Businesses should be seeking to reduce their costs and increase their production, and Industrial Organisations are no exception. With pressure from regulators, customers, stakeholders, and even internally, companies need to be able to be productive, reliable, and cost-effective.
The growth of predictive maintenance and IoT enables this, offering business opportunities to leverage existing data to analyse and act upon trends, strategies, and predictions.
Predictive maintenance allows for better machine and asset understanding. This knowledge helps companies maintain and manage not only their organisation but return on their machine investments. Breakdowns and faults in machinery can cost companies thousands, if not millions of dollars each year. With IoT and predictive maintenance, businesses can view patterns in their equipment, schedule more appropriate maintenance, and get ahead of issues before they arise. Each of these things saves company time, helps keep investments in good working order, and reduces the costs associated with more traditional maintenance and monitoring.
Thanks to advancements in Industrial IoT, predictive maintenance can identify potential problems weeks or months before they are immediately relevant. Not only does this reduce unscheduled downtime, but it also helps companies improve asset performance, schedule more efficient maintenance, and reduce running and maintenance costs. On top of this, assets receive better care, extending their usefulness and life and ensuring that their efficiency is not compromised or reduced.
Some of the other cost benefits of predictive maintenance include:
- Reduced equipment costs: Repair over replacement helps ensure that equipment costs are reduced, and that labour is more efficiently used
- Reduce labour costs: With scheduled repairs and a greater understanding of asset trends, labour can become more precise, and the frequency of repair can be reduced.
- Reduces production time: Predictive maintenance allows for component only replacements, as well as maintenance during scheduled downtime. Unscheduled downtime costs companies, but proactive repairs and monitoring during the scheduled time, combined with a better understanding of device health thanks to IoT dashboards, production can become more efficient.
- Increased safety: Problems can be fixed well ahead of any crisis or failure, creating safer conditions for employees, maintenance teams, and customers. This reduces costs by reducing risk – decreasing the likelihood of liability and compensation due to better safety initiatives and more secure assets.
- Greater precision: Correcting deficiencies can be done with greater precision than ever before, as predictive maintenance allows companies to identify the repair tasks and items needed, as well as predict the amount of time necessary for a repair to take place.
With predictive maintenance and Industrial IoT, companies are afforded a greater understanding of their own systems and strategies. With this knowledge comes the ability to consolidate costs, streamline work, and create a safer, more productive work environment. Reducing costs by increasing efficiency and safety is one of the great benefits of predictive maintenance, and successful businesses are quickly adopting Industrial IoT solutions to do better business today.
To learn more about predictive maintenance and IoT, get in touch with MOQdigital today. Discover how you can make the most out of your industrial assets, and explore your options regarding cost reduction, asset assessment, and efficient integration.