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.
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Industry 4.0: Benefits of Digital Transformation of Business
As the civilization grew in proportion with development in economic systems, handmade manufacturing of items shrank with a gradual expansion of manufacturing with machinery. The shift in manufacturing and transportation inclined towards factories is referred to as Industrial revolution. Businesses grew robustly as they followed the people paving the way for economic prosperity.
First Industrial Revolution
This phase used just water and steam for production and saw the basic framework and inauguration of railway network.
Second industrial revolution
Manufacturing sector in India, according to several estimates, lags behind well-developed nations of the world in terms of major technologies.
Towards the end of 19th century, a relatively new source of energy electricity was discovered. During the period electricity, gas and oil were widely used for production. The invention of telegraph and telephone evoked a ‘wow’ spirit in the minds of people. The products of Automobile industry invariably penetrated into the lifestyle of people.
Third industrial revolution
The third industrial revolution saw the rise of electronics—with the discovery of transistor, microprocessor & computers. There was a significant improvement in computing abilities and telecommunication facilities. The invention of programmable logic controllers (PLCs)—and robots gave rise to the era of high-level automation in production.
Fourth Industrial Revolution
Today a fourth industrial revolution is underway which may be viewed as a cream of the automation incorporating Internet Of Things(IoT ) sensors. Higher automation saves labour costs and improves throughput. Businesses are increasingly switching over to this trend to realize the amazing benefits it offers.
IoT brings machines & devices into the network and facilitates communication between devices and machines eliminating man-machine communication. The shift from analogue to digital technologies is going to be the game-changer in the future.
Industry 4.0 uses digital technologies to make manufacturing more agile, flexible and responsive to customers. Adopting to Industry 4.0 standards, The entire team can be involved widening the scope of well organized and centralized workforce management & work order tracking. The technicians are in a better position to report work with the required data.
Innomaint Computer Aided Facility Management(CAFM) Software has been modeled around the core concepts of Industrial revolution 4.0 which were implemented successfully in developed nations of the world to yield noteworthy benefits. Our technologically advanced maintenance solution is scalable & cost-effective, fitting any industry vertical. Join hands with Innomaint for digital transformation of maintenance operations of your business !! It’s the hot trend in Information Technology, right now.
BDC’s survey unearthed the fact that 60% of digital technology adopters say it helped them reduce operating costs. OEE, in simple terms, is the percentage of the manufacturing time that is really productive. An OEE score of 100% implies you are manufacturing only high-quality spares as fast as possible, with no Stop Time.
An adherence to Industry 4.0 brings down the maintenance costs up to 50 % by scheduling preventive maintenance tasks based on calendar, calibration point, usage or Ad-hoc, etc. Ad-hoc scheduling refers to the scheduling of events to take place at varied intervals over the days. This, in turn, enhances the uptime of the equipment making it continuously available for the production cycles contributing to increased productivity.
A substantial improvement in product quality shall be seen as the entire information on work orders along with reassignment, escalation information, SLA, check in & check out time can be viewed at length by Admin. Real-time production monitoring along with quality control lessens rework.
This comes handy in building & maintaining a good relationship with your customers.
New competitions can come from unexpected quarters as the awareness on digital transformation is fast spreading. Companies which are not in a position to face this challenge are liable to be outshined by their competitors who embrace the new industrial standards.
According to a survey, 13% of Industry 4.0 adopters opined the new technology has empowered them with the capacity to innovate extensively. A high degree of innovation can often bring in great value for your business. Unprecedentedly new business models are now possible by means of smart products and new advanced technologies which promise to spark innovation on a massive scale in the coming decade.
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