How to bring down downtime in manufacturing
International Plastics News for Asia|December 2021
For most of us, the word downtime conjures images of relaxation.
JOHN YOUNG
How to bring down downtime in manufacturing

For plant managers however, downtime is a word that triggers concerns about lost production and lower revenue. That’s especially true for unplanned downtime and there is growing evidence that manufacturers are still unaware of the full impact of the problem. Automation parts supplier, EU Automation (euautomation.com), assesses some of the latest research on manufacturer downtime and the steps manufacturers are taking to address the problem.

A recent report from Senseye based on data from 72 major multinational industrial and manufacturing companies has revealed that cumulatively, Fortune Global 500 companies lose a total of 3.3 million hours per year due to unplanned downtime. The True Cost of Downtime report also found that the average plant in its survey lost US$172 million to unplanned downtime, every year.

The cost of downtime in manufacturing

Accurately calculating downtime costs is a difficult task. Firstly, we need to recognise there are both tangible costs, such as the financial costs arising from lost production, as well as intangible costs such as erosion of customer trust or increased likelihood of workplace accidents. Any financial calculations about the cost of downtime are likely underestimating the true overall cost to manufacturers by ignoring these less obvious and immediate effects.

Secondly, there has until recently been a lack of reliable data upon which to base our judgements. Historically, plant managers relied mostly on human judgement. Nowadays, with the growing availability of connected sensors and data analytics software, a clearer picture is emerging. What is being shown quite consistently in many of these reports, of which The True Cost of Downtime is but the latest, is that when objective data is used as the basis for calculating downtime, the cost is higher than previously imagined.

This story is from the December 2021 edition of International Plastics News for Asia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the December 2021 edition of International Plastics News for Asia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM INTERNATIONAL PLASTICS NEWS FOR ASIAView All
Industry innovations aimed towards a greener future
International Plastics News for Asia

Industry innovations aimed towards a greener future

Sustainability and circular economy, energy saving technologies, high-performance materials with enhanced properties, and cost-efficient production processes are expected to dominate the plastics industry in 2022 and beyond.

time-read
10+ mins  |
December 2021
Special extrusion lines for bioplastic compounds
International Plastics News for Asia

Special extrusion lines for bioplastic compounds

The biodegradable and compostable plastics sector is growing steadily, and this is partly due to the fact that several measures have been taken, especially in the EU, to cut down on single-use plastics.

time-read
3 mins  |
December 2021
Plastics revolutionise medical device production
International Plastics News for Asia

Plastics revolutionise medical device production

The coronavirus pandemic has brought into focus the urgent need for medical supplies – which included medical disposables, medical devices, laboratory equipment, and many others.

time-read
3 mins  |
December 2021
Spinning and recycling go together in a single step
International Plastics News for Asia

Spinning and recycling go together in a single step

As a medium-sized German machine construction business, BB Engineering has been manufacturing components and systems for synthetic fibre and film production for more than 20 years.

time-read
5 mins  |
December 2021
Advanced high-performance light stabilisers
International Plastics News for Asia

Advanced high-performance light stabilisers

A range of high-performance light stabilisers with enhanced properties are now being made available.

time-read
5 mins  |
December 2021
ArabPlast holds successful edition
International Plastics News for Asia

ArabPlast holds successful edition

The 15th Edition of ArabPlast was held on 15-18November 2021 at the Dubai World Trade Centre, Dubai, U.A.E. Spanning over 28 years, ArabPlast is an exclusive event for plastics, petrochemicals, packaging and rubber industry, and serves as an attractive platform where global industry players show off their products to the Middle East market.

time-read
2 mins  |
December 2021
Food-grade plastics recycling facility installed in India
International Plastics News for Asia

Food-grade plastics recycling facility installed in India

The well-established Indian recycler commissioned a PET bottle-to-bottle and a post-consumer polyolefin recycling line from Starlinger in mid-September.

time-read
4 mins  |
December 2021
How to bring down downtime in manufacturing
International Plastics News for Asia

How to bring down downtime in manufacturing

For most of us, the word downtime conjures images of relaxation.

time-read
4 mins  |
December 2021
Optimistic forecast for blow moulded plastics market
International Plastics News for Asia

Optimistic forecast for blow moulded plastics market

Growing demand from key applications is a key factor in the projected growth of the blow moulding sector.

time-read
3 mins  |
December 2021
The benefits of dedicated system for mould development
International Plastics News for Asia

The benefits of dedicated system for mould development

When it comes to useful tools that can enhance teamwork efficiency, we usually think of the Product Lifecycle Management (PLM) systems.

time-read
3 mins  |
December 2021