Financial Justification
For many assets, failure can mean substantial or total loss of production, often worth millions per day. Or it can lead to the release of hazardous substances, fires, and even explosions— resulting in a severe safety hazard as well as fines for violating environmental regulations.
Maintenance Costs
When viewed on a per-asset basis, maintenance costs for plant-wide assets can appear modest. However, when viewed collectively across the dozens, hundreds, or even thousands of assets in a typical plant, these costs can be appreciable. Reducing the maintenance costs on each asset through effective condition monitoring—even by a mere 10%—has a large impact on plant profitability. Condition Monitoring is a planning tool that allows more effective insight in planning and asset management, allowing maintenance to be done in advance of a functional failure.
Things to think about as you move towards Predictive Maintenance:
- 90% of failures are NOT time-based.
- 50% of companies site maintenance and reliability as a top priority.
- It costs 6x as much for unplanned events vs. planned maintenance in process industries.
- A 60% estimated increase in environmental, health and safety spending among global exploration & production companies.
- 50% of workforce to retire in the next 5 to 10 years. Knowledge & experience is not being transferred.
- -70% Machinery breakdowns
- -40% Plant downtime
- -50% Maintenance costs
- +25% Production
