These are increasingly used in industrial sectors, such as manufacturing, automotive, marine, and aerospace, to maximize equipment uptime and minimize maintenance and operating costs.
Predictive tools also can help to minimize equipment maintenance costs and maximize equipment uptime, further optimizing a manufacturing operation.
As part of an effort to drive reliability in its refinery operations, Saras, a leading European crude oil refiner, turned to Aspen Mtell prescriptive maintenance from AspenTech to improve equipment uptime and decrease maintenance costs.
In the case of an industrial equipment manufacturer selling "uptime" instead of a device, for example, sales needs to work with multiple customer stakeholders to define the service level agreement.
Increasing operational performance and speed (57%), decreasing manufacturing costs (57%), improving manufacturing equipment maintenance and uptime (47%) and improving information for business analytics (42%) are the top five objectives manufacturers are pursuing with IoT technology adoption.
In the industrial sector, the efficient use of predictive analytics and management tools results in reduced costs and improved uptime of equipment and gear.
It is found that uptime and overall equipment effectiveness are improving dramatically, resulting in increased production, better asset utilization, higher profit, and, eventually, world-class performance at Beta plants.
Manufacturers know the uptime of their equipment is critical, but many continue to use a reactive run-to-failure approach.
"As more products are equipped with smart sensors, it is more important than ever to shift from a reactive, break-fix service model to one focused on maximizing product uptime, or preemptively repairing equipment before it ever fails.
The hope is also that eventually field service organizations running CFS or similar technologies will be able to offer 100% uptime guarantees for machinery and equipment in mission-critical settings – for a fee of course.
Equipment performance is measured in terms of: build quality, cost of ownership, uptime, software, usable throughput, quality of results, and product performance.
