Are Your Maintenance Strategies Financially Optimized?

Are you concerned that you’re overspending on maintenance? You’re not alone. Based on our work helping industrial businesses around the world, here are our top tips for lowering operation and maintenance (O&M) costs without taking on more risk.

Industrial businesses around the world have more in common than meets the eye. One of their top priorities is finding viable ways to lower their O&M costs.

To achieve that goal, they seek to perform the ideal amount of preventive maintenance (PM) without overspending and without putting their production at risk.

Without the right technology tools, this is an incredibly difficult task. It’s a constant balancing act between performing maintenance tasks before they’re truly needed (which adds unnecessary expense) and incurring the cost of corrective maintenance (which happens after an unexpected failure).

The problem with the maintenance landscape to date

For generations, industrial businesses have operated without having visibility into what each maintenance dollar is specifically going toward. As a result, they’ve been unable to understand or quantify the effectiveness and resulting impact of their maintenance spend.

Businesses have also been unable to factor in the actual conditions and real-time performance of their assets to inform smarter maintenance choices about those machines based on their status and health.

How can companies remove the guesswork from the equation and start making financially optimized maintenance decisions at scale?

Cost-optimize and de-risk maintenance decisions using AI, optimization and machine learning

In a giant leap forward for the industry, new innovations like artificial intelligence (AI) help inform and automate the challenging maintenance process described above. Businesses can quickly find the perfect balance to ensure they don’t under-maintain or over-maintain their assets.

To determine if there’s room for improvement in your current maintenance strategy, consider how AI, optimization and machine learning can help you intelligently plan your asset maintenance:

Approaches to intelligently planning asset maintenance.
Approaches to intelligently planning asset maintenance.

How the largest nuclear plant in the U.S. saved millions of dollars with industrial AI

As part of Arizona Public Service (APS), the Palo Verde Nuclear Generating Station is the largest nuclear plant in the U.S. It relies on Uptake to optimize its PM strategies, which has resulted in $10 million of annual cost savings.

John Langskov, Section Leader of PM Programs, had this to say about Asset IO: “Running the largest nuclear-generating station in the U.S. can be challenging from a maintenance perspective. The defining characteristic of this product is it gives me a way to evaluate the change in my costs moving forward, based on the change of the PM strategies that I’m looking at implementing. This is something you can’t get with any other product. No other product I’ve ever seen in the industry can even come close.”

Hear more from John in this video to learn how he uses Asset IO:

Check out our case study to discover how Asset IO helped increase asset performance, lower maintenance costs and ensure safe operations: