Prioritising ‘Return of Investment’ (ROI) through Digital Transformation over cutting costs!
In a world of uncertainty, businesses are forced to prioritise and strategically review cost effectiveness more than ever before. The effects of COVID-19 have catapulted the globe into rethinking the way in which we work, which have resulted in a fast-paced revolutionary movement of Digital Transformation and the entering of Industry 4.0.
Organizations can no longer rely on simply cutting costs, but rather, are now looking towards reassessing their digital needs and prioritizing digital assets to save cost in the long term. Investing in the right Digital Transformation assets for operating machinery and industrial equipment through ‘Digital Predictive Maintenance’ is quickly becoming one of those cost-effective priorities.
Digital Predictive Maintenance is set to help prevent and reduce equipment breakdowns, improve product longevity, and optimise product quality. Unexpected machinery downtime can have a huge impact on a range of costs pertaining to recovery and disruptions in production lines and supply chains. A Digital Predictive Maintenance system that is predictive, rather than reactive (responding to failures in equipment or devices after the event has happened), is empowering operators to carry out continuous proactive maintenance.
Digital Predictive Maintenance connects intelligent software into devices which allows for reading the behaviour, changes and the history of operating machinery so effective analysis can take place. Once patterns are discovered, predictive analytics can also potentially unlock maintenance strategies, resulting in manufacturing devices becoming increasingly intelligent and able to trigger early warning signs and alerts for proactive maintenance. Taking a more proactive approach by utilising the stored data within the history of such devices to predict future events, and diagnose potential problems before they occur, will result in optimising the operational efficiency and output of the equipment.
In turn, operators can achieve a direct Return of Investment (ROI) through minimising downtime, increasing quality, reducing maintenance needs and costs, and ultimately continuing production without disruption and sustaining revenue and the supply demand chain. The performance and role of the new predictive maintenance method is now being considered as a key player in long-term cost management.
Digital Predictive Maintenance could keep business strategies ahead of potential problems relating to ‘end of life’ machinery or hefty maintenance repairs, and instead provides the capability to carry out faster, better, and more valuable operations. Digital Predictive Maintenance is revolutionising the manufacturing and high-tech industry. Together with the IoT, the manufacturing and high-tech industry will propel us faster in the technology world than ever before. Simply analysing after the unplanned machinery breakdown is no longer cost effective or relevant compared to the new predictive insights available through industry 4.0. Manufacturers who wish to be successful and leaders in their industry will need to consider the best possible digital enhancements and assets to deliver optimal performance. Making the right investment now in Digital Predictive Maintenance is set to quickly become paramount to those wishing to stay ahead and leading in the manufacturing industry.