Predictive maintenance technology is quickly gaining traction as manufacturers realize its capabilities to help them save time and money. With artificial intelligence (AI) at the core of predictive maintenance, manufacturers now have access to data-driven insights that can greatly improve operational efficiency in their plants. Predictive maintenance allows for proactive monitoring of machines and equipment, allowing manufacturers to spot problems and take corrective action before any significant downtime occurs.
In recent years, predictive maintenance has become more popular in the manufacturing sector as it offers a number of advantages to companies. By utilizing this technology, manufacturers are able to reduce costly unplanned downtime, increase the overall efficiency and reliability of their production processes, improve safety by detecting potential hazards before they occur, and save time with automated tasks.
In this article, we’ll discuss the key benefits of predictive maintenance technology and how manufacturers are using artificial intelligence to power their operations.
The Benefits of Predictive Maintenance Technology
Predictive maintenance technology offers a number of advantages for manufacturers. The most important benefit is that it allows companies to monitor the condition of their machines and equipment in real-time, making it easier to identify potential problems before they become serious. By leveraging artificial intelligence (AI), predictive maintenance systems can quickly analyze data from sensors and other sources, helping to identify problems and offer suggestions for corrective action.
This problem identification method allows manufacturers to predict potential issues before they occur, allowing them to take preventive measures that can save money and time. In addition, predictive maintenance technology helps companies reduce the risk of unplanned downtime by providing early warning signals when a machine is in need of maintenance or repair. This reduced risk helps to minimize the impact of any downtime and ensures that production processes are running smoothly.
Predictive maintenance systems can also help to improve safety in the workplace as they identify potential hazards before they occur. By utilizing artificial intelligence-driven analytics, predictive maintenance systems can detect threats such as overheating motors or faulty wiring that could lead to serious accidents or costly damages. This provides manufacturers with the data they need to make proactive decisions about their production processes and prioritize safety in their facilities.
Finally, predictive maintenance technology can help reduce costs associated with manual labor. As seen below, predictive maintenance (also called intelligent maintenance) presents the optimum cost compared to other forms of maintenance. By using artificial intelligence to automate certain tasks such as data collection or analysis, predictive maintenance systems can save companies time and money that would otherwise be spent on manual labor. These saved resources help to streamline operations and increase operational efficiency, making predictive maintenance an invaluable solution for modern manufacturing facilities.
Predictive Maintenance is the New Norm
The key advantages offered by predictive maintenance technology have led to its increasing popularity in the manufacturing sector. As artificial intelligence (AI) continues to play a major role in industrial automation, more manufacturers are beginning to adopt predictive maintenance solutions as part of their operations. In fact, according to recent estimates, the global predictive maintenance market is projected to reach $2.18 billion by 2025 – a sign of just how much the technology is becoming mainstream in the manufacturing industry.
How Augury Inc. Has Leveraged Predictive Maintenance Technology
One company that is leading the charge in predictive maintenance is Augury Inc. Founded in 2013, Augury Inc. uses artificial intelligence and machine learning to help manufacturers monitor their machines and detect potential problems before they occur. The company’s technology has been adopted by major manufacturing companies such as Coca-Cola, BMW, Siemens, and more.
Augury’s artificial intelligence-driven predictive maintenance platform, dubbed “Machine Health,” is designed to help manufacturers optimize their equipment and minimize downtime. Using Machine Health, companies can monitor the real-time health of their machines and receive early warning signals when a machine is in need of repair or maintenance. This allows companies to proactively address any potential issues and ensure that their production processes are running smoothly.
Augury Inc. has already helped Frito-Lay add 4,000 hours a year to its manufacturing capacity. Due to predictive maintenance companies like Augury Inc., the predictive maintenance industry is expected to reach $18.6 billion by 2027. As seen in the graph below, the predictive maintenance market will be much larger in the future than it was in 2018.
Data Science and Data Science Unicorns in Predictive Maintenance Technology
Data science is playing an increasingly important role in the development of predictive maintenance technology. By leveraging artificial intelligence and machine learning, data scientists are able to develop models that can accurately identify potential problems before they occur. These models are then integrated with sensors to monitor machines’ performance and provide real-time insights into their health.
By harnessing data science, predictive maintenance technology is becoming more accurate and reliable. This enables manufacturers to get a better picture of their machines’ health, which allows them to make informed decisions about when and how to maintain their equipment.
The development of predictive maintenance technology is also heavily reliant on people with data science skills. By using their knowledge and expertise, data scientists are able to create models that can accurately predict when a machine will fail or require maintenance. These “data science unicorns” have become increasingly important to modern manufacturing processes as they provide the artificial intelligence and machine learning needed for predictive maintenance.
A Bright Future for Predictive Maintenance Technology
Predictive maintenance technology has already revolutionized the manufacturing industry, and it is only going to become more popular in the future. As artificial intelligence and data science continue to improve, so too will the accuracy of predictive maintenance solutions. This will enable manufacturers to better monitor their machines and reduce downtime, leading to increased efficiency and cost savings.
Thanks to predictive maintenance technology, manufacturers will no longer have to wait until something goes wrong before they can take action. Instead, they’ll be able to proactively identify potential problems and address them before they occur. This will help ensure that production processes remain efficient and reduce the cost of maintenance.
As predictive maintenance technology continues to gain traction, manufacturers will be able to take advantage of its many benefits and maximize their production efficiency. Augury Inc. is leading the charge in this space, but as more companies recognize the value of predictive maintenance technology, we can expect to see it become an even more integral part of the manufacturing process.