Did you know
- 82% of asset failures occur randomly and do not have an age-related failure pattern[1]
- On an average, 18%-30% of every dollar spent on maintenance is wasted[2]
Age-related failure is the basis for Preventive Maintenance. The older the asset, the higher the frequency of maintenance – this kind of time-based cycle has always been the accepted industry practice. But when time-based maintenance activity is not effective, the question arises as to whether the money spent on such activities is really worth the investment.
Preventive Maintenance costs Versus Asset Reliability
ARC Advisory Group’s Enterprise Asset Management and Field Service Management Market Study finds that an average company can reduce its maintenance costs up to 50%. ARC identifies the primary KPIs for asset performance as higher uptime and asset longevity.[3] The argument is that sometimes over- maintaining may do more harm than good, increasing costs and squandering precious maintenance resources (time, tools, parts and labor).
A study by Oniqua Enterprise Analytics, found that 30% of preventive maintenance activities were carried out too frequently while 19% of preventive maintenance activities were a waste of time.[4] With more than three-fourths of your assets having a random (and not age-related) failure pattern, your preventive maintenance activities may not be effective. Companies are challenged to balance maintenance investments versus asset reliability.
Condition-based Monitoring
Rather than executing maintenance based on a set interval, listening to your assets can provide valuable insight. Monitoring temperature, pressure, vibration, voltage imbalances and other measures can be strong indicators. If any of these conditions are outside of acceptable parameters, then it signals the need for maintenance investigation. This kind of condition-based maintenance is predictive in nature and can help increase asset uptime and reduce asset life cycle costs.
IoT and Predictive Maintenance
Technological advancements like the Internet of Things (IoT) makes it easier for Predictive Maintenance activities like Condition-based Monitoring since it eliminates the need for human-to-human or human-to-computer interaction. Use of a Smart Meter, for instance, can help you monitor changes in temperature, pressure, airflow, sound, vibrations or motion. IoT applications can take maintenance intelligence to the next level. IoT can be integrated with work management and create closed loop reporting, alerts and work requests.
Motors@Work IoT application, for instance, can not only associate near real-time energy data with motor system design, operational, and external data but can also apply intelligence to improve asset performance.
How can Motors@Work help?
Motors@Work is a scalable, cloud-based, software-as-a-service solution that provides continuous monitoring of your motor-driven equipment’s energy performance. Our analytics augment your asset management processes with energy management best practices. Our solution leverages your existing technology investment whether you collect motor inventory data with handheld devices, capture data in your ERP or CMMS, or gather data from your SCADA, sensors, and sub-meters.
Motors@Work’s goal is simple: to provide an intelligent, intuitive, systematic, and secure performance management service that enables our clients to optimize the performance of their motor-driven systems.
[1] Optimize Asset Performance with Industrial IoT and Analytics By Ralph Rio. ARC View, August 6, 2015
[2] Bever K, Enterprise Systems Integration: Opportunities & Obstacles Developing Plant Asset Management Systems March 13, 2000 (Presented at National Manufacturing Week, Chicago, Illinois)
[3] Optimize Asset Performance with Industrial IoT and Analytics By Ralph Rio. ARC View, August 6, 2015
[4] Oniqua Enterprise Analytics: Reducing the cost of Preventive Maintenance