Predictive Maintenance & Life Cycle Management: Get The Most Out Of Your Assets

Facility success or failure often depends on the ability to minimize costs while maintaining asset performance, and to repair assets quickly when necessary. However, accomplishing this is easier said than done—especially for facilities that attempt to maintain a manual maintenance program. When an asset requires repairs or maintenance, the appropriate personnel must be alerted, replacement components must be ordered (if not already available), and any maintenance work should incur minimal facility or asset downtime. Determining when an asset requires replacement and preparing for that eventuality presents an additional challenge. Asset service life varies considerably based on the application, frequency of use, and other external conditions.

So, today we will discuss the importance of predictive maintenance and life cycle management to maximize asset uptime. In doing so, we will examine current predictive maintenance tools and explore the advantages of computerized maintenance management system (CMMS) software for improving a facility’s predictive maintenance implementation.

The Importance of Predictive Maintenance and Lifecycle Management in Your Facility

Let us take a closer look at how predictive maintenance, life cycle management, and a leading-edge CMMS improve:

• Profitability
• Asset Life Span
• Sustainability
• Return on Asset Investment (ROA).

Profitability 

Downtime, or the period when assets are offline for repair, directly affects facility profitability. When a critical machine is compromised, essential functions like production and delivery stall. As a result, the facility’s bottom line suffers. With predictive maintenance, uptime can be maximized because facility managers can predict component failure and ensure necessary and timely maintenance.

Asset Life Span

By determining when and how often to maintain assets, facility managers can help extend the service life span. And because problems with one asset component can lead to damage among other connected components, a predictive maintenance strategy can help facilities avoid unnecessary component damage. With the help of smart sensors that can determine when a part is close to failure, facilities can effectively increase asset productivity and prevent worst-case scenarios requiring entire asset replacement.

Sustainability

Additional benefits result from effective predictive maintenance and life cycle management. By extending the lifespan of components and assets, facilities can strengthen sustainability while increasing profits and productivity. Not only will parts need to be replaced less frequently, but facilities that maximize their component life span can avoid premature creation of waste and associated disposal. As waste reduction and greater sustainability are championed across industries, sustainable practices have become responsible for more than cost savings; they have allowed facilities to connect directly with broader customer values.

Return on Asset Investment

Extending the asset service life span and limiting waste decreases costs. Asset replacement and disposal are expensive, and unscheduled downtime resulting from unidentified asset issues limits production and income potential. By utilizing predictive maintenance to extend the service life of assets, overall ROA can improve dramatically.

While an effective predictive maintenance and life cycle management strategy allows facilities to achieve these goals and more, successful implementation requires the utilization of tools and technology.

Predictive Maintenance Tools and Technology

These tools help facility managers determine—at the optimal moment—when assets need maintenance, repair, or complete replacement. Examples include:

•  Machine sensors: Machine sensors, utilizing IOT protocols, monitor conditions to detect machine issues, abnormalities, or signs of failure. Such conditions could result in slower production, part failure, or complete asset failure. Sensors can monitor factors such as machine running time, component workload, and production rate and can assess variations in these measurements that may indicate a problem needing attention.
• Smart assets: Many assets now include sensors that are compatible with the Internet of Things (IoT) and can be interconnected. As a result, their data is collected and analyzed in real-time to determine asset performance and indicate any issues on the horizon.
• Integrated data collection: An interconnected data management system can compile data from sensors and indicate maintenance needs, alerting technicians and operations personnel on how best to proceed with those machines. By accumulating large data sets, facility managers are better able to make immediate decisions regarding asset repair, refurbishment, or replacement.
•  Operator alerts: Machine operators working with assets can be alerted to potential problems and facilitate communication with maintenance teams. Alerts can also be sent directly to maintenance technicians and maintenance managers if an asset requires their attention.

These tools and technologies can help optimize your predictive maintenance and life cycle management efforts. Cutting-edge CMMS software can integrate these tools to increase manufacturing efficiency and provide a best-in-class solution.

How LLumin’s CMMS+ Software Can Help With Predictive Maintenance and Lifecycle Management

LLumin’s cloud-based CMMS+ software allows you to instantly compile data from sensors and operators to track upcoming maintenance needs. It uses artificial intelligence (AI) to learn from past data and precisely indicate when assets are functioning incorrectly. The software can automate replacement component and maintenance supplies orders—including shipment tracking and delivery verification—for increased speed and efficiency. In addition, it can integrate component delivery and employee schedules to optimize preventive maintenance scheduling. 

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Getting Started With LLumin

LLumin’s develops innovative CMMS and asset management software to manage and track assets in industrial plants, facilities, municipalities, and universities. The CMMS+ software is easy to deploy, and your dedicated project manager will help you throughout the implementation process. If you want to know more about predictive maintenance, life cycle management, and how LLumin can help, we encourage you to schedule a free demo or Contact the experts at LLumin.