Predictive maintenance uses condition-monitoring equipment to evaluate an asset’s performance in real-time. A key element in this process is the Internet of Things (IoT). IoT allows for different assets and systems to connect, work together, and share, analyze and action data.
When predictive maintenance is working effectively as a maintenance strategy, maintenance is only performed on machines when it is required. That is, just before failure is likely to occur. This brings several cost savings:
Predictive maintenance programs have been shown to lead to a tenfold increase in ROI, a 25%-30% reduction in maintenance costs, a 70%-75% decrease of breakdowns and a 35%-45% reduction in downtime.
These cost savings come at a price, however. Some condition monitoring techniques are expensive and require specialist and experienced personnel for data analysis to be effective.