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Extend Asset Life with Condition-Based Maintenance

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26 December 2022

Extend Asset Life with Condition-Based Maintenance

In business terms, an asset can be defined as an item or resource that holds a particular value and is owned by the company. This resource can be anything from machinery to computers, equipment to software, or something else. There is no denying the fact that all physical assets are subject to ageing and deterioration. For every business, it is important to get the maximum use of the company’s assets, as it helps to achieve a better ROI.

The concept of useful time is only related to tangible assets. This is the estimated duration for which you can reasonably expect an asset to remain functional. To make sure that an asset delivers the maximum output for the entire duration, routine maintenance is required. However, the maintenance should be neither too much nor too little, or it can lead to asset failure.

Now the main question is how to make sure that the maintenance you are providing to your assets is appropriate.

To ensure timely maintenance of all your assets, an effective asset maintenance strategy is required. This is when condition-based maintenance comes into the picture.

What is condition-based maintenance?

Condition-based maintenance (CBM) is the most common maintenance approach that is now being used in almost every industry. This strategy includes constant monitoring of the real-time condition of an asset. CBM helps in determining any potential issue with the help of the data related to an asset’s health. By using this approach, your business can not only drive the maximum output from an asset but also extend its life as well.

To make the most of the CBM strategy, you can also use a comprehensive asset management solution. IBM Maximo Asset health insights help you keep track of each and every asset involved in your business.

Let’s dive deeper and discuss what this asset management solution is and what it offers:

IBM Maximo Asset Health Insights

The IBM Maximo Asset Health Insights on Cloud is a solution that offers a clear insight into the health of business assets, bringing improved accuracy and detail to reliability engineers and maintenance supervisors.

Here is what this solution does:

  • Consolidates information around business asset health for reliability engineers and maintenance supervisors, including asset history and real-time and historical sensor data from the assets.
  • Provides the capability to define and normalize asset health based on key drivers, such as remaining useful life, maintenance and failure history, overdue preventive maintenance, and condition based on the real-time and historical meter and sensor information and weather.
  • Provides users with the capability to drill into business assets by location, hierarchy, or asset class to understand the full context of the health of critical assets.
  • Leverages real-time information and analytics using the IBM WatsonTM Internet of Things Platform, along with other information sources such as current and historical weather.

With the IBM Maximo Asset Health Insights, you can effortlessly implement condition-based maintenance in your business and extend the useful life of your assets.

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