Click Image to Enlarge

Photo: Shutterstock

Based on insights from 1,165 maintenance, repair, and operations (MRO) professionals worldwide, the report highlights key concerns such as rising downtime costs, aging equipment, and skilled labor shortages.

Despite a reported decline in unplanned downtime incidents, nearly 30% of respondents noted increasing financial impacts, with large organizations facing downtime costs exceeding $500,000 per hour. As industries adapt, the report underscores a shift toward predictive maintenance and data-driven decision-making, offering guidance on how modern technologies, including computerized maintenance management systems (CMMS), can bridge knowledge gaps and improve operational efficiency.
Chris Turlica, CEO and Co-Founder of MaintainX, said, "The decline in the frequency of unplanned downtime highlights that facilities across industries are making positive progress toward improving maintenance, asset reliability, and operational processes." He added, “This report highlights the importance of a proactive maintenance strategy in reducing excessive costs associated with unplanned downtime, improving productivity, and increasing overall efficiency."

Key 2024 Report Highlights Include:

Downtime Cost Breakdown: The average cost of an hour of unplanned downtime hovers around $25,000, but for larger organizations, this figure can skyrocket to over $500,000.

Unplanned Downtime Down, Costs Up: 85% of facilities reported a stabilization or even a decrease in incidents of unplanned downtime over the past year, but nearly 30% reported higher downtime costs.

Parts and Shipping Drive Cost Increases: 72% of facilities attributed the increase in cost of unplanned downtime to the rising cost of parts and shipping.

Aging Equipment a Major Concern: 29% of MRO professionals believe that aging equipment will be the leading cause of unplanned downtime at their facility in the next 12 months.

In addition, the report sheds light on how maintenance programs face a growing skilled labor shortage. 60% of respondents identified it as the leading challenge to improving maintenance programs, particularly as older technicians retire or leave the workforce without a strong pipeline of younger talent to replace them. As the more experienced technicians leave, they take decades of critical knowledge along with them, hindering the progress of maintenance programs.

To navigate this challenging landscape, companies increasingly turn to technology to capture and persevere institutional knowledge, upskill their workforce, and streamline processes. Modern computerized maintenance management systems (CMMS) like MaintainX provide a centralized hub for critical information, making it accessible to seasoned team members and the next generation of technicians.

The report further reveals a growing trend towards predictive maintenance as a strategic response to these challenges, emphasizing the importance of data-driven insights for optimizing maintenance operations and extending equipment lifespan. "Maintenance data is the secret weapon,” said Christopher Wilcox, the Maintenance Manager at Univar Solutions, a leading global solutions provider for users of specialty ingredients and chemicals. He added, “It’s not just numbers on a spreadsheet; it’s the objective evidence you need to build a compelling case for resources and investments in your program. And when you present empirical, data-driven insights, you gain credibility and trust from decision-makers."

Access the full report here