How To Manage the Ownership and Operating Costs of Your Equipment

Throughout a machines lifetime the ownership and operating costs of it pile up due to its routine maintenance service charges and the usual fuel purchasing. If you want to reduce these expenses and make sure that you get the highest possible return on your investment then there are few things that you can do. Following are some tips to help you manage your equipment operating and ownership costs.

Use Telematics

Getting real time access to machine data will allow you to monitor its health. You can find out the status of your equipment if you rely on telematics. Make sure to closely examine the information you receive so you have a better chance of managing your fleet and lowering its overall operating costs.

Monitor Machine Idle Time

If your equipment spends a lot of time idling it will only drive-up fuel costs resulting in excessive operating expenses. You need to keep a close eye on your entire fleets idle time and figure out when to turn your equipment off completely. If you see that some of your operators spend a lot of time idling, make sure to provide them with proper training so they are more efficient.

Fleet Deployment

The data gathered by telematics will provide you with an insight into your equipment usage. This will allow you to deploy your construction equipment more efficiently. If you are smart about fleet deployment you would not have to worry about your contracts requiring a loader or excavator suddenly and not having it present on site. Instead, you will be able to find a suitable machine as a replacement for the job.

Maintenance contracts and regular machine inspections will also help in reducing ownership costs. You should also think about purchasing reconditioned parts. Compared to buying new parts, they can be up to 40% less expensive and are constructed as per OEM requirements.