If you want to take Maintenance to the next level at your facility, learn to express your operation's impact in dollars. Why? Decision-making at the boardroom level always involves some degree of cost/benefit analysis. Your ability to present senior managers with a crisp financial description of even mid-level departmental work - being able to talk their language, in other words - will do a lot to boost your persuasiveness in the budgetary process. Learning to "dollarize" each maintenance cost center and function brings you another important benefit: an invaluable benchmarking tool for your own decision-making. You'll gain a new means of predicting the impact of projects and of assessing the results. Conversely, the inability to construct and follow a sound business model will orphan many otherwise worthwhile initiatives for lack of the needed rationale. Your operation will either miss out on valuable cost-saving opportunities or it will be lured into costly mistakes. The choice is yours. Click here to download the rest of "Dollarizing" Maintenance by Terry Wireman, Vice President, Vesta Partners, LLC. Click here to read What Your Income Statement Won't Tell You to learn how to quickly locate the information necessary to build your cost/benefit analysis for upper management. Click here to read Five Tips for Communicating the Value of APM to Upper Management and learn from corporate executives, officers, directors, site managers, and seasoned engineers on how to successfully communicate the value of asset performance management (APM) to upper management.
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