Eurofins TestOil has great resources for demonstrating the ROI of each customer’s industrial oil analysis program and works with customers to determine the clearest path for them. The goal is to prove how oil analysis leads to cost savings and operational benefits that significantly outweigh the investment in the analysis program. Here are some methodologies:
- Cost-Benefit Analysis: Calculate savings due to extended equipment life, reduced lubricant consumption, and lower maintenance costs. In addition, factor in reduced downtime, increased productivity, and avoidance of catastrophic failures.
- Historical Data: Compare the operational costs and maintenance records before and after implementing oil analysis.
- Predictive Maintenance Metrics: Track how oil analysis has reduced the frequency of equipment failures and increased mean time between failures.
- Cost Avoidance: Calculate the potential costs of major failures that were avoided through early detection of issues via oil analysis and highlight lower insurance premiums and reductions in warranty claims due to improved equipment reliability.
- Improved Efficiency: Track energy consumption reductions and increased production uptime as the oil analysis program becomes more inclusive.
- Return on Assets (ROA): Quantify the return on oil analysis for specific assets due to extended asset life.
- Key Performance Indicators (KPIs): Establish and compare key performance indicators, such as maintenance cost per unit output, downtime per month, and production volume consistency to quantify improvements.
Eurofins TestOil recommends establishing a baseline of current costs and equipment performance. Oil analysis results should be continuously monitored and maintenance practices should be adjusted and documented based on findings. Finally, the customer should regularly review the data, calculate the ROI, and report findings to stakeholders in comprehensive, yet straightforward terms.
For more information on working with Eurofins TestOil for oil analysis and training visit www.testoil.com. Contact: 216-251-2510; sales@testoil.com.
About Eurofins TestOil With more than 30 years of experience in the oil analysis industry, Eurofins TestOil focuses exclusively on assisting industrial facilities with reducing maintenance costs and avoiding unexpected downtime through oil and fuel analysis program implementation. As industry experts in diagnosing oil-related issues in equipment such as turbines, hydraulics, gearboxes, pumps, compressors and diesel generators, Eurofins TestOil provides customers with same-day turnaround on routine oil analysis testing. For more information on partnering with Eurofins TestOil on oil analysis programs or training opportunities visit https://testoil.com. Contact: Al Yates 216-251-2510; sales@testoil.com.
