No business wants to be blindsided with unplanned downtime, and analysts agree that it’s disastrous for business, but the global deployment of Industry 4.0 still remains low. A report from IoT Analytics found that North America, specifically the U.S., was ahead, but less than 30 percent of manufacturers globally said they have extensively adopted these technologies.
When it comes to preventative maintenance, it’s time for organizations to strategize for asset performance management (APM) and risk-based maintenance to meet power demands with less strain on the grid. Kim Custeau, APM Business Lead at AVEVA, discusses the importance of incorporating preventative measures to build longevity. She develops and leads the strategy for industrial Asset Performance Management solutions that help AVEVA customers improve asset reliability and performance to maximize return on capital investments and increase profitability. Kim holds more than 30 years of experience in industrial asset management software and services.
Don’t tolerate downtime
Today, preventative maintenance based on time or usage statistics is one of the most commonly adopted approaches to keep industrial operations running. North America is estimated to dominate the global APM market, reflecting a large number of data centers in the region and the increased popularity of technology, according to Research and Markets. Most importantly, the energy and utility segment of the predictive maintenance market is predicted to grow at the highest CAGR through 2025, according to Markets and Markets.
Current best practices dictate that maintenance should be performed at regular intervals to reduce the probability of asset failure.
This practice needs to stop. In fact, a zero-tolerance approach to unplanned downtime will become the norm across energy companies as the industry develops and invests in their industrial digital strategies, including APM. APM prepares businesses to manage assets and machinery by implementing technologies that exist today.
Across the U.S., downtime is the single largest source of lost production time. One past survey from GE Digital cited that only 12 percent of respondents from organizations in the U.S. consider their organization to be exactly where they need to be, and ahead of their competitors in terms of their digital industrial journey.
Automation technologies connect operations so experts can see what’s happening inside the facility in real-time. Concurrently, mobile tools provide access to that data anywhere, improving collaboration across business units. These data connections through the Industrial IoT, or IIoT, empower experts to engage in more strategic, data-driven decision-making. In turn, it provides a seamless connection to wider business KPIs, making failure in the factory a thing of the past.
A downtime-free future
AVEVA’s comprehensive APM software portfolio is designed to overcome today’s industrial challenges by leveraging industrial big data, cloud, artificial intelligence, digital twin, and augmented reality technologies. With improved analysis and individualized solutions through AVEVA’s APM Maturity Assessment, we help businesses eliminate inefficiencies, optimize operations, and improve profitability. For example, AVEVA solutions allow India’s Damodar Valley Corporation to digitize, reduce downtime, and streamline all processes into an easy-to-use format.
APM allows companies to proactively identify issues, and its incorporation safeguards the future of the factory as we know it. Until a time when machines can fix themselves or not break at all, APM is the only digital transformation worth considering to deliver a future without downtime. Deploying preventative maintenance can ensure a stable future through the U.S. economic cycles.