Enhancing Maintenance Management Through Financial Awareness
Added on 2019-09-30
9 Pages1920 Words275 Views
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T1. HEM1
1. Opportunities in new technologiesThe recent improvements in the internet of things and the big data has paved way for the companies to successfully understand the various data coming out of the business and make informed decisions. The internet of things tries to ensure that the physical devices are integrated together and allows the user complete access from one point. This in turn generates large number of data if certain period of time is considered. The Big Data Analyticswill help analyze these data and understand the patterns that can provide greater insight (Bokrantz et al,2017). The companies have been found to be entering into IoT and Big Data considering its several benefits. Some of the benefits are that it allows the businesses in reducing the downtime that are unplanned by few percentage points, improving the effectiveness of equipment, increasing the RoA, and reducing the costs incurred in maintaining the equipment. The companies can utilize the big data and IoT to predict the maintenance schedules and take time actions to prevent the loss. Predicting the maintenance schedules is very important for the companies that are in manufacturing or transporting goods.The big data and IoT will help the companies in predicting when the equipment will require intervention and can prevent negative impact to companies’ production and personnel. It increases the visibility of the equipment for appropriate actions (O’Donnovan et al, 2015). The companies can go through several steps to ensure that they successfully utilize the big data and the IoT should be on the identification of the problem. The companies can first understand the assets that are critical to the company and are more prone to failure which is also the initial step to planning (Gopalakrishnan et al, 2015). This should be done in continuation of understanding the impact of the
particular asset failure on the production, operational aspects, and the individuals working in the organization. These helps the companies build business case for the utilization of the big data and IoT. The next aspect is identification and prioritization of sources of data that will be gathered for further analysis. The Internet of Things can play big role in this area as it will help gets massive amount of useful data through increase connectivity of the asset through smart devices. The companies can collect real time data using the IoT and build predictive models that will send early warning on whether the equipment is about to fail (Wan et al, 2017). One of the important that should be considered here is that instead of drowning in the data, the company should be selective towards thedata collection and use the needed ones only. The advancement in the big data has allowed the companies to either conduct real time cloud based analysis or offline assessment. It depends on the importance of the data and equipment for the company.
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