KORE | What is Predictive Maintenance?

What is Predictive Maintenance?

With the rapid development of technology and its incredible abilities, predictive maintenance has emerged as an exceptionally useful tool for businesses, especially those whose operations involve complicated machinery or vehicles. So, what is predictive maintenance and why is it important? In short, it is technology that effectively analyses historical and current data to predict necessary repairs and maintenance, which can in turn prevent unforeseen or unnecessary costs.  

• How does predictive maintenance work? Predictive maintenance starts with sensors collecting information machinery, such as oil measurements, thermal readings, or specific movement scans. Using a combination of historical and real-time data, the software can evaluate the information that has been collected and produce detailed reports and predictions. This process helps identify potential issues before they escalate, avoiding unexpected downtime and costly repairs.
• Why is it important? Gathering preventative data is beneficial to any company, as it can impact costs, productivity, strategic decisions and operations. Predictive maintenance seeks to achieve this by leveraging AI and IoT technologies, making it an increasingly essential tool for optimal business operations. As AI and IoT continue to evolve, the prevalence and necessity of predictive maintenance in varying industries is expected to grow.

What are Three Types of Predictive Maintenance?

There are three variations of predictive maintenance: Corrective, Preventative and Risk-Based. Each plays a major part in the effective collection and analysis of data. Here are the differences between the three:

1. Corrective: This form of predictive maintenance aims to identify faults in machinery, signaling the need for correction and preventing unexpected costs.
2. Preventative: This type uses historical data to create a maintenance schedule based on critical past information, such as the lifespan of the machinery. This schedule helps in preventing unwanted breakdowns by ensuring proper care and timely maintenance.
3. Risk-Based: This approach ensures that resources are distributed efficiently to minimise overall risks and costs. It assesses the likelihood of failure and the impact of failures to prioritise maintenance activities.

Understanding these forms can help ascertain the value predictive maintenance brings to your business.

What is the Difference Between Predictive and Preventative Maintenance?

The key difference between predictive and preventative lies in the type of data that is gathered and used. Preventative maintenance leverages historical data, processing past events to rely on best practices. Predictive, on the other hand processes measurements from events as they occur in real-time, allowing for critical projections to be made.

Both types are proactive, but each comes with their own set of benefits and shortcomings. Preventative maintenance might result in the mistake of presenting issues that don’t exist or need attention, while predictive maintenance is more complex, providing shorter notice as it utilises a less planned out schedule.

Benefits of Predictive Maintenance

Predictive maintenance offers a wide range of benefits to businesses, including:

• Reduced Maintenance Costs: By addressing issues before they become severe, business can reduce maintenance expenses.
• Fewer Machine Failures: Early detection of potential problems reduces the likelihood of malfunctions.
• Reduced Downtime: Timely maintenance ensures machines are operational for longer periods of time, minimising downtime.
• Increased Lifespan for Machinery: Regular maintenance based on predictive insights can extend the life of equipment.
• Increased Production: Reliable machinery leads to higher productivity and output.
• Heightened Operator Safety: Predictive maintenance can identify and mitigate safety risks, protecting workers.
• Verification of Repairs: Ensures the repairs are effective and that these issues do not recur.
• Increased Profits: By optimising operations, reducing costs and mitigating potential downtime, predictive maintenance enhances your business’s overall profitability.

Future of Predictive Maintenance

Predictive maintenance has evolved into a revolutionary tool over the past few years and is expected to be leveraged by most businesses moving forward. Analysts anticipate that the industry will continue to develop at a quick pace, reaching a value of $28.2 billion by 2026. This growth is fueled by advancements in Industry 4.0, the Internet of Things, and AI.

What is an Example of Predictive Maintenance Strategy?

If a machine tends to break down after 10,000 hours, a preventative maintenance strategy is completed when the machine reaches the 9,000-hour mark. This approach uses historical data to determine the optimal time for maintenance, ensuring the machine continues to operate efficiently without unexpected failures.

Is Predictive Maintenance Worth it?

Predictive maintenance is a valuable tool for most companies. It has proven to be an effective way to cut costs, improve strategy and extend the lifespan of equipment. Studies have shown companies investing in predictive maintenance reduce up to 30% of maintenance costs and significantly increase their return on investment.

KORE and Predictive Maintenance

Connectivity is imperative to the proper function of predictive maintenance. At KORE, our experts work hard to ensure excellent connectivity and device employment, from inception to delivery, while providing the best rates and faster service. Learn more about the power of sensors or connect with an expert today.