Predictive Maintenance: What’s the Economic Value?


Hark will be exhibiting at this year’s Tech Show North.


PM for Better Margins?

The quality of a company’s product or service is imperative to its overall long-term financial health, and Predictive Maintenance can fundamentally improve the way a company can deliver.

Predictive maintenance (PM), the ability to use data-driven analytics to enhance capital equipment upkeep, is identified as one of the most valuable applications of IoT, predicted to help companies save $630 billion by 2025.

Monitoring Asset Conditions and Triggers

However, a new paradigm is essential for examining real-time IoT data. Maintenance of machinery has come a long way from a time when companies would take reactive measures to issues as and when they occur.

Companies have become more proactive in their maintenance plans by scheduling asset maintenance according to fixed time intervals. Predictive Maintenance has made it is possible to forecast when a failure occurs long before its actual occurrence via real-time asset condition monitoring.

This has resulted in a multitude of benefits to the production and maintenance teams including:

  • Reduction of asset downtime and costs
  • Continuous operational enablement
  • Identification of downtime-inducing factors

Factories implementing PM could reduce maintenance costs by 10 to 40 percent.

THE STATS McKinsey Digital

  • Maintenance planning time reduced by 20-50%
  • 10-25% reduction in worker injuries
  • Overall costs reduced 5-10%  
  • Businesses, on average, spend 80% of their time responding to maintenance issues that rise rather than preventing them

What Can We Do?

Reacting to failures can be costly but issues can be pre-empted in most cases with the right data regarding assets.

Predictive Maintenance can be crucial within a supply chain. Determining the right moment to replace a component is vital to the overall costings of a company, replacing too late can lead to unexpected failures and can reduce asset availability.

Hark’s cloud-based platform allows companies to simplify the route to intelligent assets to increase efficiency, minimise down-time while reducing waste.

Security

But there are some concerns around the security of smart assets and the delivery of real-time information and even the idea of cloud storage itself.

The Hark Platform safeguards sensitive data, encrypting with at least 128-bit Advanced Encryption Standard (AES) for peace of mind. The Platform stores multiple redundant copies of data in separate physical locations to ensure absolute mitigation of data loss, in the case of any system failures.