Examine real-world use cases (manufacturing, energy, transportation) where sensor-based predictive analytics have extended asset life and significantly reduced downtime. What are the limitations of current business models, and how can companies justify upfront investment?
While I have little idea what IoT is or represents (Internet of Things? WTF?), I can say that thoughtful, data-driven predictive maintenance has the effect of increasing capacity by at least 15% for the same capital investment. This is accomplished by providing appropriate maintenance prior to failure of a component or machine. This minimizes the downtime and costs associated with an unscheduled breakdown. Unscheduled breaks in production are very expensive as: a) other activities cannot be scheduled to leverage the outage; b) maintenance activities must be expedited (overtime and additional shipping costs); c) larger pieces of equipment must be obtained at a premium ('jumping the order line'). Predictive maintenance can allow the development of a critical path(s) to minimize the production outage.
- Badges
- Science topic