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When your business experiences an equipment failure, the ripple effects can be widespread and costly. Just a few hours of unplanned downtime can push projects off schedule, interrupt customer service functions, slow down productivity, and affect customer relationships. Longer disruptions can have even more dire consequences, including major revenue losses.
What if there was a way to predict when equipment is in danger of failing so you could take action? There is. Technological advances like AI and data analytics support predictive maintenance, a strategy that allows you to identify potential issues before they happen so you can stop them and keep your business moving forward.
Preventive vs. Predictive Maintenance
Your business most likely engages in preventive maintenance for all its equipment. Preventive maintenance occurs at set intervals, regardless of the equipment’s condition. These inspections, tune-ups, and cleanings help keep things in good working condition so they last longer and are less likely to have issues. ‘
Still, even things can go wrong. Business equipment undergoes a great deal of wear and tear in the course of normal operations, and typically, things go wrong at the worst possible time. Predictive maintenance helps keep that from happening.
Predictive maintenance uses real-time monitoring tools to monitor equipment and alert you to potential problems before they start. For example, AI can automatically collect and analyze data related to a machine’s function and integrate that data with other technology to produce an accurate, real-time look at the machine’s condition.
Much of predictive maintenance’s power comes from using sensors, which collect data for analysis. Not only does this allow for constant monitoring, but relying on sensors and machine learning removes some of the human element from evaluating the equipment’s condition. You don’t have to rely on the subjective interpretation of data or worry about inaccurate or incomplete data, which may support incorrect conclusions that miss potential problems, lead to an inaccurate diagnosis, and ultimately increase costs or affect operational efficiency.
What Your Business Gains From Implementing a Predictive Maintenance Program
Eliminating human error (or at least reducing the risk of it) is only one advantage of using predictive maintenance technology. With an ongoing, data-driven risk assessment, you can be more proactive when allocating resources, which results in:
Reduced Costs
Predictive maintenance supports significant cost savings. Addressing problems before they disrupt operations is clearly an advantage, but using technology to evaluate the condition and function of your equipment can help you more accurately plan for repairs, upgrades, and replacements. Not to mention, being proactive about fixing problems costs less because you aren’t scheduling emergency service, rushing parts, or reallocating resources.
Improved Productivity
A predictive maintenance program can eliminate the costly productivity losses that equipment issues can create. Less downtime, fewer delays, and limited interruptions keep everyone on track and help your company meet its targets.
Longer-Lasting Assets
Taking care of your equipment and addressing issues early on keeps everything in good condition longer, so you can get the most value from it.
A predictive maintenance program is a great way to keep your company moving forward. Leverage the power of technology to reduce costs, increase productivity, and improve efficiency.
