degree prepares you for job roles that call for advanced data analysis, complex decision-making, and management skills. It can help you grow within your company and increase your earnings.
As organizations witness digital transformation, they are implementing more and more analytics, and those professionals who have the necessary Business Analysis skills stand a better chance at getting hired.
What is Business Analysis
Business Analysis is the technique for enabling change in an organization and solving business problems. It adopts methods that deliver the business objectives and identify solutions that maximize the business value. The set of tasks are prescribed in the Guide to the Business Analysis Body of Knowledge. The reference guide is the yardstick for the practice of Business Analysis and is designed for professionals who perform Business Analysis tasks in the organizational context. It mentions the core knowledge areas of Business Analysis, the skills required, the deliverables, and techniques to be used by serving analysts for desired business outcomes.
The practice of Business Analysis is a specialized body of knowledge that maps the path of leading a business to the target destination. It includes the effective use of analysis and techniques to achieve benefits, cut costs, identify new opportunities, and improve the way business is done. The business analysis adopts a data-driven approach by incorporating technology, statistics, and data modeling to harness new insights.
Why pursue a master’s program in Business Analysis
Postgraduate programs in Business Analysis are an emerging avenue of learning. These courses recognize that Business Analysis is used in most companies and tech start-ups keen to exploit market opportunities. Thus the demand is high for candidates with a master’s degree who can analyze data to solve business problems. Companies are also acknowledging skills required for the task of Business Analysis that only specialized programs can offer.
A Business Analysis degree fits with a broad range of industries and hirers. Aspirants have a wide choice of job roles across industry domains.
With a master’s in Business Analysis, you can prepare for the following Business Analysis job titles:
- Data Scientist
- Business Analyst
- Data Analyst
- Business Data Analyst
- Process Engineer
- Product Owner/Manager
- Digital Strategy Manager
- Digital Data Analyst
- Director of Research
- Management Consultant
- Systems Analyst
- Process Analyst
- Market Research Analyst
- Project Manager
- Senior Analyst
- Senior Business Intelligence Consultant
- Senior Business Specialist
- Senior Staff Data Scientist
Very often, Business Analyst roles are hybrid roles, with responsibilities stretching beyond Business Analysis.
As Business Analysis professionals are highly knowledgeable about organizational processes, hirers are snapping up Business Analysis post-grads.
What is the career path for Business Analysis?
Most wannabe Business Analysts are faced with the challenge of how to land a Business Analyst job. Do you start with experience in a small or medium-sized company? Is an entry-level job the first step to learning more about the world of business before taking a certification? Or should you take a course first? Confused with various definitions of a Business Analyst job role in different job descriptions?
To do away with any uncertainty, listed below is structured guidance on how to navigate the career path for Business Analysis job roles.
1. Learn the fundamentals of Business Analysis
At the very outset, begin by building your knowledge about how businesses work. This is best achieved with internships or entry-level jobs. You get to learn first-hand the inner workings of an organization, whether big or small.
Before you commit to a career decision about Business Analysis, do some background research about what the job entails.
Understand what a Business Analyst does. There are many descriptions of a Business Analyst role. But some points are common and core to Business Analysis. The Business Analyst creates positive change within an organization and helps teams understand the why and what of the change and how they can contribute to the process.
The Business Analysis framework starts with discovering the business objectives and defining the scope of the project. It is followed by developing a Business Analysis plan, defining the requirements in detail, ensuring technical solutions support the objectives, helping the stakeholders achieve the desired goals, and assessing the ROI of the value creation.
Understand how a business operates and identify the skills you will need to become a Business Analyst.
2. Sharpen your analysis skills
An analytical mindset is critical for the role. Sharpen your analytical thinking, and learn how to use data to define, study and solve business problems. Get a handle on the techniques used to measure a business’s operating costs, performance, efficiency, and so on.
3. Earn a Certification or pursue a master degree
Regardless of career history, a bachelor’s degree is a must-have. However, to become a Business Analyst capable of solving complex problems, you need to have additional specializations, either a certification or a master’s program that teaches you the necessary skills, tools, and techniques of Business Analysis. A master’s in Business Analysis not only advances your skills and knowledge base but also gives you a competitive advantage when looking for a job.
4. Work on projects
Apply your newly gained knowledge to real-world business problems. Practice on projects with different types of business problems and diverse data. Build projects that cover the various ways data analysis is used to meet business objectives.
5. Hone your visualizations skills
The analysis is incomplete without the ability to communicate your insights to the stakeholders and team members. Develop written communication and visualization skills. Learn to use charts, graphs, and interactive dashboards that allow team members to query and interact with your analysis. Excel and Tableau are good platforms to practice your visualization skills.
6. Develop domain expertise
Different industries have varying business needs and challenges. Domain knowledge also gives you an edge over other applicants when applying for jobs.
7. Apply to Business Analyst job roles
Start with an entry-level role if you are a newbie. Internships and entry-level positions build your experience before you move on to a higher position. When searching for a job, watch out for titles like a junior business analyst or entry-level business analyst. Working and mid-career professionals must research the job, the company, and its business. What does the company do? What are the responsibilities of the job role? How do you fit in? Which role to apply for?
If interested in a career in Business Analysis, start by developing the above skill sets. Courses can empower you with a sound introduction to the profession. So get started by enrolling in a Business Analysis program for a career in Business Analysis.
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