Predictive Maintenance, a revolutionary use case made powerful due to the advent of Internet of Things (IoT)
Predictive Maintenance can now use the Internet of Things discipline and related technologies to monitor asset conditions and trigger actions that can help companies predict and prevent unplanned downtime, in real-time. Maintenance of machines has come a long way from when companies used to only take remedial actions when a problem occurs, which is alternatively called reactive maintenance. Then, they became more proactive in their maintenance strategies by scheduling machine/ asset maintenance according to fixed time intervals, a strategy termed as preventive maintenance.
But, now owing to the emergence of advanced IoT platforms and analytics, Predictive Maintenance has made it is possible to forecast when a failure occurs long before its actual occurrence via real-time asset condition monitoring. This has resulted in a multitude of benefits to the production and maintenance teams including reduction of asset downtime and costs, continuous operational enablement, and identification of downtime-inducing factors.
Addressing information asymmetry
Leading production firms across the globe have realized the importance of digitalization topics. Cloud Solutions, Big Data Analytics, AI based algorithms, machine learning and the IIOT are just a few buzzwords in this regard. One prominent subject is Predictive Maintenance.
Enterprises are interested to find solutions for working in a more efficient manner, for example, through increasing machine uptime and avoiding unplanned downtime. There appears to be a consensus that efficiency in production and logistics can be improved through deploying Predictive Maintenance solutions. However, it is not clear what measures enterprises have taken at this stage.
Comprehensive insights from a customer’s perspective
Customers‘ Voice: Predictive Maintenance in Manufacturing is an in-depth research into the status quo, customer needs, and decision paths with respect to the adoption and future potential of Predictive Maintenance technologies based on insights from the customers’ standpoint.
In total, perspectives from a panel of more than 300 experts in manufacturing and related asset-intensive industries from 15+ industrialized nations across Europe were gathered and analyzed. 60% of the respondents are primary decision makers, more than 80% are from production, maintenance, logistics, and quality departments, and one third of the companies have revenues above EUR 1 bn.
The report presents an opportunity for all the key stakeholders in Predictive Maintenance. Executives from manufacturing and related asset-intensive companies can get an in-depth insight regarding how similar companies are planning to implement Predictive Maintenance strategies along with its status quo. Solution providers can assess critical factors like top customer needs, best practices regarding communication channels, and perceptions across the implementation funnel to better tailor their solution development, marketing, and sales strategies.
The analysis was performed using two key segmentation criteria: presence on Predictive Maintenance implementation funnel and size of companies
Customer feedback and expectations drive solution development, adoption and innovations:
The objective of the study was to directly address the information asymmetry that manufacturing and related asset-intensive company stakeholders have about the adoption of Predictive Maintenance, based on the stage of the implementation funnel they are present and the specific customer needs.
The report, from a customer’s perspective, covers the following key topics:
- Status quo of different maintenance strategies (incl. condition monitoring, predictive maintenance, prescriptive maintenance)
- Classification of top customer needs in predictive maintenance and barriers faced during different stages of the implementation funnel
- Evaluation of existing Predictive Maintenance providers & preference among different classes of providers in the market
- Customer expectations from providers and best cases for communication
- Current readiness of companies to implement Predictive Maintenance solutions according to present technical infrastructure
Interested in the full report? Find out more about purchasing options – here
“Predictive Maintenance helps us save us time and money. We were able to improve our process failure rate by 100 % in 2 years using Predictive Maintenance”
83% of managers from manufacturing and related asset intensive companies have been familiar with the concept of Predictive Maintenance since more than 2 years, with 79% of them seeing at least a fair amount of justification regarding its benefits. Nearly 70% of all companies are facing backlogs in production lines, half of all large companies face quality issues after an unplanned shutdown. These are some of the key insights which have been explored in the Customers‘ Voice: Predictive Maintenance in Manufacturing report, by Frenus.
“We see that a majority of the companies are generally interested in going ahead with the next milestone of maintenance technologies, be it real-time Condition Monitoring, Predictive or Prescriptive Maintenance in order to optimize processes and gain an edge over competitors while providing enhanced customer delivery capabilities” says Marcel Blume, Lead IoT with Frenus. “Companies are looking for clarity in communication from technology providers while seeing the technologies in action to help take quicker decisions”.