Learn how to record avoided downtime, avoided repair costs, and avoided parts costs in resolved events on the Reliability tab. This record is essential to demonstrate the financial return of your monitoring project.
Before You Start
You need access to the Monitoring module on the Tractian platform.
The event where you will register the savings must have a Resolved status.
Have the following information about the event on hand:
Estimated downtime that the failure would have caused (in hours).
Hourly cost of the asset being down in your operation (in $).
Corrective maintenance time that was avoided (in hours).
Hourly labor cost of your maintenance team (in $).
Parts or components that would have been replaced in case of breakdown, along with their respective costs.
What Are Event Savings?
When monitoring detects a failure and your team acts before it escalates into a breakdown, there is a cost that was avoided. Savings record that value.
Think of it this way: if the failure had not been corrected early, it could have escalated into a breakdown of the asset or other components. Registering savings answers three questions:
Question | Field on the Platform | Example |
How long would the asset have been down if the failure had escalated into a breakdown? | Avoided Downtime | 4 hours × $1,500.00/hr = $6,000.00 |
How much corrective maintenance time was saved? | Avoided Repair Cost | 3 hours × $15,000.00/hr = $45,000.00 |
What parts would you have needed to purchase in case of a breakdown? | Avoided Parts Cost | 1 unit of Turbine × $50,000.00 = $50,000.00 |
Option 1: Register Savings via the Panel View
Use this option when you want to register the savings for a specific event with all details visible.
Step by Step
In the top menu of the platform, click Monitoring.
In the secondary navigation bar, click the Reliability tab.
On the Reliability page, make sure the view is in Panel mode. If it isn't, click the Panel button next to the unit name.
Apply the event type filter. Click + Add Filter and select Event Type: Functional Failure (or the desired event type).
Click the Resolved tab to display only the events that have already been corrected.
In the event list on the left, click the event where you want to register the savings.
In the event details panel (on the right), scroll down until you find the Savings section.
Fill in the Avoided Downtime field:
In the hours field, enter the number of hours the asset would have been down. Example:
4.Click + Add Cost.
Enter the hourly downtime cost. Example:
1500.00.The system automatically calculates the total. In the example: 4 hrs × $1,500.00 = $6,000.00.
Fill in the Avoided Repair Cost field:
In the Time field, enter the number of corrective maintenance hours that were avoided. Example:
3.Click + Add Cost.
Enter the hourly labor cost for maintenance. Example:
15000.00.The system automatically calculates the total. In the example: 3 hrs × $15,000.00 = $45,000.00.
Fill in the Avoided Parts Cost field (if applicable):
Click + Add Part.
In the quantity field, enter the number of units. Example:
1.In the unit of field, enter the name of the part or component. Example:
Turbine.In the at field, enter the unit price of the part. Example:
50000.00.To add more parts, click + Add Part again.
To remove a part, click the X next to the item.
After filling in all savings fields, the information is saved automatically.
Expected Result
When finished, the Savings section of the event will display the total values for Avoided Downtime, Avoided Repair Cost, and Avoided Parts Cost. These values will be added to the overall summary of the monitoring project.
Option 2: Register Savings via the Table View
Use this option when you need to fill in savings for multiple events more quickly, with a consolidated view.
Step by Step
In the top menu of the platform, click Monitoring.
In the secondary navigation bar, click the Reliability tab.
On the Reliability page, click the Table button to switch to the table view.
Apply the necessary filters:
Click + Add Filter and select Status: Resolved.
Click + Add Filter again and select Event Type: Functional Failure (or the desired type).
In the table, locate the Avoided Downtime and Avoided Repair Cost columns on the right side.
To add the savings directly in the table:
On the row of the desired event, click Add Avoided Downtime in the Avoided Downtime column.
Enter the time (in hours) and click + Add Cost to enter the hourly cost.
Repeat the process in the Avoided Repair Cost column by clicking Add Avoided Repair Cost.
To add parts costs, click + Add Part inside the expanded form in the Avoided Repair Cost column and fill in the quantity, part name, and unit price.
Expected Result
When finished, the table will display consolidated totals at the bottom: the total hours of avoided downtime with the corresponding dollar value, and the total avoided repair cost. These values are updated automatically as you fill in each event.
Frequently Asked Questions
Which event types allow savings to be registered?
Savings can be registered in the following event types: Total Failure, Potential Failure, Functional Failure, Planned Stop, Unplanned Stop, Power Restoration, and Power Outage (when resolved). Operation Not Planned and Process Adjustment events do not have this option.
Can I edit a previously registered savings entry?
Yes. Access the event via the Panel view, click Edit in the upper-right corner of the event, and modify the values in the Savings section.
Do I need to fill in all three savings fields?
No. Fill in only the fields that apply to the event. For example, if there were no parts that would have been replaced, leave the Avoided Parts Cost field empty.
How do I know what value to use for the hourly downtime cost?
This value varies by asset and by plant. Typically, your company's planning or finance department has this information. It represents the cost the company loses in revenue (or incurs) for every hour the asset is not operating.
Do the registered values appear in any report?
Yes. The savings feed the monitoring project indicators and can be exported in the reports on the Reports tab.