Predictive maintenance might sound like a buzzword but I have seen it in action. I can take the credit for implementing it and rendering it useful for end users.
I spoke about predictive maintenance and how it can work across industries in a� webinar.
Predicting unplanned failures can be beneficial to-
- Determine warranty cost
- Determine root cause of unplanned failures or inferior output
Warranty cost has been a research subject in the insurance industry for long. A manufacturer will use predictive maintenance to calculate the right warranty cost and offer the same to the customer, providing warranty, extended maintenance and service contracts. Terms and conditions of a warranty and extended warranty are designed based on insights from the warranty models.
A Typical warranty model for any industry will be similar to the one below:
A typical root cause will go through following steps:
Simulate Equipment Life
Large equipment have numerous parts, which go through many inspections, repairs, replacements, and upgrades in its lifetime. Not all parts are costly or fail often, some parts fail due to wear and tea, whereas others fail due to external factors. Of these failures, some cause downtime, and others cause sub-optimal performance. A part can be simulated through its failures, inspection, repair schedule and recording historical data of every part is theoretically feasible but one might find it hard to justify return on investment.
The life cycle of equipment parts –