IOT & activity based costing
How Condition Monitoring solutions can lead to a higher ROI
Activity Based Costing is widely used in the manufacturing industry. However, it comes with its fair share of criticism because it is difficult to correctly estimate the amount of resources required to perform a task efficiently.
Two of the key performance indicators (KPI) in the manufacturing industry are MTBF (Mean Time Between Failures) and MTTR (Mean Time To Repair). MTBF is a performance metric that measures the time elapsed between when a failure occurs and the next time it happens. MTTR is the time spent to conduct repairs once a failure occurs. Both these KPI’s are calculated by dividing the total time taken respectively by the number of failures. While these are good indicators of performance, they are flawed. Failures cannot be foreseen as they are not uniform and can occur at any point of time. In the case of repairs, it may take longer for some than others. That is why these metrics lack real-life accuracy.
Using condition monitoring solutions, it is possible to successfully obtain operational information from machines which are variable in nature. The actual operational times of the machines can be analysed and resources can be allocated accurately. Maintenance can be scheduled based on the number of hours used. This eliminates the need to estimate KPIs like Mean Time Between Failures and Mean Time To Repair by providing us actual figures of usage. No excess resources will need to be allocated . This will in turn improve operational efficiency and ultimately lead to a higher Return on Investment (ROI).
IOT solutions can help to improve the audit and scheduling of pro active maintenance schedules by gathering operational data such as hours used, operating environment, power consumed and abnormal handling of equipment by users. Helps to ascertain Mean Time Between Failures (MTBF) and Mean time Between Repairs (MTBR)
Most of factories and warehouses employ technical staff to conduct periodic check and repairs to ensure the asset equipment are up and running all the time. Unexpected breakdowns can lead to loss in revenue, opportunity costs, unsatisfied customer etc. Using our IOT in maintenance solutions, your own technicians will be able to remotely monitor the fixed assets to help prevent breakdowns.
IOT industrial automation & maintenance
Implementing a retrofit IOT solution with non invasive sensors and integrating data visualisation tools can help businesses to improve equipment uptime, track and trace of critical plant and machinery in factories, shipyards, airports, supply chain environment, warehouses etc, which otherwise takes many man hours of unproductive work.
Anomaly detection solutions for industrial automation can help businesses improve the operational excellence by pro active maintenance, optimising spares inventory and reducing energy consumption of various heavy industry equipment.
Call us at the following numbers to more on how IOT industrial automation sensors and IOT in maintenance management using anomaly detection solutions can help improve asset efficiency and reduce breakdowns.