How Predictive Maintenance Saves 14.9 Crores Daily?-5 Benefits of PdM
Top 5 Advantages of Predictive Maintenance
There are many advantages of predictive maintenance, and companies that know this have started using it.
One such example is Rio Tinto, which is the world's 2nd largest mining firm and using the Predictive Maintenance based approach, they are able to make a profit of USD 2 million daily.
Data from several studies have shown that the unexpected breakdown of machines results in a loss of more than USD 50 billion to industries. This is a huge monetary loss that these companies can avoid if they use PdM Technology in their plants.
The type of maintenance which currently industries depend upon for their machines is of the following two types -
Reactive Maintenance and Preventive Maintenance.
Reactive Maintenance is for machines that are non-critical and don’t affect the production process directly. This is also known as Breakdown Maintenance.
Preventive Maintenance is the widely practised maintenance method across manufacturing industries. This includes run-hour or periodic maintenance and helps in maintaining the health of machines. But in the long run, data suggests that even preventive maintenance reduces the reliability of the machine assets.
Coming to the Predictive Maintenance, it starts with allowing a user to remotely monitor his machines. So, you can observe your assets without even visiting them. PdM makes it possible with the help of sensors and a software platform which are integrated with each other, forming an IoT ecosystem. The sensors are installed at various locations on the machines, and the software platform is used to visualize their health condition. So, we can also call this a modern maintenance method and a need of our time, where maintenance will be planned only when a machine shows early signs of its failure.
Here, we have described the benefits of using the PdM method to give you a closer look at how it can transform the maintenance from the way it was done earlier.
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 reduces that unplanned repair tasks, up to 90% as per several data available.
Also, your maintenance will now be planned each time and will be done only when required due to the presence of machine-insights with you.
2. Reduces The Overall Maintenance Costs
One of the main advantages of predictive maintenance is that it reduces the maintenance costs spent on critical machines.
A high initial investment of installing the setup although is required, but in the longer run, it can give you up to 10 times of Return On Investment. Data from several studies have shown a minimum decrease of 25% in overall maintenance costs across industries.
You can't plan in breakdown repairs. So you need more time and effort to fix them. 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 in Preventive Maintenance is not only hectic but also add maintenance costs over time.
3. Also Improves Production Cycle
Using predictive maintenance in manufacturing plants helps in increasing the productivity of machines. It allows the machines to operate continuously now without any interruption.
So you can avoid the production losses due to the routine repairs as your machines are now under continuous observation. The maintenance will be done only when it is required. In fact, it is observed the downtime impact to reduce by (40-45)% as compared to the preventive maintenance schedule.
4. Increases The Life Of A Machinery
The constant reopening of machines affects their life. But Predictive Maintenance benefits hereby reducing the frequent re-opening of machine parts. This, in turn, 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 Spare Parts Inventory
One more way the PdM benefits in your repair work is it helps to maintain the inventory of your machine components.
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 you need it. As you now are scheduling your maintenance when it is required.
So, above were the 5 major advantages of using Predictive Maintenance at the manufacturing plants. There is no doubt that our world is rapidly becoming digital. The way we were doing shopping 10 years back is not the same as we do now. The demand for IoT products is increasing with its full pace as we desire for convenience in whatever tasks we do. Many things have become digitized and sooner or later, the maintenance practices will also transform completely from their current ways.