Benefits of Predictive Maintenance and its impact on asset performance

Procurement Support Outsourcing, major benefits of predictive maintenance

An efficient predictive maintenance plan assists maintenance engineers to predict the threat of future failures and dictate equipment failure aspects that might probably impact plant, business operations, or asset performance. It uses patterns in the knowledge of the past and matches up with any far-famed problems to assist in predicting failures.

A successful predictive maintenance strategy depends on real-time asset performance measurement and analysis. The discrepancy from the conditions recognized during continuous or routine measurements dispenses the data needed to execute any maintenance required for the asset. It also helps stay away from unplanned equipment downtime or increase lead time to coordinate repairs with scheduled maintenance and thus bring down costs.

Some of the major benefits of predictive maintenance are:

  • Reduce Asset downtime:
    • Avoid breakdowns by predicting asset failures and initiate the right actions
  • Minimize maintenance costs:
    • Reduce capital expenditures by balancing maintenance practices to avoid over-or under-maintained assets.
    • Predict the failure of any asset so that you can prevent costly unexpected downtime.
    • Adjust maintenance schedules and tasks to lower repair costs and reduce asset unavailability.
  • Increase asset efficiency:
    • Reduction in unplanned downtime resulted in higher operational efficiency.
    • Better energy efficiency due to lower cost of operations and maintenance.
    • Using advanced analytics to make a move from calendar-based to predictive maintenance.
  • Extend asset life span:
    • Improve maintenance practices, reliability and Identify operational performance factors.
  • Increase production output:
    • No financial impact due to disrupted operations.
    • Better energy efficiency due to lower cost of operations.
  • Optimize maintenance schedules:
    • Accessing multiple asset data histories in real-time to help predict assets failures, quality issues and thus reduce unnecessary maintenance.
    • Optimize maintenance schedules by quickly applying asset performance data to better plan and prioritize work.
  • Improved customer satisfaction:
    • Adding predictive maintenance capabilities to the systems can help Utilities to control & avoid asset failures, unplanned outages, and penalties. Hence, planning & prioritizing asset maintenance tasks and notify customers about them will attain improved customer satisfaction.

Predictive Maintenance depends on the smart usage of asset data and its management. This strategy focuses on “asset health,” executing maintenance and repairs based on the asset’s failure to accomplish maximum performance. Fixing problems before the asset breaks down is more business-like and cost-effective. Predictive maintenance comes with model templates which include the Failure probability prediction, Predicted failure dates, Anomaly detection, Failure contribution breakdown, and Failure probability curve. Predictive maintenance is parts of a maintenance system supported by software capability to handle large amounts of data collected from the connected assets and made digitally available in real-time for operational and maintenance activities.

Do you to want to know more on how Predictive Maintenance can help you optimize plant / asset performance, talk to our asset management experts today!

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