Predictive maintenance is saving businesses time and money by communicating problems before they become unmanageable. Knowing when an asset will fail or closely predicting has many benefits and isn’t as complex as you may think. While most asset strategies include preventive maintenance plans, the focus tends to be more on reactive maintenance when measures could often have been taken far sooner. An example of the problem with this is a technician seeing a rust build-up on a pipe, or notices a machine showing a bit of sweat from over-heating and not having recorded this information, the problem goes un-fixed leading to an asset failure. Predictive maintenance decreases the cost of spare parts and supplies, minimizes the time spent on each piece of equipment, avoids the production hours lost with unplanned downtime, and increases workplace safety. Knowing and understanding predictive maintenance is important for any asset-intensive business.
There are four fundamental factors that enable PdM to track asset conditions and alert technicians about upcoming equipment breakdowns:
- Visual Inspections: relies on observations performed by technicians to determine condition
- Installed condition-monitoring sensors: sending real-time performance and machine health data.
- IoT technology: enabling communication between machines, software solutions, and cloud technology; helping to collect and analyze huge amounts of data.
- Predictive data models: utilizing the processed data so they can relay failure predictions.
An effective predictive maintenance plan greatly benefits assets that are more prone to having a failure due to a specific condition or circumstance. This means that the condition is detected and the maintenance is performed just before a breakdown or failure happens.
Here is a quick look at a few key benefits of predictive maintenance:
- Get Up to 50% reduction in downtime due to unexpected equipment failures
- Asset failures can be costly and stressful. A single hour of downtime can cost millions of dollars in revenue for enterprise businesses. Since many issues can be predicted in advance, downtime can be greatly minimized.
- Get Up to 40% reduction in overall maintenance costs
- Predictive maintenance minimizes downtime by identifying potential problems before they occur. As these potential problems are identified, issues that may have been trending over time will be all but eliminated. Finding problems before they occur can also reduce your maintenance backlog.
- Get Up to a 25% reduction in worker injuries
- Predictive maintenance allows technicians to monitor the equipment on an ongoing basis and schedule repairs before issues become hazards. This process improves working conditions and increases safety.
- Get Up to 20% reduced waste
- Poorly run operations will ultimately lead to wasteful production. Predictive maintenance uncovers issues through data collection that can result in less raw material, energy, and labor cost waste.
- Get Up to 5% increased asset lifespan
- Because predictive maintenance reduces machine breakdowns and keeps operations in optimum settings, predictive maintenance can improve machines’ lifecycle.