5 Benefits of IoT-Based Predictive Maintenance

#News(IoTStack) [ via IoTGroup ]

Headings…
5 Benefits of IoT-Based Predictive Maintenance
Preventive vs. Predictive Maintenance – What’s the Difference?
How Does Predictive Maintenance Work?
What are the Benefits of Predictive Maintenance?
1. REDUCE MAINTENANCE COSTS
2. INCREASE ASSET UTILIZATION
3. EXTEND ASSET LIFE
4. IMPROVE FIELD CREW EFFICIENCY
5. IMPROVE SAFETY AND COMPLIANCE

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Gartner estimates that through 2022, decision automation in the form of predictive maintenance will generate the highest business value for organizations with heavy assets.
Effective asset management and maintenance plays a key role in ensuring that this balance is maintained – enabling these businesses to comply with regulations, avoid the costs associated with unnecessary maintenance, and avoid unplanned downtime.
Preventive maintenance is planned or scheduled maintenance that takes place on a regular basis irrespective of asset conditions, where as predictive maintenance is performed only when it is necessary, depending on asset conditions i.e. when there is a predicted risk of equipment malfunction or failure.
Although the upfront investment for predictive maintenance is comparatively higher than preventive maintenance, operational costs in the long run can be reduced by eliminating unnecessary maintenance.
Predictive maintenance is performed by evaluating the health and performance of equipment through periodic or continuous asset condition monitoring.
Data captured by IoT devices connecting different assets and systems enable businesses to predict, plan and take proactive steps for any events like parts repair or equipment failure before it occurs.
Predictive maintenance is mostly performed while the equipment is operating under normal working conditions to avoid any disruption in the business.
IoT-based predictive maintenance utilizes historical data from multiple sources including IoT devices and sensors to make accurate predictions about asset health, utilization, and the possibility of failure, enabling you to take action based on this information.
IoT-based predictive maintenance allows you to systematically schedule the optimal maintenance and inspection routine to avoid unplanned downtime and unnecessary effort

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