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.
What Is Margin Trading in Crypto?
Margin trading is the practice of using borrowed funds to trade on margin. This allows traders to engage in high-risk activities with lower capital and leverage than they would be able to use if they were only using their own cash. In this post, we will discuss how margin trading works, what types of assets can be used in margin trading and some popular markets where you can do this!
What Is Margin Trading Cryptocurrency?
Margin trading cryptocurrency is a trading strategy that involves borrowing funds to trade digital currencies. With margin trading, traders can increase their buying power and potentially earn higher profits by using leverage.
To margin trade cryptocurrencies, traders must open a margin account with a cryptocurrency exchange that offers margin trading. They can then borrow funds from the exchange and use them to open larger positions than they would be able to with their own capital.
Margin trading and cloud mining are two different ways of trading and mining cryptocurrencies, respectively. While margin trading involves trading on a larger scale using borrowed funds, bitcoin cloud mining involves mining bitcoin and other cryptocurrencies using remote data centers. Both methods have their advantages and disadvantages, and traders and miners should carefully evaluate the risks involved before engaging in these activities.
How Does Margin Trading Crypto Work?
Margin trading crypto works by allowing traders to borrow funds from an exchange or a broker to increase their buying power and potentially earn higher profits. Instead of using their own capital to open a position, traders can borrow funds and use them as collateral to enter into larger trades.
To start margin trading crypto, traders need to open a margin account with a cryptocurrency exchange that offers margin trading. They will then need to deposit a certain amount of funds as collateral, known as margin, which will determine the maximum leverage they can use.
The leverage ratio determines how much a trader can borrow compared to their margin. For example, if a trader deposits $1,000 as margin and the exchange offers a 10x leverage ratio, they can borrow up to $9,000 to open a $10,000 position.
Therefore, margin trading crypto requires a solid understanding of the market and risk management techniques to minimize potential losses. Traders should also be aware of the fees and interest rates associated with margin trading, which can vary depending on the exchange and the amount of leverage used.
Liquidation Price Calculation
The liquidation price is the price at which the broker can buy a position back from the margin trader. It’s based on a formula that takes into account the current market price, plus any fees that have been accrued by both parties.
These prices, including ETH price are posted live in exchanges, including several assets’ market cap of and live crypto price. This means that you’ll be given an opportunity to exit your position before it becomes completely worthless.
The liquidation price calculation will vary depending on whether or not there are any fees attached to trading with different brokers:
Pros of Margin Trading in Crypto
One of the most significant pros of margin trading in crypto is the high leverage it offers. With leverage, traders can access a larger position size with a smaller capital outlay. This means that traders can magnify their potential gains significantly.
Another advantage of margin trading in crypto is the ability to short sell. Short selling is a strategy used by traders to profit from a decrease in price. In a short sale, traders borrow crypto assets from a broker, sell them, and then buy them back at a lower price to return them to the broker. Short selling can be a profitable strategy in a bear market.
Margin trading allows traders to diversify their portfolio by trading on different exchanges and with different cryptocurrencies. This can help to spread the risk and increase potential returns.
Margin trading allows traders to take advantage of short-term price movements in the cryptocurrency market. Traders can enter and exit trades quickly, allowing them to profit from quick price changes.
Cons of Margin Trading in Crypto
If you want to trade on margin, then the following things are worth considering:
The lack of regulation in crypto is one of its biggest drawbacks. You can’t count on having your funds protected by a third party, which means that if anything goes wrong with your account and someone else’s money is stolen from it (or vice versa), there isn’t much for anyone to do about it.
Margin trading also comes with high risk—because as we mentioned above, if something goes wrong and someone loses their money because they were trading with borrowed capital while their account balance was too small or too large compared to theirs—it’s all on them.
Understanding Margin and Leverage
Margin trading is when you borrow money from your broker in order to invest. This can be done with either cryptocurrency or fiat currency, depending on the platform you’re using. For example, if you want to buy Bitcoin using USD (the U.S dollar), then your margin trading would be done through an exchange like KuCoin, Poloniex or Coinbase Pro for USD and Kraken for BTC.
Leverage refers to how much leverage a trader has when making trades and investments; it allows them to increase their profits by borrowing from their brokers at less than 100% of what they have available in capital.
A margin call is a request that you make to your exchange, asking for additional funds to be deposited into your account. The exchange will then deposit these funds and use them as collateral in order to increase the amount of money you can trade with. Margin calls generally occur when there’s been a sudden drop in the value of cryptocurrencies.
Margin Trading Strategies
Margin trading is a form of trading where you borrow money from your broker to buy or sell an asset. You can use this borrowed money to buy more assets, or to sell assets for more than you paid for them by using leverage (basically, borrowing more than the amount of capital that you have).
If you’re buying cryptocurrency with borrowed funds, then it’s called margin trading. If your goal is simply getting liquidated quickly by selling off some coins at a profit and closing out your position, then it’s called short selling (or “going short”).
As you can see, the benefits of margin trading can be huge. It gives you more flexibility and control over your investment, while reducing risks. However, there are also disadvantages to this type of trading that need to be taken into consideration before jumping in head first.
In fact, many experts would argue that it’s better not to engage in crypto margin trading at all! But if you do choose to take on this risky endeavor (which is definitely possible), then we hope this guide will help guide your way through it safely.
