Replacing components on a schedule throws money in the form of perfectly usable assets into landfill.
If a business uses 40% fewer components, it is spending 40% less on associated operational expenses.
Some firms have already been able to reduce component waste and increase asset lifetime using Industry 4.0 analytics techniques, as highlighted in our new report exploring sustainability challenges in manufacturing.
One critical insight from the report is that efficient manufacturing is not as simple as ‘old is bad, newer is better’. By using sensors and analytics, leading industrial organizations are able to manage older assets more effectively and efficiently, making them more economical for much longer than their original service lifetime.
Using industrial analytics to get precise figures and predictions for machine energy use, production rates and remaining serviceable life, businesses can calculate precisely when capital investment in new machinery begins to make commercial sense, as well as how existing asset investments can be further sweated.
The report and video also look at:
- Analytics to keep machines and components running optimally and maximize life-span
- Predictive maintenance to identity the best time to replace components
- Making accurate predictions of what’s likely to happen in the future based on current condition and behavior
- Successfully retrofitting Industry 4.0 technology to older assets