5 Reasons Predictive Maintenance Can Save You Money
Technology is everywhere. It helps make our lives more convenient and efficient not only at home but also at work. Companies enjoy higher production rates with their machines while workers become more effective in their job. However, technology still relies on a lot of equipment such as cables, I.T. networks, computers, switchers, speakers, video conferencing systems, and so on. Daily use of this equipment can lead to equipment wear and tear and, without proper maintenance, can cause some serious downtime in your business.
Companies often employ preventive maintenance to ensure that their equipment will remain at its peak efficiency at all times. This leads to less downtime of equipment thus protecting the company against any financial losses. Not only that, but employee productivity levels remain high. However, preventive maintenance can be costly since you will need to conduct it on a regular basis. This is where predictive maintenance comes in.
What is Predictive Maintenance?
Predictive maintenance uses data analysis tools to keep track of the condition and performance of the equipment while it is operational to reduce the chance of failure. This technique predicts the service period of a company’s assets to maximize the usefulness of the parts or assets.
In fact, predictive maintenance can increase savings by boosting the availability of the production line up to 15% while lowering the cost of maintenance up to 25% according to the McKinsey management consulting firm.
With the proper implementation of predictive maintenance, companies can enjoy the following benefits that lead to more savings.
1. Reduce Maintenance Costs
Predictive maintenance can help reduce the cost of maintenance by up to 50%. Maintenance cost often includes labor, the overhead cost of maintenance office, required tools and parts, plus the cost of downtime per hour. Although predictive maintenance will cause downtime in equipment, it will not be as long as in preventive maintenance.
2. Provide Ideal Maintenance Time
Another advantage of predictive maintenance is being able to determine the ideal time for maintenance to be conducted. Since the predictive maintenance program is integrated with the business’ systems, monitoring of equipment in real-time helps it determine when the best time for a maintenance check is even before or while issues are being detected. Through proper implementation of predictive maintenance checks, companies will be able to extend the service period of their machines considerably.
3. Minimize Stock of Spare Parts
Being able to predict or pre-determine when parts will require maintenance or replacement and labor can help reduce the repair time as well as the cost. The reduction of cost also includes stocking parts for the equipment used in the business. Instead of stocking up parts for long periods of time, predictive maintenance can provide you with information on when to order them in time for maintenance needs.
4. Reduction of Machine Failures
Predictive maintenance also helps reduce the number of times a machine or equipment fails to work. Since the maintenance program monitors equipment in real-time, the maintenance team will be able to discern when maintenance checks are to be done even before the machine breaks down. This prevents longer maintenance time and fewer losses on the part of the company.
5. Improve Equipment Performance
The data collected by predictive maintenance can assist in boosting the performance of machines in the business. Through accurate predictions on when maintenance should be done, the equipment will constantly be running in peak performance. What’s more, the data gathered can be analyzed to determine how to boost the machine’s quality and performance.
Predictive maintenance solutions, like SCAN2i for Audio-Visual systems, are helping companies extend the lifespan of their equipment by determining the ideal time to conduct maintenance. This system monitors real-time data gathered from machines while they are still working to see how well they are handling wear and tear. By being able to predict when the parts will start experiencing issues, companies can conduct maintenance even before the problems become full-blown.
For example, SCAN2i is a predictive maintenance tool that monitors the audio-visual equipment hooked up in a business. It will keep track of its usage and their service period to determine when to maintain them to ensure that everything is running smoothly. Not only will this cost less compared to repairing only when the equipment fails, but it also prevents financial losses too because of prolonged downtime hours.
Learn More about Predictive Maintenance
Do you still have a few pressing questions about predictive maintenance? See how AITS can help you solve your challenges and expedite the adoption of a predictive maintenance program for your audio-visual facilities. Our team of knowledgeable specialists will be happy to answer any questions you may have. You can reach us through SCAN2i@aitssg.com. We look forward to speaking with you!