The What, Why, and How of Predictive Maintenance

With the rapid development of technology and its incredible abilities, predictive maintenance has emerged as an exceptionally useful tool for businesses, especially those whose operations involve complicated machinery or vehicles.

What is Predictive Maintenance?

So, what is predictive maintenance and why is it important? In short, it is technology that effectively analyzes historical and current data to predict necessary repairs and maintenance, which can in turn prevent unforeseen or unnecessary costs.

How Does It Work?

Predictive maintenance starts with sensors collecting information machinery, such as oil measurements, thermal readings, or specific movement scans. Using a combination of historical and real-time data, software that uses artificial intelligence along with the power of IoT can evaluate the information that has been collected and produce detailed reports and predictions. This process helps identify potential issues before they escalate, avoiding unexpected downtime and costly repairs.

Why is It Important?

Gathering preventative data is beneficial to any company, as it can impact costs, productivity, strategic decisions, and operations. Predictive maintenance seeks to achieve this by leveraging AI and IoT technologies. This makes it an increasingly essential tool for optimal business operations.

As AI and IoT continue to evolve, the prevalence and necessity of predictive maintenance in varying industries is expected to grow.

What are the 3 Types of Predictive Maintenance?

There are three variations of predictive maintenance: corrective, preventative, and risk-based. Each plays a major part in the effective collection and analysis of data. Here are the differences between the three:

1. Corrective: This form of predictive maintenance aims to identify faults in machinery, signaling the need for correction and preventing unexpected costs.
2. Preventative: This type uses historical data to create a maintenance schedule based on critical past information, such as the lifespan of the machinery. This schedule helps in preventing unwanted breakdowns by ensuring proper care and timely maintenance.
3. Risk-Based: This approach ensures that resources are distributed efficiently to minimize overall risks and costs. It assesses the likelihood of failure and the impact of failures to prioritize maintenance activities.

Understanding these forms can help ascertain the value this tool brings to your business.

Predictive vs. Preventative Maintenance

The key difference between predictive and preventative lies in the type of data that is gathered and used. Preventative maintenance leverages historical data, processing past events to rely on best practices. Predictive, on the other hand, processes measurements from events as they occur in real-time. This allows for critical projections to be made.

Both types are proactive, but each comes with their own set of benefits and shortcomings. This strategy might result in the mistake of presenting issues that don’t exist or need attention. Predictive maintenance is more complex, providing shorter notice as it utilizes a less planned out schedule.

Benefits of Predictive Maintenance

Predictive maintenance offers a wide range of benefits to businesses, including:

• Reduced Maintenance Costs: By addressing issues before they become severe, businesses can reduce maintenance expenses.
• Fewer Machine Failures: Early detection of potential problems reduces the likelihood of malfunctions.
• Reduced Downtime: Timely maintenance ensures machines are operational for longer periods of time, minimizing downtime.
• Increased Lifespan for Machinery: Regular maintenance based on predictive insights can extend the life of equipment.
• Increased Production: Reliable machinery leads to higher productivity and output.
• Heightened Operator Safety: Predictive maintenance can identify and mitigate safety risks, protecting workers.
• Verification of Repairs: Ensures the repairs are effective and that these issues do not recur.
• Increased Profits: By optimizing operations, reducing costs, and mitigating potential downtime, this strategy enhances your business’s overall profitability.

What Does The Future Hold?

Predictive maintenance has evolved into a revolutionary tool over the past few years. We expect most businesses to leverage it moving forward. Analysts anticipate that the industry will continue to develop at a quick pace, reaching a value of $28.2 billion by 2026. This growth is fueled by advancements in Industry 4.0, the Internet of Things, and AI.

Predictive Maintenance Strategy

If a machine tends to break down after 10,000 hours, a preventative maintenance strategy is completed when the machine reaches the 9,000-hour mark. This approach uses historical data to determine the optimal time for maintenance, ensuring the machine continues to operate efficiently without unexpected failures.

Is It Worth It?

Predictive maintenance is a valuable tool for most companies. It has proven to be an effective way to cut costs, improve strategy, and extend the lifespan of equipment. Studies have shown companies investing in predictive maintenance reduce up to 30 percent of maintenance costs and significantly increase their return on investment.