Quantifying the value of predictive maintenance

May 8, 2023 - Research X98

Predictive maintenance initiatives reduce downtime by between 35 and 50 percent, extend asset lifespan by between 20 and 40 percent, lower costs, improve safety, and enhance product quality. To calculate the ROI of these initiatives, organizations should establish a baseline, assess direct and indirect benefits, and compare cost savings to implementation costs. Best practices include identifying critical assets, investing in data infrastructure, utilizing advanced analytics, setting clear objectives, training staff, fostering collaboration, and piloting before scaling the program.