Advantages of Predictive Maintenance
Know Top 5 Advantages of Predictive Maintenance
Data from several studies have shown that the unexpected breakdown of machines results in a loss of more than USD 50 billion. This is a huge monetary loss which can be easily avoided by these companies. Companies that are aware of the numerous advantages of predictive maintenance have already started using this and are saving a lot. One such example is Rio Tinto, where Predictive Maintenance based approach is able to make them a profit of USD 2 million daily.
The type of maintenance currently employed across the industries on their machines is of two types - Breakdown Maintenance and Preventive Maintenance. Breakdown repair is done on machines which are non-critical and don’t affect the production process directly. The widely practised Preventive Maintenance, which includes run-hour or periodic maintenance helps in maintaining the health of machines, but it is observed that in the long run, it actually reduces the reliability of these assets.
Predictive Maintenance is essentially a remote condition monitoring methodology where you are monitoring your assets without visiting them. So, this is a modern maintenance method and we have elaborated the benefits of using this technology to give you a closer look at how it is transforming maintenance across industries from the way it was done earlier. Read more about Predictive Maintenance.
1. Offers 24X7 remote machine monitoring
Predictive maintenance benefits by allowing you to monitor your machines 24X7 from anywhere and at any time. So now you don't need to visit your machines each time for a routine check-up. This provides you with comfort over that hectic maintenance schedule and drastically reduces that unplanned repair tasks, up to 90% as per several data available, which earlier was there due to the lack of machine in-sights. The maintenance will now be planned each time and will be done only when required.
2. Reduces the overall maintenance costs
One of the main advantages of predictive maintenance is that it greatly reduces the maintenance costs spent on critical machines. Although a high initial investment of deploying the setup is required, it gives you up to 10 times ROI in a longer run. Data from several studies have shown a minimum decrease of 25% in overall maintenance costs across industries.
Sudden breakdowns are unplanned, so they need more time and effort to be fixed. They can also cause a “ripple effect” where the other finely operating machines down the line are also damaged due to the damage of single machinery. Planned maintenance or again-n-again repairs are not only hectic but also add maintenance costs over time.
3. Improves production cycle
Using predictive maintenance in manufacturing plants helps in increasing the productivity of machines as it allows them now to operate continuously without any interruption due to that run-hour or periodic maintenance. Production loss due to unplanned or breakdown repairs can also be now largely avoided as the machines are now under continuous observation and maintenance is done only when it is required. In-fact, it is observed the downtime impact to reduce by (40-45)% as compared to the earlier preventive maintenance schedule.
4. Increases the life of a machinery
The constant reopening of machines affects their life. Employing Predictive Maintenance benefits by reducing that frequent opening & closing of machine parts and improves their lifespan. Also, the whole machine and its components can now be repaired, oiled or greased in a better way as you will be able to know the accurate condition of the machine components.
5. Helps in maintaining the stock of spare parts
One more way the predictive maintenance benefits in your plant repair work is that you can now maintain the inventory of your machine components feasibility. This is because now you are knowing the faults more specifically and the location where it is developing inside your machinery. You can purchase a new machine part when it is required as you now are scheduling your maintenance when it is required.