As you can see above, if setting up analytics is not more costly than reduced uptime, then predictive analytics is the solution.
Let’s look at why. Most executives are not clear on difference of predictive maintenance from the preventative maintenance they have been conducting for years. It would be great to start off with the definitions to clarify misunderstandings:
Predictive maintenance definition
Perform maintenance when you predict that issues will arise. Improves up-time and prolongs hardware useful life. Keeps maintenance costs minimum since maintenance will only be completed when predicted and maintenance will be planned preventing urgent resource allocation inefficiencies. Requires an analytics engine to make maintenance predictions. Makes sense when the investment for analytics engine is worth the improvement in up time.
As you can see below from Google trends, predictive maintenance is a bit ahead in the hype cycle, having passed its peak buzz levels around 2004. Now is the time for adoption of predictive maintenance to increase.
Preventative maintenance definition
Preventative maintenance is also called planned maintenance and implies performing maintenance at regular intervals. Maintenance costs can be high or downtime can be significant depending on frequency of maintenance. Makes sense when the investment for analytics engine is not worth the improvement in up time.
Condition based maintenance definition
In short, poor man’s maintenance! Fix issues as they arise. Makes sense for hardware for which loss of uptime is not that costly.
Given the definitions, advantages of predictive maintenance should be clear. Especially in an industrial setting with costly machines with limited redundancy, predictive maintenance makes sense. Reducing down time for a robot park can save a lot more than the cost of setting up an analytics system.
To hear from those who benefit from installing predictive maintenance systems, please take a look at the references and case studies in our comprehensive use case guide on predictive maintenance or our blog post on the topic explaining how to implement predictive maintenance.