Downtime and repair costs are expensive for any facility owner or business. In most cases, it is more cost effective to prevent the issues from occurring in the first place.
One effective method to avoid these costly repair costs and downtimes is using predictive maintenance. This game-changing approach allows you to maintain your facility/equipment and avoid unplanned downtimes proactively.
But what is predictive maintenance? What is the ROI of this maintenance strategy? And what are the types technologies used in predictive maintenance? Read on to learn how predictive maintenance can protect your buildings.
What is Predictive Maintenance?
Predictive maintenance is best explained in comparison to the other two types of maintenance strategies: reactive maintenance and preventive maintenance.
Predictive maintenance, also known as PdM, is a proactive and the most advanced type of maintenance strategy that uses condition-monitoring techniques, data analytics, and machine learning to predict equipment failures before they occur.
Unlike reactive maintenance, which allows you to respond to problems as they happen, predictive maintenance aims to foresee potential failures based on patterns identified in the equipment data.
PdM heavily relies on the continuous monitoring and analysis of equipment/asset performance data. This data is collected using various monitoring systems, IoT devices, and sensors installed at the right location in the building infrastructure.
By analyzing the PdM data, maintenance teams can identify signs of potential malfunction, defects, or operational anomalies well in advance, allowing for prompt interventions before failures occur. This prevents the likelihood of unplanned downtimes and significantly reduces the repair costs.
Predictive vs. Reactive Maintenance
Reactive maintenance is based on a “break and fix” strategy, where repairs are made after the equipment has already broken down. While this approach might seem straightforward, it can lead to unexpected downtime, higher repair costs, and potential safety hazards.
Predictive maintenance solves all the cons of reactive maintenance. According to CBRE, implementing predictive maintenance can reduce maintenance costs by 10-20% compared to reactive maintenance .
This significant cost reduction is achieved through the early identification of issues, which allows for planned maintenance activities that are less disruptive and more cost-effective.
Predictive vs. Preventive Maintenance
The difference between predictive and preventive maintenance lies in the data analysis approach.
While predictive maintenance hinges on real-time data monitoring and analysis, preventive maintenance entails time-based (regular) inspections and scheduled maintenance activities to help reduce the likelihood of equipment failure.
Not all building related issues can be served by predictive maintenance yet as most of these technologies are still in development. For example, water leaks are often best detected by a preventive technology like the sensors we provide at Perceptive Things®. Our sensors monitor 24/7 and send your team alerts so they can take action immediately!
Some of the reasons why preventative maintenance is often needed is due to:
Immediate Response: Water leak sensors provide real-time alerts, enabling quick action to minimize damage, which is crucial for preventing costly water-related incidents.
Simplicity and Reliability: These sensors are straightforward, easy to install, and maintain, offering reliable protection without the complexity of data analysis required in predictive systems.
Cost-Effectiveness: Preventive water leak sensors are generally less expensive to implement, avoiding the high costs associated with predictive technology and ongoing monitoring.
Direct Detection: Unlike predictive systems, which may miss subtle signs, preventive sensors detect leaks immediately, making them more effective for addressing water-related issues.
Risk Mitigation: By catching leaks early, these sensors help prevent small problems from escalating into major disasters, protecting valuable assets and infrastructure.
The ROI of Predictive and Preventive Maintenance
Predictive maintenance (PdM) and preventive maintenance technologies deliver substantial ROI by minimizing unplanned downtime and reducing maintenance costs.
For example, According to CBRE, implementing PdM can lead to 10-20% reduction in maintenance costs compared to reactive maintenance. The initial investment in PdM technology is often offset within a short period through these savings, providing a compelling ROI.
We offer an ROI calculator on our homepage that can help in comparing the costs of implementing our preventative maintenance technology against the potential savings.
Avoiding costs associated with repairs
By discovering issues before they escalate into major problems, preventive and predictive maintenance allows organizations to avoid high costs associated with emergency repairs.
These savings arise from minimizing unexpected equipment failures, reducing downtime, and optimizing maintenance schedules.
Reduce insurance premiums
Preventative maintenance technologies and PdMs can reduce insurance premiums by demonstrating that an organization is taking steps to minimize risks.
