TestOil, the industry leader in lubricant testing, presents considerations regarding the return-on-investment of oil analysis.
CLEVELAND, OHIO, U.S., August 7, 2020 /EINPresswire.com/ — TestOil, the industry leader in lubricant testing, offers considerations regarding the return-on-investment of oil analysis. “There are many formulas, but a simple calculation is cost savings divided by cost of program,” TestOil Senior Technical Advisor Evan Zabawski said.
He continued, “Cost is a common consideration that prevents some companies from initiating or maintaining an oil analysis program, but there are other issues, such as not having the required human resources and expertise. This is one of the many areas where TestOil can help.”
There are three main quantifiable expenses to consider in figuring cost savings: parts, labor and downtime. Parts and labor are easy to determine, downtime is less so. Contributors to downtime liability include the cost of renting/leasing a temporary replacement and the loss of production which equals a direct loss of revenue, loss of customers or even regulatory fines in some industries.
In addition to parts, labor and downtime, other areas where oil analysis saves money are: reduced oil consumption (extended drain intervals), reduced power consumption, less unnecessary maintenance and fewer unexpected failures.
The ROI doesn’t just apply to expensive machinery. TestOil Data Analyst Frank Rex explained, “Often money spent repairing ancillary equipment is overlooked because of smaller repair costs and production losses. However these costs can be significant if the equipment isn’t properly maintained and root cause problems identified and corrected. Much of this can be prevented with oil analysis. If you keep the oil clean, dry and at the correct viscosity with the help of oil analysis you are not going to have most problems in any equipment.”
The value of oil analysis is a balance between the cost of reliability (the oil analysis program) and the consequences of unreliability—disruptive downtime, repair and premature replacement. A comprehensive oil analysis program is a key facet of a disciplined organization; it delivers a reliability advantage over competitors and is arguably the most cost-effective maintenance tool.
A diligent business takes care of its machinery—one of the reasons that insurers, regulatory boards and OEMs often require oil analysis documentation for assurance that proper maintenance techniques are being followed.
“Anyone who has ever visited the TestOil lab can see exactly what they are getting for their money,” Rex said. “There is quite a bit more to correctly analyzing each sample than most people think—not just the testing equipment, but the technician’s experience, expertise and oversight as well. I can’t speak for all oil analysis labs, but I can say you get a lot back for the money you spend at TestOil.”
Zabawski concluded, “The cumulative effects of no oil analysis may eventually lead to equipment failure. One sample is unlikely, in itself, to prevent a breakdown, but we know doing nothing is risky. “
For more information on how oil analysis with TestOil delivers ROI, visit: https://testoil.com/routine-testing/benefits-of-oil-analysis-from-testoil/
With more than 30 years of experience in the oil analysis industry, TestOil focuses exclusively on assisting industrial facilities with reducing maintenance costs and avoiding unexpected downtime through oil analysis program implementation. As industry experts in diagnosing oil-related issues in equipment such as turbines, hydraulics, gearboxes, pumps, compressors and diesel generators, TestOil provides customers with a guarantee of same-day turnaround on all routine testing. With in-house, certified training professionals, TestOil offers lubrication and oil analysis training, private onsite training, certification training and exams, and educational webinars. For more information on partnering with TestOil on oil analysis programs or training opportunities visit www.testoil.com. Contact: 216-251-2510; firstname.lastname@example.org.
Jeanna Van Rensselar
Smart PR Communications
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Benefits of Oil Analysis from TestOil
Source: EIN Presswire