7 arguments to convince the finance department to implement a CMMS
The role of a company’s Vice President of Finance and Chief Financial Officers (CFOs) is to ensure its financial stability and to implement adequate financial controls to ensure the transparency of its many divisions and business units.
In addition, the CFO and CFOs are increasingly focusing on strategic value-creating activities. In fact, they must strike a balance between short-term finances, such as cash, liquidity and profitability management, and long-term finances.
CFOs are responsible for reducing operating costs, increasing profits and managing and optimizing investments. To achieve these goals, Enterprise Asset Management (EAM) is one of the most effective ways to do so.
This is why implementing a CMMS like Guide Ti is a more than wise decision.
Here are the main advantages that Guide Ti brings to a CFO:
1. Participates in growth
The Maintenance Department actively participates in the company’s growth by ensuring that assets are in good working order and that they are available and reliable. Guide Ti enables it to do so.
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2.Contributes to profitability
Guide Ti reduces the use of new parts and components because it allows preventive maintenance of equipment. As a result, it reduces the number of breakdowns and ensures that equipment lasts longer. The result is a reduction in production costs, repair time and the intervention of external suppliers called in emergencies. Guide Ti lowers the costs associated with maintenance and unit costs.
3. Increase cash flow
Since Guide Ti contributes significantly to better inventory management, it helps to optimize inventories and thus free up cash flow. These sometimes considerable sums can therefore be allocated to other activities.
4. Minimize capital expenses (capex)
Knowing the lifespan of equipment allows to adequately plan capital needs in the medium and long term. With a good maintenance strategy based on preventive and conditional maintenance, asset life is extended and capital expenditures are reduced. Guide Ti has an impact on the useful life of equipment and on the production capacity of companies.
5. Obtain a better traceability of maintenance costs
Guide Ti provides access to cost tracking and maintenance budget control. Few tools as powerful as Guide Ti offer the possibility of evaluating the real costs of a task.
6. Set and define performance indicators
Performance indicators and reports that can be easily customized by any user allow daily budget monitoring and control of expenses. Upon request, the user can provide a CFO with accurate status and budget forecast data.
7. Reduce maintenance cost
Guide Ti allows you to optimize the management of maintenance tasks and human and material resources. The amounts saved can be devoted to improvement projects.