While many organizations may see the price tag on the barrel or container of oil and believe that’s all there is to it, the most experienced organizations understand that there’s more to spend. Disposal costs and labor expenses, for example, will make that cost rise well above the price tag. Consider that the cost of oil is $5 per gallon, what an organization actually has to pay after two man-hours of direct labor and a purchase order are taken care of could be upwards of 40 times that amount.
Reducing the amount of money that your organization is responsible for spending starts with ensuring that all machinery is performing at optimal levels. In order for any piece of equipment to maintain this level of integrity, it requires regular lubrication and oil changes. Finding the time to remove certain machinery from operations is a true challenge though, as they’re an integral part to an organization’s output. Failure to do so can result in unexpected costs however. This post will provide a closer look at the hidden costs of mismanaged lubrication in industrial settings.
The first cost that will be detailed is the cost associated with unnecessary oil changes. While they may seem inexpensive, the truth is a mistimed oil change, specifically those hoping to resolve a much deeper rooted issue, is a waste of valuable resources, including time. Organizations must be capable of identifying key issues rather than falsely attributing them to something as simple as an oil replacement.
Building off of additional costs, many organizations face massive amounts of capital spent through fixing damages to their machinery. Over or underfilling of a reservoir, chemical leakage and spills causing unique damage, or a flooded drain plug can cause serious damage, sometimes even leading to equipment failure. The costs needed to avoid this are necessary, however.
As previously mentioned, inadequate maintenance will likely lead to equipment failure. Even organizations on top of their maintenance scheduling can face this failure. The major reason for this failure? Nearly 50% of all machine failure can be attributed to bearing malfunctions. While it’s best to replace the parts responsible for failure, these parts can be extremely expensive. What’s worse, if these parts fail to solve any issue, they can leave a machine non-operational.
All of these possibilities lead to the importance of an organization understanding the available options (and costs) associated with lubrication. Whether it be going the route of preventive solutions such as re-engineering with better seals or filtration equipment, or upgrading machinery with cutting-edge seals, each move should be done in the name of reducing costs.
To learn more about these options, it’s recommended that you take some time to check out the infographic paired alongside this post. Within it, you’ll find more valuable information related to lubrication costs and how to address them. Infographic courtesy of Isomag.