The Value of IoT Preventive Maintenance: The Internet of Things
JULY 25, 2016
The term, “if it’s not broken, don’t fix it,” still applies to many organizations. And yet, for many years, IoT preventive maintenance has been the gold standard across industries.
The goal of a successful preventative maintenance program is establishing consistent practices designed to improve equipment performance and safety. But there is also a great debate on whether a preventative maintenance program is worth having in place.
Do the man hours and money invested in a program outweigh the cost of emergency repairs? And what are other benefits of a successful IoT preventive maintenance program?
IoT Preventive Maintenance: What, When and Why
The definition of service is constantly evolving according to a recent study conducted by the Aberdeen Group, where the internet of things (IoT) gives service organizations the ability to sell service contracts which can execute on the future of the service, which is preventative. It does so by allowing the service to move beyond continuous monitoring, which has limited value. Instead, it can rely on automated triggers that send technicians out to a customer site the moment an asset degrades.
The internet of things (IoT) is the concept of connecting any device that has an on and off switch to the internet. These devices can be individually identified, tracked, managed and connected to various networks.
The study concluded that 53 percent of equipment for best-in-class companies “is connected” for the purpose of maintenance and service. Additionally, the IoT helps service organizations gain valuable insights into monitoring product performance for maintenance purposes. It also helps them improve the efficiency and productivity of the customer’s operation.
Taking Organizations Farther
Aly Pinder, Jr., a senior research analyst at Aberdeen, said that the real value of IoT comes from what the technology can enable and empower organizations to do.
“Ultimately, your customers don’t really care how many devices you connect to,” he said. “They want to know that you will be able to deliver better value and provide better service each and every day.”
Cisco CEO Chuck Robbins, who spoke at the Code Conference in June 2016, said that his company had zeroed in on one significant use for the IoT: fixing things before they break. In 2015, Cisco teamed up with FANUC, a Japanese company building industrial robots, to keep track of how often robots in factories need maintenance.
Robbins added that preventative maintenance on robots saves money by eliminating costly and unexpected downtime. And that the savings from preventative maintenance is enough to justify the investment.
Cisco is currently tracking 28 million devices on its IoT network and adding a million more each month.
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