Insurance companies often provide incentives (lower premiums) for organizations that have an established predictive maintenance program in place.
For example, implementing predictive maintenance technologies can demonstrate to insurers that a building is less likely to suffer from catastrophic failures, such as water damage, which reduces the risk of costly insurance claims.
Improved tenant satisfaction
Both PdMs and preventative maintenance technologies can improve tenant satisfaction and loyalty by ensuring functionality, safety, and comfort of your building equipment and systems.
By addressing potential breakdowns, malfunctions, and interruptions before they impact tenants, property owners can create a more productive and comfortable working or living environment.
These novel technologies allows property owners to communicate more effectively with their tenants by informing them of any potential issues and planned maintenance activities.
By enhancing tenant satisfaction, you can also attract new tenants, increase tenant retention, and reduce turnover.
Maximize your building’s earning potential
For hotels, room availability directly impacts revenue, as there will be a massive financial loss if a room is not able to be occupied.
Revenue per available room (RevPAR) is a key metric in the hotel industry, representing the average revenue generated per available room. By minimizing room downtime through predictive maintenance, hotels can optimize RevPAR.
In multi-family homes, avoiding tenant displacement due to maintenance issues is crucial for maintaining long-term renters and reducing churn related to dissatisfaction. Satisfied tenants are more likely to renew leases, ensuring a steady income stream for property owners.
For office spaces, maintaining operational efficiency is vital. Downtime not only disrupts tenant businesses but also risks damaging expensive equipment like computers and irreplaceable paperwork. Ensuring that office spaces are fully operational maximizes tenant productivity and satisfaction, reducing the likelihood of tenant turnover.
Preventative Technologies by Perceptive Things®
At Perceptive Things®, we can support buildings with a variety of preventative solutions that are more cost effective than predictive ones! We give you real-time insights into your building like never before through our suite of sensors.
Water Leak Sensors
Early detection of leaks helps prevent water damage, mold growth, structural deterioration, and the associated water damage repair costs.
At Perceptive Things®, we have some of the most powerful, durable, and best water leak sensors on the market. Our sensors are best utilized when installed in the right locations where there is higher risks of water leaks or where you have previously experienced water damage/leaks problems
Once a water leak is detected, these sensors will notify you within seconds of a leak happening, allowing you to address the issue before it becomes a significant problem
Check out the video below to learn how our water leak detectors come together in a preventive maintenance system to provide reliable and effective detection across your building.
Ambient Conditions Sensors
Maintaining optimal ambient conditions is essential for both tenant comfort and equipment longevity. Our ambient conditions sensors have real-time (24/7) monitoring capabilities to monitor various environmental conditions, including humidity, temperature, air quality, heat, smoke, and more.
Whether you need to adjust the humidity or temperature levels to ensure that your environment is secure or safe, or for optimal comfort, our ambient sensors provide a reliable and efficient solution.
With their intuitive interfaces and advanced features, these sensors improve your existing maintenance systems and make it easy to modify environmental parameters.
Asset Security
It is essential to protecting all valuable assets within your building. Our asset security solutions use advanced sensors and monitoring technologies, ensuring that you are immediately notified of any unauthorized access, movement, or tampering with critical infrastructure. This ensures that important equipment or assets are safe and operational.
By integrating our asset security sensors into a predictive maintenance system, building managers and owners can not only protect their assets from theft and damage but also ensure they are functioning correctly and efficiently.
Final Thoughts on Predictive and Preventive Maintenance
Predictive maintenance represents a significant advancement in building or facility management, providing several benefits over traditional reactive approaches.
That being said, most buildings will find better ROI by utilizing preventive maintenance technologies as the costs tend to be significantly more affordable.
Implementing the correct technology can make a huge difference when it comes to preventing equipment failures, reducing maintenance costs, and enhancing operational efficiency.
At Perceptive Things®, our suite of preventive maintenance technologies provides the tools needed to stay ahead of potential issues. You can reach us at contact@perceptivethings.com.
What has been your experience with predictive maintenance technology? Or do you need assistance installing preventive maintenance technology in your facility? We would love to hear from you via the comments section below.
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