Implementing predictive maintenance is not an easy task. To execute it professionally, organizations need to go from several predictive maintenance challenges. What are those challenges? What are the advantages of predictive maintenance or how it will be beneficial for your organization? What is predictive maintenance anyway? You will find answers to all these questions in this blog. So, let us begin!
What Is Predictive Maintenance?
One of the main objectives of predictive maintenance is to eliminate all potential issues so that future asset failure chances are reduced. In predictive maintenance, the maintenance frequency is minimized without letting assets fail so that maintenance cost is decreased.
Predictive maintenance utilizes asset maintenance data & history to detect in advance when asset failure can occur, and maintenance is provided before failure. Moreover, real-time information and asset conditions are checked regularly.
In simple terms, predictive maintenance is proactive maintenance that ensures assets do not fail and provides maintenance on time before asset failure. So that asset maintenance expenses are decreased, and asset uptime & performance is increased. It makes assets more reliable & decreases downtime.
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Lots of organizations are investing in predictive maintenance as they know how beneficial it can be for their businesses. According to Techsci Research “The global predictive maintenance market was valued at USD4.270 billion in 2020 and is projected to grow around USD22.429 billion by 2026”.
What Are the Main Predictive Maintenance Challenges While Implementing It?
Main Predictive maintenance challenges while implementing it are discussed below:
1. Predictive Maintenance Execution
When you move from old technology to modern technology it can be a complex process and takes a lot of investment as well. Furthermore, shifting from one technology to another can be a time-consuming process so it is also a big challenge.
As gathering data from databases and include a feature such as alert & notification, KPI (key performance indicators) for assets & putting algorithm to determine anomalies and so on. So, it is one of the biggest challenges of predictive maintenance.
2. High Skilled Team
In order to implement predictive maintenance efficiently, the maintenance team should be skilled, trained, and full of knowledge. However, providing training and skill gathering in employees is a time-consuming process. Furthermore, they should know how the software works. Therefore, all things in order can be a lengthy process.
Data management is always a huge challenge for organizations. As far as preventive maintenance is concerned, it is basic to ensure that asset data & information aren't likely to be accessed by outside gatherings.
Management also needs to ensure that external entities do not have too much control of the predictive maintenance software. Most importantly, data is not leaked at all as it can impact business.
What Are the Benefits of Predictive Maintenance?
The benefits of predictive maintenance are given below:
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1. Avoid Over Maintenance
Sometimes organizations provide more maintenance than required. When you overdo maintenance then asset performance does not reach its maximum capacity. Moreover, asset maintenance expenses increase unnecessarily. But with continuous asset monitoring, you can easily avoid this issue.
2. Minimized Sudden Asset Breakdown
Providing maintenance on time decreases sudden asset failure chances. A sudden asset breakdown can be dangerous for business as it impacts production work.
When production delays other businesses also get affected and your customers get disappointed. Therefore, it is particularly important to avoid sudden failure, especially when there are other businesses that are dependent on you.
But with predictive maintenance, you can easily prevent sudden failure and increase asset performance as well, which will boost your production work.
3. Increased Asset Life
Lots of organizations do not provide maintenance on time and as a result its productivity decreases and its life. The main reason asset life is shortened is that assets do not get maintenance on time.
With predictive maintenance, you can assure that assets get maintenance on time and asset life is maximized. When asset life is maximized, then return on investment is also optimized.
4. Set Asset Priority
Setting asset priority is an incredibly significant part of maintenance. If the maintenance team does not know which asset, has I high priority, then they work on a first come first serve basis. It can be dangerous for business as high-priority assets will not get maintenance on time and production work will be delayed.
Predictive maintenance eliminates this issue. And enables you to set the priority of each asset. As a result, the maintenance team knows which asset has high priority and which asset they need to work on urgent basis.
5. Continuous Asset Monitoring
With this maintenance type, you can regularly check asset health and schedule maintenance if any problem is found. With continuous asset monitoring, you can ensure that asset failure does not take place or maintenance is done before that.
So, these were the main challenges of predictive maintenance implementation and the benefits you will achieve after implementing it successfully. Predictive maintenance is an essential part of maintenance management software.
It helps organizations in several ways, specifically in maintenance management. If you want to utilize predictive maintenance, then investing in asset management software is important.
Also Read: Why Is Customized Asset Management Software Essential for Small Businesses?
Frequently Asked Questions (FAQs)
Q.1 - Which Industries Can Utilize Predictive Maintenance?
Predictive maintenance can be utilized in all industries, which are asset-intensive. Some of the major examples are hospitals, manufacturing, automotive, healthcare, oil & gas, and so on.
Q.2 - Why Must Organizations Invest in Asset Management Software?
Asset management software provides several benefits to the organization. It can help the organization in keeping track of every asset. When assets are secured, it eliminates chances of asset theft & misplacement. Asset management also helps in managing asset life efficiently. And it focuses on asset maintenance as well. Furthermore, it is also helpful in asset auditing and asset compliance. Overall, this software is helpful in enhancing the efficiency of the organization and employees as well. Most importantly, this software comes with proactive maintenance features.
Q.3 - What Are the Various Types of Maintenance?
There are several types of maintenance available in the market, but they can be divided into 2 categories. Proactive maintenance and reactive maintenance! Proactive maintenance ensures that assets get maintenance before asset failure can occur. Whereas in reactive maintenance assets are given maintenance after a failure occurs. You can utilize both techniques for asset maintenance, however when asset priority is high then proactive maintenance is emphasized.