Predictive Maintenance, in a nutshell, is all about figuring out when an asset should be maintained, and what specific maintenance activities need to be performed, based on an asset’s actual condition or state, rather than on a fixed schedule, so that you can maximize uptime and productivity. It is all about predicting & preventing failures and performing the right maintenance routines in order to reduce costly equipment downtimes.
With IoT and sensor data streaming from equipment, predictive maintenance enables Manufacturers to effectively predict machine outages. The data detects variances, understands warning signals, and identifies any patterns that may indicate a potential breakdown. Manufacturers can use analytics and machine learning to accurately predict the odds of a machine going down. This enables early and corrective measures to be planned (i.e., spare parts ordering, repair scheduling, etc.) and introduced in the most effective way, thereby avoiding unplanned downtime and costly staff and resources.
Using IoT and data analytics to predict and prevent breakdowns can reduce overall downtime by 50%. (McKinsey)
