In today's world, we know maintenance is not the same as it was once before. It has gone to another level. What is the reason? Competition! One small mistake can lead to business loss, your competition gets ahead you. So, you cannot keep your guard down especially when you are in the maintenance business. Because customer wants quick and effective service, the customer wants that they get updated at regular intervals.
To provide regular intervals, you need predictive monitoring of equipment that can assist your business. In this blog, you will explore the benefits that a predictive monitoring system provides! But first, we will know some basics.
What Is Predictive Monitoring?
Doesn't forecasting issues sound interesting to you? Detecting a problem before it happens. Yes, it is interesting definitely! This is exactly what predictive monitoring is capable of. This is what Predictive monitoring helps us accomplishing!
According to the Globe-News Wire, the global predictive analytics market was valued at approximately USD 3.49 billion in 2016 and is expected to reach approximately USD 10.95 billion by 2022, growing at a CAGR of around 21% between 2016 and 2022. This data shows how much saving you can do with predictive monitoring & how powerful it is!
Predictive monitoring allows you to predict accurately. It is helpful in several areas such as predictive maintenance, asset management, and so on! Predictive monitoring is mainly used for keeping assets maintained as it allows the maintenance workers to focus on other activities.
What Are the Benefits of Predictive Monitoring?
There are several benefits of predictive monitoring that we have discussed below:
1. No Wastage of Resource
Predictive monitoring enables the team to maintain assets. Predictive monitoring ensures that no wastage of resource occurs.
For instance, the machine is not utilized for the last 1 month but it is scheduled for maintenance because the time interval says so. One of the main objectives of predictive monitoring is to perform maintenance only when it is required not just because of the time interval.
2. Avoid Sudden Breakdown
Predictive monitoring allows you to predict failure and it is very helpful in avoiding a sudden breakdown. When a sudden breakdown occurs, it results in decreased productivity and delayed product delivery. It creates a huge impact especially when you are in the manufacturing or logistic sector.
3. Increased Efficiency
Predictive monitoring does not only save sudden failure but can also boost the efficiency of the machine. As it let you know the analytics of each machine and when it needs maintenance. Predictive monitoring utilizes particular data and specific algorithms that help in determining how to increase the efficiency of the equipment.
4. Informative Decisions
With predictive monitoring, you are in a position to take an informative decision because you have all the information. For instance, when an asset needs maintenance when it does not need maintenance.
When you know asset history, asset life, last maintenance is done, asset performance. These types of factors help make an informative decision.
Overall, predictive monitoring benefits are helpful to an organization in avoiding unnecessary maintenance expenses and it makes your assets more reliable. When maintenance is provided before asset failure it can increase asset life as well.
However, you will not see its effect from the first day. It might take some time but in the long run, it will impact positively on your business.
What Are the Challenges in Predictive Monitoring?
As we know above mentioned data and benefits are lucrative but it is not a simple task. A lot of organizations are skeptical about implementing it. However, the actual challenge is anticipating when an asset needs maintenance & figuring out when an asset needs maintenance and how to implement it.
Organizations need to understand how their assets and their component works. You must have sufficient information about assets then only you can do predictive monitoring.
There is no doubt that predictive monitoring has a great potential to grow your business. When asset maintenance is your concern asset management software can also help you in growing your business.
As asset management software emphasizes preventive and predictive maintenance. It helps make business decisions as it provides a detailed maintenance report. You can also keep track of assets & when assets are tracked it saves assets from theft & misplacement.
Not just that it can help in improving the efficiency of machines and equipment. You will see growth in your bottom line by saving unnecessary expenses. In today's' competitive world, predictive monitoring can give you an extra edge that you need in your business. If you want to get one step ahead of your competition then this is it!
Frequently Asked Questions (FAQs)
1. Which maintenance type is best?
There is no straight answer to this question. However, maintenance can be divided into two categories first is proactive maintenance, reactive maintenance. Proactive maintenance is the maintenance in which you do not wait for asset breakdown. Proactive maintenance is provided to assets at regular intervals.
The second is reactive maintenance, this maintenance is done when asset failure occurred. This maintenance is not recommended for critical assets.
2. Is there any way for improving predictive monitoring?
For better predictive monitoring organizations can use asset tracking techniques such as barcode, QR Code (Quick Response Code), RFID (Radio-frequency Identification), NFC (Near field communication), etc. As they provide real-time information.
3. How does predictive monitoring work? Explain with an example
Let us take an example of Car! Predictive maintenance monitor a car's engine health and condition. It also tracks the habit of the driver and how frequently the car is used. With this information, you can predict when a vehicle's engine needs to be changed or when a vehicle needs to be serviced. This helps optimize and effective maintenance.