Heavy machinery used in construction, mining, manufacturing fabrication and other infrastructure industries are subject to extraordinary wear and tear. Many activities with heavy machinery take place in extreme environmental conditions at remote locations. As a result, equipment failure could be catastrophic. The time lost in the process of acquiring the necessary repair parts and the costs involved in unscheduled maintenance make machinery downtime an especially costly event for any company whose mission depends on vital heavy equipment.
Without the help of LCM software and services from Clockwork Solutions, machinery management teams are required to solve equipment failure-related issues by spending budget dollars to increase the inventory of repair parts or by spending more than necessary on mechanical labor. Critically important minutes and hours of machine productivity are lost due to these unexpected failures, which impact not only the company’s bottom line, but also the mission of the machines and ultimately, the productivity of the company.
Using predictive analytics to guide maintenance scheduling for heavy machinery as opposed to pre-scheduled maintenance or corrective maintenance once issues arise can lead to huge cost savings for companies relying heavily on machines. The key to efficiency and cost savings is doing smart maintenance with less human intervention, which is made possible through the leveraged power of predictive analytics for big data. As a rule of thumb in the industry, it is estimated that breakdown or emergency repairs cost three times the amount of employing predictive maintenance. These costs add up with unnecessary inventory of repair parts, overtime work of emergency repair crews, and in the lost production output during machine shutdown.
With the help of data scientists using Clockwork’s software and Cloud technology for near real time modeling and simulating, information on repair parts requirements, maintenance labor needed and project feasibility can be predicted with a high degree of fidelity far into the future through the leveraging of big data combined with predictive analytic tools. Ultimately holistic asset-based asset management approaches using predictive analytics put companies ahead of the competition.
Discover Clockwork’s LCM technology and the opportunities available for the heavy machinery industry. For further statistical information regarding the benefits of using predictive analytics, download our infographic here.