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Asset Optimization vs Predictive Maintenance: A Smarter Approach for Manufacturers

By: Fero Labs Logo light
• July 2024
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In the world of manufacturing, efficiency and reliability are paramount. While predictive maintenance has been a buzzword in recent years, asset optimization offers a more comprehensive and effective solution for manufacturers looking to improve their operations.

Let's explore why asset optimization is the better alternative and how it can drive significant value for your plant.

The Limitations of Predictive Maintenance

Predictive maintenance promises to alert you when equipment is about to fail, but in reality, it often falls short of expectations. Here's why:

  • Limited advance notice: Alerts often come too late to be truly useful, similar to being notified about an oil change just minutes before it's needed.
  • High false positive rate: Complex manufacturing environments lead to frequent false alarms, as normal fluctuations are misinterpreted as anomalies.
  • Erosion of trust: Frequent false positives can lead to a "cry wolf" scenario, where important alerts are ignored, potentially resulting in serious consequences.

The Power of Asset Optimization

Asset optimization, on the other hand, takes a more holistic approach to equipment health and plant efficiency. Here's what makes it superior:

  • Long-term focus: Instead of just predicting failures, asset optimization aims to improve the overall health and efficiency of your equipment over time.
  • Proactive improvements: By analyzing various factors affecting machine performance, asset optimization provides actionable insights to extend equipment life and boost efficiency.
  • Significant efficiency gains: Plants using asset optimization solutions like Fero Labs have seen efficiency increases of up to 11% within just three months of implementation.

Key Benefits of Asset Optimization

1. Improved planning: Asset optimization provides insights months in advance, allowing for more efficient maintenance scheduling and resource allocation.

2. Cost reduction: By optimizing equipment performance and reducing unnecessary maintenance, manufacturers can significantly lower operational costs.

3. Sustainability improvements: Efficient asset operation leads to reduced resource consumption and lower emissions, supporting sustainability goals.

4. Real-time quality control: Asset optimization solutions can continuously monitor and predict product quality, enabling quick interventions to prevent defects.

5. Process stability: By accounting for sources of variability and uncertainty, asset optimization helps create more stable and efficient workflow.

Asset Optimization in Action

Across various industries, asset optimization is delivering tangible benefits:

  • In chemical plants, it enables rapid understanding of complex relationships between measurements, leading to more efficient processes.
  • For consumer packaged goods manufacturers, it helps prioritize value-driving opportunities in complex plant environments.
  • Across sectors, it allows engineers to predict when assets like heat exchangers and catalysts will no longer run optimally, and explore root causes of degradation.

While predictive maintenance has its place, asset optimization offers a more comprehensive and valuable approach for manufacturers. By focusing on long-term equipment health, efficiency improvements, and actionable insights, asset optimization solutions like Fero Labs are helping plants increase productivity, reduce costs, and meet sustainability goals.

As manufacturing continues to evolve, embracing asset optimization will be key to staying competitive and efficient in an increasingly complex industrial landscape.

Speak to an industry expert at Fero Labs to apply this to your plant. Let’s chat!