What Is the Importance of Condition-Based Asset & Equipment Monitoring?

It has been seen several times that organizations provide maintenance only after sudden asset failure or sometimes too much maintenance is provided to the asset. In these types of scenarios, the actual performance of the asset is not seen & calculated. Therefore, providing maintenance on time to assets is important. However, maintenance shall be neither too much nor too little. Organizations shall emphasize condition-based assets monitoring so that Maintenance is done on time. To fulfill this purpose. An equipment monitoring system can be used. What exactly is an equipment monitoring system? What are the benefits of it that we will read in this blog now? So, without wasting any time, let us begin.

What Is an Equipment Monitoring System?

An equipment monitoring system is helpful in keeping track of assets and provides continuous monitoring of pieces of equipment located in distinct locations. The equipment monitoring system provides a systematic approach to maintaining assets and pieces of equipment.

It assists the organization in providing maintenance on time and avoids asset failure. A sudden asset failure can lead to increased maintenance expenses. However, you can easily avoid it with an equipment monitoring system.

With this software, you can easily schedule asset maintenance as it continues to monitor assets and keep track of asset conditions as well in real-time. With this system, you get real-time notifications that help make crucial business decisions.

Recommend To Read: Why Remote Maintenance and Monitoring Is Important for Companies?

What Are the Advantages of Using an Equipment Monitoring System?

Advantages of using an equipment monitoring system are discussed below:

1. Increased Asset Availability

One of the most basic and key features of an equipment monitoring system is that it monitors assets & pieces of equipment and tracks them.

When assets are working, when they are not working, why is equipment not working? This system will alert you when an asset is not working, and you maintain them easily. When assets are maintained, asset availability increases as well.

2. Better Asset Performance

With continuous asset condition monitoring, asset failure chances are minimized. As assets get maintenance on time and regularly. When sudden asset failure increases maintenance expenses also increase. However, with this software, you can easily avoid that, on top of that maintenance cost also decreases in the long run.

In simple terms asset performance is maximized, and productivity of employees and production work increase as well.

3. Better Key Performance Indicators

With asset condition monitoring, you approach a continually updating tool of information on your assets. This data can demonstrate significance while figuring out and analyzing KPIs (Key Performance Indicators) and estimating your result achievement.

Furthermore, KPIs permit you to settle on informed choices while buying new assets. You will know when an asset is not performing to the expected level. This software helps in anticipating asset performance with data.

Missed To Read: Everything You Need to Know About Predictive Monitoring

4. Enhancing Production Work

Flawed machines and broken parts lead to the organization’s maintenance team doing lots of maintenance work. When the equipment does not work. efficiently then production work also halts. However, organizations can easily avoid it with condition monitoring of pieces of equipment.

When assets are maintained, then production work also improves as assets work continuously for longer hours than usual. It is immensely helpful in increasing the ROI (Return on investment) of the organization.

Why Is Condition-Based Asset & Equipment Monitoring Required?

Condition-based asset & equipment monitoring is required for providing maintenance on time. When you perform condition-based asset & equipment monitoring at regular intervals. You will save a lot on maintenance expenses. And asset performance will be improved as well.

Furthermore, asset downtime will be minimized, and uptime will be maximized. To perform condition-based equipment monitoring. The best maintenance is predictive maintenance.

Predictive maintenance specializes in monitoring and inspecting assets. For this purpose, asset tracking techniques, artificial intelligence, and data are utilized. So that maintenance is delivered on time & assets are utilized to their full potential.

Undoubtedly, predictive maintenance is one of the best maintenance types.

According to 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 of 28.8% from 2020 to 2027.”.

However, predictive maintenance needs a highly skilled and knowledgeable maintenance team. This is one of the main reasons why organizations cannot perform predictive maintenance.

Conclusion

The equipment monitoring system provides automated asset condition monitoring. It helps reduce maintenance expenses & increase the longevity of assets.

Furthermore, you can categorize and prioritize assets maintenance accordingly. The alerts and notifications feature is extremely helpful in asset maintenance.

There is no doubt that an equipment monitoring system is one of the effective asset management software systems that can help the organization in enhancing asset performance.

Also Read: How Asset Tracking Strategies Boost Business Performance?

Frequently Asked Questions (FAQs)

Q.1 - Which Type of Industries Can Utilize an Equipment Monitoring System?

Organizations that are asset intensive and equipped with complex assets can utilize an equipment monitoring system. Manufacturing, construction, automotive industry, and oil and gas are a few of the examples that can use equipment monitoring systems.

Q.2 - What Are the Several Types of Maintenance?

In the market, there are several types of maintenance, but they can be categorized into two categories, proactive maintenance, and reactive maintenance. Proactive maintenance empowers organizations to provide maintenance before asset failure can occur. Whereas reactive maintenance is done after asset failure occurrence.

An organization can utilize both maintenance techniques. However, Proactive maintenance shall be implemented for those assets which have high priority, and for those assets, which have less dependency reactive maintenance can be used.

In the long term, reactive maintenance has proven to be costly compared to proactive maintenance. As maintenance expenses start decreasing with time through proactive maintenance.

Q.3 - How Is Equipment Tracking Done? How Will It Be Beneficial for My Business?

For keeping track of pieces of equipment there are several types of techniques available such as barcode QR (Quick Response) code, RFID (Radio Frequency Identification), GPS (Global Position System), NFC (Near Field Communication), IoT (Internet of Things). These techniques come in the form of chips, labels, etc.

The label is stickered to the equipment and each label has a unique identification number Which is stored in the software. Whenever this unique number is scanned, it automatically fetches all the information related to the equipment. equipment tracking provides accurate location of assets which is extremely helpful to all types of businesses. Equipment tracking is also helpful in asset auditing & maintaining compliance as well.