Understanding asset condition is critical in today’s competitive environment.  The health of assets has a direct impact on productivity and profitability.  Historically, we have relied on manual data collection to monitor the condition and health of assets and identify failures, before they occur.  Traditional methods of manually gathering and analysing asset health data can be improved significantly using new technology, bringing us closer to eliminating unplanned downtime. 

Companies such as Waites are combining smart sensors, wireless technology, Artificial Intelligence (AI), and human oversight to provide a new way to collect, monitor and act on asset health data.  Their approach provides the following benefits:

• Reduced risk associated with manual data collection and unnecessary maintenance.
• Increased efficiencies due to automated real-time monitoring.
• Early detection of hazardous conditions to allow safer, planned intervention.
• Elimination of costly production losses from downtime associated with failures.
• Reduced impact of failures by reducing the risk of injury and damage associated with unplanned failures.
• Reduced overall maintenance spend by enabling condition based or predictive maintenance.
• Improved strategic focus by allowing asset owners to focus on systematic improvements, rather than individual failures.