Modern technology is paving the way for many businesses across the globe. Whether large or small, businesses are taking advantage of Business Intelligence (BI) solutions and tools to harvest data for profitable outcomes.
One BI solution that offers immense benefits to areas such as business operations, planning, and supply chain is predictive maintenance, powered by Artificial Intelligence (AI).
Today, we will discuss predictive maintenance in some detail to tell you what it is, why it’s important, and how AI is empowering businesses with it.
AI: The Solution for Predictive Maintenance
Artificial Intelligence can do wonders with data, allowing businesses to extract actionable data and meaningful insights that would otherwise be humanly impossible. To understand the role of predictive maintenance in business, specifically in BI, we must first understand what it is.
What Is Predictive Maintenance?
Predictive maintenance is a data analytics technique applied using machine learning technology in Artificial Intelligence and the IoT (Internet of Things). It uses machine learning algorithms to identify data anomalies and anticipate potential problems before they occur.
It is a powerful AI tool that can help businesses detect anomalies in their business operations, processes, tech systems, services, and equipment, like defects in a production machine. This allows businesses to anticipate problems and take actions to prevent potential interruptions in services or production.
It offers the incredible ability to “predict” problems accurately and help businesses “maintain” their operations; therefore, it is known as predictive maintenance. This is not to be confused with “preventive maintenance” (more on this later).
The Importance of Predictive Maintenance
Unsurprisingly, predictive maintenance allows you to maintain your critical business processes and assets for as long as possible to ensure they remain operational. It lets you stay on top of things by always being a step ahead of potential downtime caused by disruptions or breakdowns.
You can address problems head-on and proactively instead of waiting to react to problems as they occur. This helps businesses:
· Reduce Expenses
Investing in AI tools like predictive maintenance helps you reduce expenses because there is less unplanned downtime for your business. There are also fewer ineffective and redundant inspections maintenance efforts for preventative maintenance.
Overall, you save money with better productivity and reduced material and labor expenses.
· Get More Value
Your equipment lifecycle expenses become less expensive. This is because predictive maintenance helps improve your equipment performance and extend its life. It is common for businesses to increase equipment lifespan by up to 30 percent and reduce downtime by up to 40 percent with predictive maintenance.
There are also many indirect benefits that make predictive maintenance so important. Things like fewer defects, less reworking, better safety, improved quality, and efficient use of energy are just a few key indirect benefits you may experience.
Predictive Maintenance Is Unlike Preventive Maintenance
While the general outcomes may be similar, preventive maintenance refers to maintenance best practices where equipment, systems, and processes are subject to timely, scheduled maintenance to “prevent” breakdowns.
This is unlike predictive maintenance because it does not use AI technology, and it is not as efficient or accurate. Think of preventive maintenance as taking a generalized and redundant approach to preventing breakdowns and downtime.
Whereas predictive maintenance can tell you of an impending breakdown based on factual data analytics, allowing you to take action accordingly and efficiently. This also means that the applications of predictive maintenance are far wider and more dynamic than preventive maintenance.
How AI Empowers Businesses With Predictive Maintenance
Without AI and machine learning, modeling predictive maintenance tools and solutions would be close to impossible. The sheer number of variables, like environment and conditions, make it unviable to put in the manual effort.
That being said, there are several ways that businesses can take advantage of AI tools like predictive maintenance.
· Manufacturing
Manufacturing equipment can be used as data points to feed the machine learning algorithms of AI. This allows the AI to accurately predict when a piece of equipment needs inspections and notify the relevant persons to take action.
AI can do this using historical data of the equipment like vibrations, voltage, power consumption, and noise production to anticipate breakdowns before they happen. Such insights about equipment and historical data also allow AI to accurately detect the underlying root cause of issues and notify teams accordingly.
· Planning and Supply Chain
Planning and supply chain operators benefit immensely when a business can accurately identify downtime and disruptions. With predictive maintenance, AI can help these professionals plan processes and operations accordingly.
· Predictive Maintenance as a Service (PDMaaS)
Predictive Maintenance as a Service is an AI-powered solution and service from businesses like original equipment manufacturers (OEMs). It allows them to offer predictive maintenance to their customers along with the equipment.
An OEM can cast a wider net for data collection with customer’ equipment data flowing in from all directions. This allows their AI tools to model better predictive maintenance solutions for individual customers. They can offer predictive maintenance that is immensely accurate.
Their customers can get equipment-specific maintenance schedules and greater insights than ever before on the equipment and its maintenance needs. This is incredibly beneficial, especially for consumers of expensive or specialized equipment.
Conclusion
Whether you run a small or large manufacturing, supply chain, or service business, Artificial Intelligence tools like predictive maintenance can help you make the most of your operations and equipment. The productivity, efficiency, and monetary benefits of AI are immense for any business.
You can get more out of your assets than ever before, and your business will face less downtime and disruptions. Predictive maintenance is just one AI tool to strengthen your business, and there are many more which we can discuss another time.
For now, if you want to learn more about the solution for predictive maintenance, AI, Business Intelligence, or if you want to apply these tools and solutions for your business, please visit our website today.
