Factory equipment management uses IoT-enabled sensors to monitor and track manufacturing equipment to optimize performance and prevent downtime.
What is IoT-Enabled Factory Equipment Management?
Factory equipment management uses IoT-enabled sensors to monitor and track the performance and location of manufacturing equipment to optimize processes, reduce theft and misuse, and prevent unscheduled downtime.
Unexpected downtime in manufacturing can be costly – resulting in the loss of not only product, but wages, utilities, and then the cost of emergency maintenance to downed equipment. The average outage costs companies $17,000. And although equipment failure is a major contributor to unexpected downtime, a 2017 survey found that 70 percent of companies lacked a complete awareness of when the equipment was due for maintenance or upgrade.
Factory equipment management solutions allow for a more complete understanding of manufacturing equipment’s performance and utilization, ensuring not only that the equipment is operating properly, but that its being used efficiently by staff on-site. By constantly monitoring equipment, systems can alert companies when equipment is due for maintenance or is under-performing and enables them to schedule maintenance before the need is urgent and prevent an outage.
Key Benefits of Factory Equipment Management
- Eliminate human error in equipment tracking.
- Optimize maintenance schedules to minimize downtime.
- Monitor equipment performance to optimize processes.