Why Predictive Maintenance?

According to a report by Market Research F, the global predictive maintenance market is expected to grow to $6.3 billion by 2022. However, a new paradigm is required for analyzing real-time IoT data. Predictive maintenance, the ability to use data-driven analytics to optimize capital equipment upkeep, is already used or will be used by 83 percent of manufacturing companies in the next two years. And it’s considered one of the most valuable applications of the Internet of Things (IoT) on the factory floor.

According to a PWC report, predictive maintenance in factories could:

  • Reduce cost by 12 percent
  • Improve uptime by 9 percent
  • Reduce safety, health, environment, and quality risks by 14 percent
  • Extend the lifetime of an aging asset by 20 percent

The CXP Group report provides examples in which, for companies like EasyJet, Transport for London (TfL), and Nestle, Predictive maintenance and understanding can boost the efficiency of its technicians, benefit the customer experience, and improve unplanned downtime.

What are the benefits of predictive maintenance?

Predictive maintenance can bring several benefits to asset management. Let’s highlight some of them:

  • Reduction of costs from unexpected downtime: with the early identification of possible equipment failures, it’s possible to schedule preventive maintenance and avoid unplanned downtime, reducing operational costs and increasing process efficiency;
  • Increased asset availability: with predictive maintenance, managers can schedule preventive maintenance more precisely, reducing equipment downtime and increasing asset availability;
  • Improved team performance: if you have more available equipment and less downtime, employees can work with greater safety and efficiency, increasing company productivity.

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