Manufacturers need to leverage emerging technologies such as the Internet of things (IoT), analytics, sensing, and 3D printing to increase operational efficiency and reduce equipment downtime. Transition from a reactive approach to one that predicts maintenance needs is essential to reduce costs related to inventory and resources.
A data based approach is taking maintenance to a new level and maintenance-as-a-service will soon become the order of the day. This approach will allow equipment to be monitored and fixed remotely with a potential functionality to even heal itself. New business models will emerge wherein a product will be sold not at a fixed price, but rather on the basis of the throughput it can deliver in a given time.
The manufacturers will take responsibility for the equipment and ensure that you get the most out of it while they receive an annuity and additional business based on product and service quality. Total cost of ownership will soon take center stage as the key measure of success.
This paper will discuss the technologies to consider, their integration and the key considerations of such an initiative.