Sipping to Success: Uncovering the Best SIP Plans to Invest In
Regularly investing in mutual funds is made easy with Systematic Investment Plans (SIPs). With SIPs, investors can benefit from rupee cost averaging by investing a certain sum in mutual funds on a regular basis. As a result, investors can profit from fluctuations in the market by acquiring more units when the market is down and fewer units when it is up.
In order to build long-term wealth, it is essential to invest in the correct SIP plan. We’ll talk about some of the top SIP plans in this article.
Best SIP Plans to Invest:
The best sip plan to invest in are given below:
1. Large-Cap Mutual Funds
Mutual funds with a significant market cap invest in the equities of established, reputable, large corporations. These businesses are well-established and frequently market leaders in their respective fields. Large-cap mutual funds are a great option for conservative investors since they have a lower risk profile than other equity mutual funds. These investments give the portfolio stability and long-term capital growth.
2. Multi-Cap Mutual Funds
Large-cap, mid-cap, and small-cap equities are all included in the investments made by multi-cap mutual funds. These funds provide a diverse portfolio, which lowers the portfolio’s overall risk. Investors aiming for long-term capital growth and who have a modest taste for risk can choose multi-cap mutual funds.
3. Mid-Cap Mutual Funds
Mutual funds for mid-cap companies buy stocks from businesses with a market value of between 500 crore and 10,000 crore rupees. These businesses have the potential to produce substantial profits and are frequently in the growth phase. However, compared to large-cap mutual funds, mid-cap mutual funds have a higher risk profile. These funds are appropriate for investors that have a higher risk tolerance and are seeking long-term capital growth.
4. Small-Cap Mutual Funds
Mutual funds for small-cap companies buy stocks from businesses having a market value of less than 500 crore rupees. These businesses have the potential to produce substantial profits but are frequently in their beginnings. The risk profile of small-cap mutual funds is higher than that of large-cap and mid-cap mutual funds, though. Investors searching for long-term capital growth and with a high-risk tolerance should choose these funds.
5. Sectoral Mutual Funds
Mutual funds that specialize in a certain industry, such as banking, medicine, or technology, invest in the stocks of businesses in that industry. These funds offer exposure to a certain industry and are appropriate for investors that have a positive outlook on that industry. Sectoral mutual funds, in opposition to diversified mutual funds, have a higher risk profile. Investors searching for long-term capital growth and with a high-risk tolerance should choose these funds.
SIP investments in mutual funds are a great method to build money in the long run. Rupee cost averaging, which is a benefit of SIPs, aids in lowering the portfolio’s total risk. Investors’ risk tolerance, investment horizon, and financial objectives must all be taken into account while making SIP investments. Selecting the mutual fund category that best suits your financial goals is crucial.
What are the Regulations for Taking Phone Credit Card Payments?
In Australia, there are strict regulations around taking phone credit card payments. The relevant rules and guidelines are outlined in the Reserve Bank of Australia’s EFT Code of Conduct. This code contains regulatory requirements for all entities that process electronic funds transfers (EFTs), including phone credit card payments.
The regulations set out several obligations for entities that process phone credit card payments. These obligations include the following:
• Entities must obtain a signed authority from customers before processing any payment made by phone or the internet.
• Entities must ensure that all staff members involved in taking payments have been properly trained and understand their responsibilities.
• Entities must use secure systems to protect customer data and privacy.
• Entities must confirm customers’ identities before processing any payment, including via phone credit card payments.
• Entities must provide customers with a clear breakdown of the fees associated with their purchase.
• Entities must be able to demonstrate compliance with all relevant regulations, including those related to data security.
• Entities must provide customers with clear information about the payment process and any associated risks before processing the payment.
• Entities must ensure that customers are informed of their right to dispute any charges and be provided with a prompt refund if the dispute is proven valid.
• Entities must store all customer data securely and in accordance with applicable regulations.
• Entities must have an effective dispute resolution process in place.
• Entities must ensure that customers are not charged any additional fees or surcharges beyond what they initially agreed to.
Choosing the Right Payment Terminal
This might seem like lots of stress, especially for a small business, but much of the work is done when selecting a payment terminal. When selecting a payment terminal, consider:
• The cost of the terminal.
• The type of payment processor used with the terminal.
• Any associated fees and any additional hardware needed to use it.
• The compatibility with existing systems, such as point-of-sale software or a merchant account.
• The terminal’s ability to accept payments from different credit card companies.
• The security measures in place for processing transactions, such as data encryption and fraud protection.
Once a terminal is selected and the necessary hardware is installed, businesses will need to register and be approved by their payment processor to begin taking phone credit card payments. During the registration process, businesses will need to provide basic information such as contact information and banking details. They may also need to present additional documents such as a business license or invoices verifying the legitimacy of their operations.
With Zeller solutions, you can provide a safe and secure payment option to all your customers. The compliance team will make sure you meet all necessary security regulations and standards such as Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR). This ensures that you are providing your customers with the highest level of protection when it comes to their data and financial information.
Choose the right solution today and you will follow all the right regulations – not only will you avoid fines and penalties, but you’ll also keep customers happy and avoid damage to your reputation!
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