Condition monitoring and predictive maintenance technologies: how to justify your investment

There are two different types of organisations when investing in condition monitoring and predictive maintenance technologies: those that are successful in using this technology and those that are not.

If you are thinking of implementing an online condition monitoring programme for the vibration analysis to help reduce operating costs or if you have already initiated one where you have not yet achieved a return on investment (ROI), we recommend that you take a look at your maintenance management processes to determine if your organisation and your technical team are able to achieve the appropriate ROI through the use of condition monitoring and predictive maintenance technologies.

The main benefit of using condition monitoring and predictive maintenance technologies lies in their ability to permanently measure vibration through strategically installed sensors on critical equipment and machines to help detect catastrophic failures in time.

Keep in mind that a breakdown evolves until it becomes catastrophic. If we detect it early, before it develops, we can plan and carry out the appropriate corrective measures with regard to the timely availability of spare parts, the planning of personnel and work orders, as well as repairs during planned plant shutdowns.

This information will provide an indication of the size of the improvement opportunity that employing condition monitoring and predictive maintenance technologies represents in monetary terms. Knowing these costs, it is very easy to compare them with the investment that represents a online condition monitoring system to make a purchasing decision.

There are some facilities that have high expenditures on preventive maintenance activities. Preventive maintenance activities are understood as having to change parts and carry out planned shutdowns in case a failure occurs. 

Many of the parts that are replaced may be fine and have a longer lifetime. Many of the shutdowns may not even be justified yet and unnecessary and high costs are incurred by having to make more shutdowns than necessary. 

It is true that planned shutdowns for preventive maintenance help to reduce unplanned shutdowns, but they also carry with them the cost of unavailability that reduces production capacity. Condition monitoring and predictive maintenance technologies will help determine the ideal number of planned shutdowns to optimise production.

Return on Investment (ROI) is a divisive factor among industrial maintenance management professionals. With budget cuts and staff shortages, plant managers have to rely on technologies such as condition monitoring to optimise their resources. Unfortunately, many maintenance managers still do not measure the return on maintenance investments and the technologies they purchase.

If you are interested in learning more about the relevance of using online condition monitoring and predictive maintenance technologies for your plant and how it can help you in identifying failures, interpreting their causes, locating affected components, optimising spare parts stocks and planning maintenance measures, please contact us. We invite you to subscribe to our Newsletter.