Regulatory fines and post-incident compliance requirements can blindside businesses. With an up-to-date parts and equipment history, you can remain compliant, avoid fines and manage course-corrective measures instead struggling under the weight of a regulatory order.
Here’s a staggering example. Trader Joe’s was fined $500,000 in 2016 by the Environmental Protection Agency for "alleged violations of the Clean Air Act.” The retail grocer agreed to millions in equipment replacement costs in an abrupt, course-correcting move.
New regulations could phase out equipment and parts, or, as in the case of Trader Joe's, refrigerants could become an issue. With an asset management system, you won't run afoul of a government regulatory agency. An accurate parts and repair history also helps identify problematic parts so you can replace or repair before they lead to equipment damage or total failure.
Asset management enables a higher and more efficient level of control over asset and vendor performance as well as hard and soft costs. Through technology, mass information becomes streamlined data points to review and compare, which supports strategic decisions that make the biggest impact. It keeps you ahead of the curve.
To learn about cost management options, read our whitepaper, How to Calculate the True Cost of Facilities Maintenance.