Identifying your most critical equipment
Even in this world of the Industrial Internet of Things (IIoT), virtual reality (VR), artificial intelligence (AI), and machine learning (ML), many industrial organizations still don’t measure the financial impact that effective asset management can drive. Many companies do, however, know that unplanned downtime can cost them millions of dollars in lost production. So, what’s the typical response? Increase the amount of preventative maintenance on the equipment that is thought to be most critical. Depending on the nature of the failure, this approach may or may not reduce unplanned downtime in the short term, but it will likely increase planned downtime, raise spare part inventory costs, and increase maintenance and inspection labor costs.
Business conditions, operating and environmental conditions change, equipment ages, and our products often evolve; an asset that’s critical to operations today, may not be as critical tomorrow. And if an organization doesn’t truly have a pulse on what equipment is critical at that time they mandate more preventative maintenance, then they will still incur all the costs associated with an overly rigorous maintenance strategy and continue to be exposed to equipment failures capable of halting production, causing injury, or leaking chemicals into the atmosphere – which is never good for public relations.