How Predictive Maintenance Can Improve Asset Performance
In this day and age, the modern logistics market is increasingly demanding. Now, more than ever, it is essential for businesses across the supply chain to anticipate and address potential issues in their operations and services, leaving no room for breakdowns.
A company’s time and resources can suffer from the growing pressure of keeping maintenance costs low when faced with unforeseen challenges. AI-based predictive maintenance provides consistent monitoring and analysis of asset performance through data intelligence; as a result, businesses can avoid potential malfunctions and optimize their maintenance processes.
The global predictive maintenance market projects to reach around $23.5 billion by 2024. Although predictive solutions remain a relatively new approach in the maintenance management sector, their preventive aspects have proven more efficient than other reactive maintenance methods. In taking a proactive approach, companies can make much more accurate forecasts about asset health and potential failures and take action based on this information.
It is well-known that companies often struggle with asset reliability and performance unpredictability. For example, organizations that don’t track vehicle performance in real-time are often left with unexpected breakdowns and greater damage to their supply chains and bottom lines. Without monitoring performance, assets become unpredictable and unreliable. Technologies that read real-time data on equipment performance, location, and maintenance ensure operations run as smoothly as possible without unanticipated breakdowns.
So, how can AI-based predictive maintenance improve asset health and minimize potential failures? Let’s find out.
Increases Asset Efficiency
AI-based predictive maintenance heavily relies on advanced analytics to monitor production processes and share data to analyze scenarios and conditions in real-time. Transportation and manufacturing companies use predictive maintenance to detect impending failures that could easily go unnoticed by the naked eye.
Through AI-powered anomaly detection, predictive maintenance secures data from different sources, combines it, and applies machine learning algorithms that can anticipate equipment failure before it even occurs—often more accurately than a human. As a result, companies increase their asset performance, save time, and, most importantly, improve productivity.
By implementing predictive AI algorithms, a business can also reduce unplanned downtimes. Traditional reactive (run-to-fail) maintenance techniques repair equipment after it has stopped working or once it begins showing clear signs of poor performance. Inevitably, this can lead to unnecessarily long downtimes.
By feeding AI-powered algorithms with the data on engine levels, distances traveled, and road terrain, intelligent technology can predict asset lifecycle and plan maintenance stops before breakages. Regular monitoring based on vehicle history and real-time conditions allows companies to identify areas that need maintenance, for example, replacing tires or brake pads, instead of having to do a complete engine replacement.
Furthermore, predictive maintenance lowers operation and maintenance costs by increasing energy efficiency. According to a US Department of Energy study, maintenance techniques that target energy efficiency can result in up to 20% in savings annually. AI-based predictive maintenance provides routine diagnostics that pinpoint future breakdowns, enabling companies to fine-tune issues ahead of time, saving energy and money.
Optimizes Maintenance Schedules
Predictive maintenance brings a lot of value to a business, and most industries understand that. Yet some still treat it as a luxury. Large shipping firms pride themselves in implementing AI-based predictive maintenance to improve risk management and increase asset reliability.
One of the primary advantages of AI-powered predictive maintenance is its ability to increase the lifespan of equipment by analyzing data from machine operations as it occurs. Similar to preventive approaches, predictive schedules allow for periodic monitoring of equipment yet, with the utilization of actual measured usage, operating conditions, and equipment feedback. As a result, companies can generate individualized predictions of impending issues.
With real-time information, businesses can plan realistic/flexible maintenance calendars. In other words, if equipment starts to deteriorate before or after a planned examination, real-time monitoring will highlight this and probe companies to schedule a new inspection—and with AI, you can even automate the rescheduling too.
Predictive maintenance keeps assets healthy and maintenance costs low by enabling companies to schedule maintenance checks at the right time. Regardless of where your business operates, you are required to comply with your local maintenance legislation, and most of the time, it is not as straightforward as it could be. When it comes to scheduling optimal maintenance slots, the Transmetrics platform considers all necessary regulations and business constraints, including obligatory checks assigned by the Ministry of Transport, corporate-directed audits, or just regular maintenance monitoring. A greater overview and control minimizes unscheduled equipment downtimes and increases production capacity.
Boosts Production Output and Customer Satisfaction
In recent years, research has proven that the transportation and fleet industries waste roughly half of the money they spend on traditional equipment maintenance. Luckily, the transportation industry is actively investing in predictive analytics, and the global AI market in transportation is projected for rapid growth over the next few years. Without a doubt, transportation and logistics are among the industries that benefit the most from AI-based predictive maintenance and analytics.
Predictive maintenance minimizes the financial impact of disrupted operations and allows companies to concentrate on increasing productivity and improving customer satisfaction. Adding predictive maintenance to your business can help your company steer away from unexpected asset failures, unplanned outages, and even penalties. Consequently, prioritizing and planning asset maintenance will improve how your business communicates with its customers.
Nowadays, customers expect that their deliveries run smoothly and on time. They appreciate being notified of potential issues beforehand and value active solutions. Prioritizing and proactively planning asset maintenance will improve how your business communicates with its customers by preparing your company to make quick decisions with a reliable, holistic view of your fleets’ health. Thus, guaranteeing customers receive reliable alternative options in times of disruption.
With the help of predictive maintenance, your business can reduce unplanned downtimes, optimize maintenance schedules, and improve asset reliability and performance while providing customers with reliable alternative options in times of disruption. In the end, investing in predictive maintenance and analytics is no longer an option—it is essential to maintaining competitiveness in the global market.
The Power of Automation in Logistics Maintenance
Logistics maintenance is in a time of transition. For years, two models have predominated for most maintenance organizations: they either ran equipment to failure, especially non-essential machinery, or put in a preventative maintenance program based on gut feeling and standard practices.
While those models are still state-of-the-art at most companies, the next-generation technologies such as IoT, data analytics, and AI are changing the way supply chains operate, and that’s impacting the maintenance planning process.
Watch the following webinar to learn:
- The current state of maintenance in logistics and technologies impacting it.
- The importance of having a single source of truth for your assets’ details and performance.
- How you can reduce your maintenance time and minimize road breakdowns?
- What are the first steps your company can take to establish a future-proof maintenance planning?