5 Benefits of Predictive Maintenance

In recent years, the term Predictive Maintenance has risen to prominence in a number of industries such as manufacturing and automotive. With the advent of the Internet of Things (IoT) technologies, proactive maintenance – which includes predictive and preventive measures – has become a core pillar of the Industrial 4.0 revolution.

For manufacturing, the benefits of this innovative, data-based maintenance strategy have been critical in:

• Maintaining competitiveness
• Reducing costs
• Improving efficiency
• Addressing the skill and labor gap
• Curtailing supply chain disruptions

However, these benefits are not exclusive to the manufacturing sector. Experts in building maintenance agree that smart building predictive maintenance can offer similar benefits to building and facility operations. But, unlike the manufacturing and automotive sectors, the adoption of predictive maintenance technologies and solutions in the built environment remains in its infancy. Understanding the benefits of predictive maintenance when applicable to real estate operations is a key first step in pioneering its adoption into the built environment.

What are the benefits of predictive maintenance?

An effective predictive maintenance program results in maintenance and repairs being performed just before failure is likely to occur. It also helps to optimize performance by indicating issues that result in equipment performance inefficiencies. This allows for targeted maintenance that reduces unnecessary inspections and repairs and enables early intervention to prevent serious and complex problems down the line.

1. Longer lifespan of equipment

Well-maintained equipment performs better and lasts longer. Data-driven predictive maintenance reduces wear and tear, minimizes malfunctions, and allows maintenance teams to act quickly when anomalies occur. Predictive maintenance utilizes machine learning (ML) algorithms to evaluate the series of interrelated data points collected by building systems and identifies potential issues that may impact future equipment performance. This extends the life of your equipment, ensures you get the most value out of your equipment, and reduces the frequency of costly capital expenses.

2. Lower maintenance costs

According to the PRSM 2012, HVAC Benchmarking Report, reactive service calls after equipment breaks are, on average, three times as expensive as proactive calls. That’s an average of around $400 more per call. When applying a predictive maintenance strategy, these savings are even more substantial by helping to optimize maintenance frequency. When done right, predictive maintenance can all but eliminate unplanned reactive maintenance while still reducing preventive maintenance costs.

3. Less downtime

Predictive maintenance empowers engineering teams to avoid unplanned downtime while also reducing planned downtime. In addition to shortening the downtime of equipment for maintenance, predictive maintenance allows engineering teams to better plan downtimes around usage to minimize disruptions.

4. Enhanced routine maintenance activities

Armed with data in real time, the ML technology behind predictive maintenance can also enhance routine maintenance activities. It does this by providing data-driven fault detection and diagnostics capabilities with an advanced and increasingly accurate assessment of equipment performance. This helps mitigate the time technicians and contractors spend locating and assessing issues by providing root-cause insights into the problem.

5. Budget control

The ability to plan repairs and maintenance in advance gives real estate operations teams enhanced control over maintenance budgets. Equipment service requests can be scheduled at opportune times to maximize cost savings.

Leveraging predictive maintenance technology to reap the benefits

When implemented correctly, predictive maintenance technologies can help building maintenance engineers and operations teams achieve a number of advantages. Leveraging a predictive maintenance solution that helps you take advantage of these benefits can ensure you get the most out of your predictive maintenance program. It’s important to consider the other features of a technology solution that can supplement your predictive maintenance program. These features may include things like advanced fault detection and diagnostic capabilities, root-cause analysis and insights, and the ability to resolve and monitor setpoint issues directly from the platform.

Need to know more about predictive maintenance? Download the Predictive Maintenance Whitepaper for a complete guide on using predictive maintenance to reduce maintenance and repair costs.

[Free predictive maintenance whitepaper]