Is Prescriptive Maintenance the Right Option for Asset Management?

Introduction

In huge organizations where maintenance is a major part of asset management, two of the most advanced methods used for asset maintenance are predictive maintenance and condition monitoring maintenance. Many people use these two methods in one place or another. However, there is a significant difference between them. What is this difference? We will also show you a chart: Predictive maintenance vs. condition monitoring maintenance, which we will discuss in this blog. So, without wasting any time, let us begin.

What Is Predictive Maintenance?

Predictive maintenance is a type of maintenance in which assets are maintained proactively. In this process, maintenance is predicted based on the performance of an asset; for this purpose, data history and maintenance history are utilized for each asset so that predictions can be made accurately, and maintenance can be provided before asset failure. With this type of maintenance, you can make the most out of your assets.

Predictive maintenance helps reduce downtime and minimizes unexpected asset failure. It leads to reduced maintenance expenses.

According to Globe News Wire, “The global predictive maintenance market held a market value of USD 4,029.4 million in 2020 and is projected to reach USD 18,653.2 million by the year 2027. The market is anticipated to grow at a CAGR of 26.5% from 2021 to 2027.”

What Is Condition Monitoring Maintenance?

Several key performance indicators are monitored, such as temperature, performance, and vibration. Oil analysis in condition monitoring maintenance is helpful in understanding the damage that has occurred in the machine.

The maintenance manager can check information about each asset so that they can assess asset performance and schedule maintenance accordingly if required.

For condition monitoring, maintenance organizations do not have to worry about maintenance as sensor alerts for maintenance are provided at the right time. If the asset is not performing well, then maintenance is scheduled.

According to Markets & Markets, “The global machine condition monitoring market size is anticipated to grow from USD 2.8 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 7.8% from 2022 to 2027.”

What Is the Difference Between Condition Monitoring Maintenance & Predictive Maintenance?

1. Predictive maintenance anticipates when asset failure might occur and schedules maintenance accordingly, whereas condition monitoring alerts the team only when KPI (Key Performance Indicators) levels decrease.

2. Predictive maintenance utilizes data history and searches for patterns to schedule maintenance accordingly, whereas condition monitoring utilizes sensors that are helpful in letting know when maintenance should be performed.

3. In condition monitoring, humans define the rules of maintenance, whereas in predictive maintenance, data play a key role in defining the rules.

4. Predictive maintenance focuses on the early detection of problems in advance, whereas condition monitoring maintenance shows real-time information.

Conclusion

There is no doubt that both types of maintenance are effective and helpful in increasing the uptime of assets and decreasing unexpected failure chances as well. However, implementing any of these technologies can be costly, and many organizations do not have a large budget to spend.

Large enterprises can utilize any of these technologies along with asset management software as per their requirement. However, small organizations can utilize asset management software.

This software provides several benefits for the maintenance, tracking, and management of assets. It includes preventive maintenance, which is helpful in avoiding equipment failure and decreasing downtime.

This software enables employees to create a checklist for each maintenance work order; in this work order checklist, all the activities mentioned need to be done for a specific work order, especially those issues that employees are facing while using assets so that the maintenance team knows what issues are coming in assets.

Frequently Asked Questions (FAQs)

What Is Preventive Maintenance?

Preventive maintenance is one of the proactive maintenance types that is widely used by all organizations. It is simple to implement, which is why it has been used by many organizations. Preventive maintenance helps minimize sudden equipment failure and reduces the downtime of each asset. It also assists in boosting asset performance.

What Is the Workflow of Condition Monitoring Maintenance?

The workflow of condition monitoring maintenance is simple. However, you will require machine sensors to monitor & track the condition of each asset. This will be helpful in tracking asset data as well. After that, you can use that data to assess asset performance and set parameter levels for each asset. It will be helpful in predicting asset failure so that maintenance can be scheduled before it occurs. Condition maintenance only alerts the team when equipment KPI is not up to the mark.

What Are the Similarities Between Condition Monitoring Maintenance and Predictive Maintenance?

1. Both help avoid asset failure.

2. Both utilize data and sensors for maintenance.

3. Condition monitoring maintenance and predictive maintenance are dynamic and proactive in nature.

4. Condition monitoring maintenance and predictive maintenance are labor-intensive.

What Are the Benefits of Asset Management Software?

Below we have listed the benefits of asset management software:

1. Increasing asset life

2. Decreasing equipment failure

3. Minimizing maintenance expenses

4. Optimizing asset performance

5. Maintaining compliance

6. Quick and effective audits

7. Eliminating ghost assets

8. Avoiding asset theft and misplacement

What Are the Activities That Are Done in Maintenance?

Activities done in maintenance include changing engine oil, changing the air filter, lubricating, oiling, removing wear and tear parts, and installing new ones. Other than this, activities that are mentioned specifically for each asset are checked & rectified. Some organizations that are equipped with advanced technology take samples of engine oil and other parts for inspection and analysis to check asset performance. These are the activities done in maintenance.

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