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Preventive Maintenance: 7 Challenges for Asset Managers

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Competition on costs is ever increasing. Meanwhile, customers are more demanding in their expectations. In 2024, global smart sensor market will have a value of $80 billion. In others words: become part of the future or become obsolete!

Challenges Asset Managers

Asset managers are faced with the following challenges:

  • Asset managers demand huge cost savings
  • Tightening of budgets for maintenance programmes
  • Less service disruptions and customer complaints
  • Increasing demands from users
  • No Control and optimal use of my assets
  • Risk of hacking by terrorists
  • Remote firmware updates

With IoT, you can give your equipment a longer lifetime and thus save on repair and replacement costs.

Your customers will become more satisfied with your services. With solutions which weren’t possible until now, products can ‘think’ for their users. Like: the health of the lamp and power quality of street lights, refrigerators which will signal to a car that owner is out of milk, a space on a parking lot is reserved for the visitor when he’s close to the office etcetera.

And the other way around: remember the first time you went in a hotel which had Wi-Fi and you thought: “great”! You’ve probably forgotten; nowadays, not having Wi-Fi has since long became a standard. In IOT, users raise the expectations and will be dissatisfied with devices which do not help them.

A dashboard helps you to view in one glance which assets are working properly and which are probably in need of repair or replacement. Further, you learn when, where and how intensely your assets are being used, so you use your assets more efficiently.

In a world of connected devices, security is very important. Hackers will try to break in: to steal, to cause harm or to shut down your devices. Without security, hackers can make their entry from anywhere: from one of your devices, but also an unsecured device from one of your employee’s at home. So, in the world of IOT, security of these devices is key.

Read about solutions: https://www.advsolned.com/asn-condition-monitoring/

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Control and improve critical components in your waterworks and railway infrastructure

Water and rail infrastructure are one of the cornerstones of smart grids, such as smart cities. In them, algorithms are found everywhere.

Challenges in Water and Rail infrastructure

  • Many parts of the infrastructure are decades old and have high maintenance costs
  • Preventative maintenance of components (motor, chain, wiring, jackscrew, etc.) is required to reduce costs and maintain safety
  • Less service disruptions and customer complaints
  • No control of assets, and so no idea if assets are working properly
  • New analysis methods required, as existing infrastructure cannot be dismantled for installation of traditional sensors
  • Most of the infrastructure has been built when security was not an issue. This makes the infrastructure an easy target for hackers and terrorists

Decades old infrastructure

Many parts of the infrastructure are decades old. That’s also one of the reasons that they have high maintenance costs. Besides, regular maintenance consists of doing regular maintenance rounds. Here, every device gets the same attention. However, with preventative maintenance, you can focus on devices which really need it.

Less service disruptions and customer complaints

So, with preventative maintenance, you’ll not only reduce costs. But even more important: devices maintain to be safe for users. Due to timely recognition, you can plan maintenance before a little fault has led to real damage. So, you have less service disruption and more customer satisfaction.

No control of assets

Another challenge we hear is that companies have no control of assets, and so no idea if assets are working properly. Maybe companies have control of the assets they recognize. However, they have no idea if all devices are in scope and how these are connected.

New analysis methods required

The above-mentioned means that new analysis methods are required. However, the existing infrastructure cannot be dismantled for installation of traditional sensors.

Security of assets

Most of the infrastructure has been built when security was not an issue. This makes the infrastructure an easy target for hackers and terrorists

Find out how you can solve your IoT solutions with our algorithms!

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