Our detailed breakdown of what data firms capture shows that nine out of 10 manufacturers we surveyed collect at least some data that gives them a view of machine health. PdM is no longer just something frontrunners are trying out. It is a well-established and well-proven technology. Digitization strategies are now maturing.
This explains why the proportion of manufacturers saying PdM is a ‘strategic priority’ fell between 2019 and 2023: it is no longer a development priority but business as usual. To control the costs of downtime, PdM has become a must-have. It prevents sudden and unexpected equipment failures that lead to lengthy downtime while avoiding the opposite danger of over-maintenance.
Costs are cut further by allowing manufacturers to reduce the spares they need to hold ‘just in case’. It also allows them to calculate the likely Remaining Useful Life of machines, allowing industry to make full use of an asset lifespan without pushing machines so far that catastrophic and hugely costly failures become likely.
The pressure on supply chains in recent years has meant that unplanned downtime is a bigger and bigger headache. With the
costs of PdM falling simultaneously, the technology has entered the mainstream, becoming a must-have for manufacturers.
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