With the emergence of Industrial IoT (IIoT), collecting data from equipment is moving from paper-based, manual inspections to automated systems. This improves both data quality and quantity.
IIoT-enabled remote asset monitoring also dramatically expands the number and variety of parameters that can be monitored cost effectively. Combined with today’s more advanced analytics, these data enable industrial organizations to implement new, more effective maintenance strategies to progress further along on the maturity continuum from reactive, to preventive, to condition-based, to predictive, and – ultimately – to prescriptive maintenance.
With higher maintenance maturity, comes broader business benefits that go beyond reducing maintenance costs. These include improved on-time shipments, revenue, customer satisfaction, quality/yield, safety, and work-in-process (WIP) inventory. These benefits align with executive metrics; increasing the likelihood of obtaining both approval for projects and the resources needed for project success.