Predictive Maintenance Cost Savings: Reduce Your Maintenance Costs
The manufacturing industry is facing new challenges due to a combination of economic forces, labor shortages, disruptions caused by advanced technologies, and rising competitive and regulatory standards. Implementing a cost-effective predictive maintenance model can be the difference between a company staying competitive or falling behind.
Maintenance and engineering managers can benefit from using a predictive maintenance (PdM) model in several ways, including avoiding costly asset breakdowns, unplanned downtime, and overdoing preventative maintenance, which can lead to increased operational costs and decreased productivity.
Today, we will discuss the predictive maintenance cost savings to be expected from implementing LLumin’s powerful and competitively priced computerized maintenance management systems software (CMMS+) solution for condition-based monitoring that can help manufacturers reduce costs.
How Predictive Maintenance Reduces Maintenance Costs
Implementing a PdM model can help you overcome the drawbacks of older maintenance strategies, extending the lifespan of costly equipment, avoiding unplanned downtime, minimizing planned downtime, and reducing operational costs.
Predictive maintenance is well-known for helping businesses avoid the high costs associated with other maintenance models. Instead of performing maintenance reactively when a part or component fails, or in other cases, replacing a component before it becomes necessary, PdM enables businesses to monitor equipment in real-time and perform maintenance exactly when and where it’s needed.
According to recent research, PdM can save 8-12% over preventive maintenance models and up to 40% over reactive maintenance. Further, with PdM, manufacturers can catch potential failures weeks or months ahead, increasing production line availability by 5-15% and reducing maintenance costs by 18-25%.
So, what exactly are these predictive maintenance cost savings attributed to? While there are many, the three we will discuss today include:
- Reduced downtime and higher productivity
- Targeted maintenance
- Efficient inventory management
Let’s dive in and see how each adds to predictive maintenance cost savings.
Reduced Downtime and Higher Productivity
Unplanned downtime has been shown to result in extremely high maintenance and equipment replacement costs and, in some cases, a decrease in product quality. By identifying equipment failure patterns before they lead to maintenance issues, PdM can significantly reduce the costs associated with asset failure and unplanned downtime. PdM models enable businesses to plan for repairs at the right time and schedule maintenance in ways that have the least impact on production schedules.
Predictive maintenance also saves company time and money by increasing production efficiency. With less downtime and more efficient maintenance, equipment can operate at maximum capacity and quality for a much greater percentage of its available time. Along with increasing production capacity, PdM increases labor utilization and equipment lifespan, resulting in higher productivity and long-term savings.
Preventative maintenance models can result in higher costs due partly to disassembling and reassembling equipment, increasing the likelihood of equipment failure. PdM and condition monitoring enables facilities to track and report on equipment health remotely without requiring intrusive measures that can reduce equipment lifespan.
Compared to preventive or reactive maintenance, PdM has proven to be the most cost-effective use of maintenance resources. PdM enables technicians to perform maintenance based on data that reveals failure patterns and correlations to specific components, allowing facility maintenance technicians to perform targeted maintenance rather than wasting time and money on unnecessary maintenance tasks.
Efficient Inventory Management
Predictive maintenance generates large amounts of data collected through machine-level sensors and the Industrial Internet of Things (I-IoT)-enabled control and monitoring systems, which can be used to manage inventory and plan for inventory replenishment. CMMS solutions, like LLumin’s CMMS+ software, enable companies to track inventory input and output in real-time. A thorough examination and analysis of this PdM data enable predictive insights to support procurement, ordering, and inventory management decisions.
Increase Predictive Maintenance Cost Savings With LLumin
As labor shortages and economic concerns loom, companies should do everything possible to ensure that assets are dependable, perform at peak levels, and operate with the least maintenance and downtime. LLumin’s CMMS+ software can be a critical tool for asset and maintenance managers to increase visibility and management of expensive assets, asset issues, statuses, and potential risks.
Our predictive maintenance platform is a complete solution for condition-based monitoring. Not only does our CMMS+ software monitor real-time, machine-level data, but it also analyzes it based on historical information and machine-learning algorithms. Using the CMMS+, maintenance technicians can stay ahead of machine failures and avoid unplanned downtime with real-time insights into machine status.
When you choose to work with LLumin, you will have access to excellent customer service throughout the entire process. Your implementation will be tailored to your company’s unique goals and business processes. We will provide you with a complete implementation plan and support team to accelerate and guide you through your digital transformation.
So if you are looking for a cutting-edge CMMS+ accompanied by a seamless implementation process and an expert customer support staff, then LLumin is a perfect fit.
Getting Started With LLumin
LLumin develops innovative CMMS software to manage and track assets for industrial plants, municipalities, utilities, fleets, and facilities. If you’d like to learn more about how our platform can improve predictive maintenance cost savings, we encourage you to schedule a free demo or contact the experts at LLumin and see how our CMMS+ software can help you reach your efficiency and cost-cutting goals.