5 Key Benefits of Predictive Maintenance in the Manufacturing Industry
Every industry requires maintenance to retain optimum functionality. Conventionally, maintenance was divided into two categories, i.e. Preventative Maintenance and Corrective Maintenance. Preventative maintenance refers to all the standard cautionary measures taken to avert or avoid a disaster. Corrective maintenance is exercised after a problem has occurred with equipment or machinery. Predictive maintenance is a more recent corporate philosophy, which falls somewhere between preventative and corrective maintenance.
Predictive maintenance is a regimen that utilizes data analysis tools and condition-monitoring techniques to detect anomalies and defects in industrial operations before they lead to an adversity. The process can predict possible equipment failure, so you can get it under control prior to experiencing a complete shutdown. Below are the 5 key benefits of employing predictive maintenance in the manufacturing industry:
1. Reduced Equipment Failures and Repair Time
When equipment and machinery is continuously monitored in real time, the rate of unexpected glitches or breakdowns is reduced by at least 50%. The early detection of a mechanical problem or deterioration is vital to sidestep hulking fiascos. Since the issue is recognized before the equipment malfunctions, manufacturers can rescue their business from a dry spell. Repair times are automatically diminished, as the faulty parts of a machine are fixed before the situation escalates. It takes less time to restore equipment that is partially damaged, as compared to something that has fallen apart entirely.
2. Lower Maintenance Costs and Greater Asset Lifetime
Since all the manufacturing equipment is audited on a regular basis and extensive issues are deterred, the overall maintenance costs naturally go down. All the machinery and spare parts are tweaked prior to reaching the risk zone, which greatly increases their life. Faults and errors that are not immediately dealt with turn into a hazard, which is always expensive to get rid of. Industrial assets function to their highest capacity with predictive maintenance, which ultimately boosts the business value.
3. Enhanced Workplace Safety
The manufacturing industry relies on manpower as much as on automated solutions. Workers in contact with faulty equipment are prone to encounter severe accidents. When an employee incurs serious injuries due to a workplace accident, he/she is compensated through worker’s compensation insurance policy purchased by the employer. High frequency of equipment failures in an industry is a major threat to the staff’s health and safety; the employer has to pay in the form of high insurance costs, which translates to substantial business loss.
4. Increased Production
Predictive maintenance saves a business from unforeseen catastrophes that lead to prolonged shut down of operations. Therefore, manufacturers do not have to worry about not being able to retain the demand and supply chain. Since the plant can operate more consistently, there will be a noticeable increase in production. Subsequently, manufacturers can expand business and pursue new leads.
5. Improved ROI
Manufacturers who implement predictive maintenance have witnessed an improvement in ROI (return of investment) of up to 30%. The condition-monitoring techniques and data analysis tools have increased the overall efficiency and efficacy of operations; smaller input yields greater output. An increase in production paired with lower maintenance costs results in bigger profits for the business owners. Enhanced wellness of employees and minimal hiccups in operations further cut down capital costs.
John Adams is a paralegal who writes about widespread legal and social issues. He helps readers overcome challenges and solve many personal problems the smart way, rather than the hard way. He aims to reach out to individuals who are unaware of their legal rights, and make the world a better place.