Whether the term “predictive maintenance” is an entirely foreign concept or a new acquaintance, your business model shouldn’t overlook the benefits of this technique. Because companies frequently utilize asset management strategies like preventative maintenance and corrective maintenance, you’ll want to keep pace with the competition by playing a profit-driven game of “follow the tech leader.” Typically, preventative maintenance is given priority because it addresses problems before they happen, unlike corrective maintenance.
While both strategies are critical pieces of the puzzle when running a successful company, people often overlook a third maintenance type. Predictive maintenance is a simple strategy that considers the state of equipment in a company, which is both essential and cost-effective.
This type of maintenance, typically completed by technicians from companies like Telstar Instruments, continuously monitors company industrial equipment through inspections and data analysis. With round-the-clock surveillance, business heads anticipate potential problems. There are various benefits to predictive maintenance, which are critical to note before implementing this strategy.
Reduce maintenance costs
Unplanned repairs to company equipment can be costly. You have to consider the labor, the replacement parts, and all necessary equipment required to maintain the equipment. Not to mention the money lost when the unit is out of commission.
Suppose a problem can be identified before it becomes an actual problem. In that case, the cost for repairs will be less impactful. Not to mention, employee productivity will surge, thanks to less downtime during unplanned repairs.
Predictive maintenance happens on a schedule. Although the equipment is being looked at regularly, companies can maximize the time between inspections and plan accordingly for routine maintenance–enabling businesses to reduce maintenance costs between 30-50% on average.
Reduce repair downtime
The overall time spent repairing a piece of company equipment is significantly less with a predictive maintenance program. With regularly scheduled inspections, companies can accurately predict when a unit will need to be down and make arrangements to have it repaired that work best for the staff and overall production schedule.
Reduce machine malfunctions
With a predictive maintenance program, machines are regularly checked for errors, wear and tear, and general malfunctions. These inspections can catch potential problems with the equipment early before they devolve into a massive and costly issue. Additionally, predictive maintenance will ultimately reduce the likelihood that significant hardware or software malfunctions will occur.
Increased workplace safety
Predictive maintenance is also vital for any workplace safety or risk management program. Investing in early detection programs can help reduce workplace accidents due to catastrophic machine failure, which naturally reduces lawsuits and insurance claims. Operators are safer, and so is your bottom line.
Boost productivity and ROI
Finally, predictive maintenance can help boost employee productivity and ultimately increase ROI. Avoiding unplanned repairs and delays helps increase the machine’s efficiency, which allows the operator to do their job more effectively and thereby increases productivity and profits.
Predictive maintenance, along with preventative and corrective maintenance, is an integral part of any successful program. It requires a significant amount of investment in training staff and upgrading equipment. However, in the long run, it is a more cost-effective strategy that can reduce unwanted downtime, limit machine malfunctions, and ultimately increase productivity and output.