The importance of predictive maintenance
Reactive and preventive maintenance strategies have limitations and can lead to undesired outcomes, such as unplanned downtime and inefficient resource allocation. Manufacturers looking to implement predictive maintenance should focus on the long-term benefits and strategies to overcome potential challenges.
Predictive maintenance benefits
A report by Deloitte found that predictive maintenance can lead to a 25% reduction in maintenance costs and a 70% reduction in downtime, providing significant value across operations. In addition to reducing downtime and maintenance costs, there are several other long-term benefits:
- Extends asset life and reliability
- Increases productivity
- Reduces machine failures
Four strategies to overcome potential roadblocks
1. Start small with pilots: Begin with a pilot project to demonstrate value on a smaller scale before a full rollout. This approach helps in gaining stakeholder buy-in and refining the implementation process.
2. Focus on quick wins: Identify areas where predictive maintenance can provide immediate benefits, such as critical equipment with frequent failures or high maintenance costs.
3. Engage stakeholders early: Involve key stakeholders early to address concerns, align with business goals and gain support. Use case studies from similar industries to illustrate potential benefits and ROI.
4. Develop a clear ROI model: Create a detailed ROI model that considers both tangible and intangible benefits (e.g. downtime, safety, cost savings, etc.), and update it as more data becomes available.
How ATS can help
Our end-to-end IIoT solution provides manufacturers with the technology, data analytics and actionable insights from condition monitoring experts to effectively implement predictive maintenance and scale across the enterprise.
