Giving maintenance on time is incredibly significant. If maintenance is not done on time, it can increase your maintenance expenditure by 15 percent to 40 percent. However, if you provide maintenance proactively you can save maintenance expenses up to 40 percent.
Therefore, investing in an automated predictive maintenance tool is essential for organizations, especially when they have hundreds of assets and pieces of equipment. In this blog, we will know what exactly predictive maintenance software is & what are main features of it! Most importantly how predictive maintenance software can play a crucial role in your business! So, without any further ado let us begin.
What Is Predictive Maintenance Software?
Predictive maintenance software or a predictive maintenance tool can be extremely helpful for businesses. Because it is a data-driven technology, and it is proactive maintenance when you combine these two technologies results can be mind-blowing.
Predictive maintenance software allows organizations to utilize assets to their full potential and maintenance is provided when it is about to reach its failure point. You can predict when each asset will require maintenance & the team performs maintenance when required, not unnecessarily.
It makes assets reliable and sudden asset failure chances are minimized.
Predictive maintenance tool schedules maintenance only when an asset is about to fail. It is a cost-effective approach and increases return on investment (ROI). With a predictive maintenance tool, you can check asset or asset conditions anytime.
Predictive maintenance monitors asset performance and identifies vulnerabilities of each asset individually then eliminates them in order to boost asset performance. Predictive maintenance implementation.
The predictive maintenance market is huge. According to the Allied Market Research, “The global predictive maintenance market size was valued at $4,331.56 million in 2019, and is projected to reach $31,965.49 million by 2027, growing at a CAGR (Compound Annual Growth Rate) of 28.8% from 2020 to 2027.”
Also Read: What Is the Difference Between Periodic and Predictive Maintenance?
What Are the Main Predictive Maintenance Software Features?
Main predictive maintenance software features are discussed below:
1. Reports & Data
Reports are immensely helpful in identifying issues that are coming in each asset individually. Reports provide data & data is the key to business growth. It has crucial information which helps in finding areas where improvement can be made!
Reports are the source where you can observe all the data regarding how you can set aside cash in business or in which regions you want to improve, etc.! Statistics & analytics reports mean you do not need to settle on suppositions.
With CMMS software (Computerized Maintenance Management Software) reports, you can settle on exact and educational choices that will emphatically affect your business rapidly.
2. Work Order Management
Whenever any maintenance task needs to be done then a work order is created. It enables the organization’s maintenance managers to keep track of each work order and what is the status of each work order so that they can update the status to the end-user itself.
With the work order management feature, they can track asset performance individually. With analytics, they can get crucial information about assets.
3. Tracking & Monitoring Assets
Each asset is important for the organization. That is why it is essential to keep track of its assets, especially when assets are costly and important for daily operation.
Moreover, when you keep track of your asset you get can collect crucial information about the asset such as how long the asset is used & how frequently it is used who has it when it will be returned, and so on.
Missed To Read: Steps to Optimize Business Operations & Maintenance with Predictive Analytics
What Are the Benefits of Predictive Maintenance Software?
The benefits of predictive maintenance software are discussed below:
1. Decreased Asset Maintenance Time
In the beginning asset maintenance work might seem increased but in the long run, you will notice decreased asset maintenance time. As maintenance is only done when it is required.
2. Decreased Asset Maintenance Expenses
When maintenance work decreases then spare items and time of maintenance are less consumed than usual because assets get maintenance on regular basis.
3. Enhanced Return on Investment
With predictive maintenance software, maintenance cost, asset failure chances & asset downtime decreases. Moreover, when asset uptime & asset performance increase then obviously return on investment increases (ROI) as well.
When an organization has a lot of assets unquestionably an organization must invest in automated CMMS Software. It will provide them lots of benefits as we have mentioned above & some of the main features of predictive maintenance software are also mentioned above.
Predictive maintenance is a little more effective compared to preventive maintenance. But the end goal is to minimize maintenance expenses and increase return on investment which you can achieve with proactive maintenance.
Recommend To Read: What Are the Benefits and Features of Inventory Management Mobile Application?
Frequently Asked Questions (FAQs)
1. What Is the Difference Between Predictive Maintenance & Preventive Maintenance?
Predictive maintenance and preventive maintenance have differences such as preventive maintenance is scheduled maintenance based on time & usability of the asset whereas predictive maintenance is condition-based maintenance. In this process, each asset is monitored closely.
The predictive maintenance team needs to be more skilled & knowledgeable compare to the preventive maintenance team. Predictive maintenance utilizes assets more compared to preventive maintenance. Overall, this maintenance helps in improving asset reliability, production hours of assets, better safety & streamlining operation by minimizing asset failure.
2. What Are the Several Types of Maintenances?
Several types of maintenance are discussed below:
1. Preventive maintenance
2. Predictive maintenance
3. Condition-based maintenance
4. Emergency maintenance
Maintenance can be divided into two main categories proactive maintenance and reactive maintenance. Proactive maintenance saves assets from sudden failure and decreases maintenance expenses. Whereas reactive maintenance increases maintenance expenses because asset failure chances are more!
3. Which Type of Industries Can Utilize Predictive Maintenance?
Those types of industries can utilize predictive maintenance which is asset-intensive & heavily rely on an asset for their daily work such as oil & gas, manufacturing, hospital, construction, asset rental, and so on.