Maintenance and finance – partners

This is a 2-minute read! CFO – you need to know that maintenance can help you be very strategic in achieving greater outputs, at low cost, and for a minimal investment. Maintenance and Asset Management managers, you need to enlist Finance as your ally. Both Finance and Maintenance / AM are after the same results. Understanding this is key to becoming partners in sustaining our businesses. After all, we both have the same goals in mind.
I first published this about a year ago and received a comment about it on LinkedIn from a colleague – consultant Gary Dobson. It was powerful and very telling – he said,

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Myth busting 21: Are manufacturer’s warranties worth it?

Many believe strongly in the value of warranties on new / refurbished equipment. They go to great lengths talking about how important it is to do the manufacturer’s recommended maintenance to maintain validity of the warranty. This is a continuation of the last blog article on having too many failures despite following manufacturer’s recommendations. Manufacturer’s usually recommend maintenance and spare parts for their products. In our last blog we can see that those recommendations are often flawed. So what about their warranty? (more…)

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The bottom line

Stop Leaving Money on the Table

Maintenance and finance may not seem like natural “allies” in the battles for business achievement. However, they share common concerns and can both do a lot of good – albeit from behind the scenes. Financial managers, directors and CFOs are primarily concerned with company financial performance. They are often the watchdogs for regulatory compliance. They are in an excellent position to see what’s going on, and spotting problem areas, but not always what to do about them. Like all of us, their expertise only goes so far. (more…)

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