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Published: Oct 25 2019

Stop Reacting: Use Data to Get Ahead of Equipment Failure

By Basant Singhatwadia, VP of IoT Product Strategy, Accruent

Remote monitoring on your equipment should do more than just monitor incoming data.

A strong IoT platform should assist you in making decisions and acting based on that data.

By understanding equipment data and applying rules to it, your business can:

  • Predict equipment failure hours and days in advance.
  • Highlight inefficient equipment performance.
  • Bring to light situations where compliance processes were not followed.

The ability to acquire, normalize and correlate data from as many relevant sources as possible will ensure the quality of your data before it is sent downstream to be processed and actioned.

To make that data more useful, it should then be processed through a configurable, rules-based engine that spans all data sets across the organization. At this point, the engine should be able to accommodate different types of data such as transactional, operational, calculated, conditional and static, as well as simultaneously assess multiple impact types.

A configurable rule builder that can incorporate data gathered from the field, as well as information derived from the collected data, will then you spot not only immediate issues, but also anomalies that occur over a longer duration of time. This rule builder should be able to use benchmarking features to compare data trends within a site and across sites.

Finally, using this data alongside machine learning (ML) can take your insights to the next level. For example, using ML algorithms on data sets allows you to establish baselines using equipment attributes like make and model so you can identify issues right from the start when you commission the device in the field.

An IoT platform with these types of features that allow you to take advantage of your data should allow you to replace your preventive planned maintenance with just-in-time maintenance and prioritize actions accordingly, saving you wrench time and man hours.

Explore the rest of the “Essentials of an IoT Remote Monitoring Platform” series:

  1. Introduction.
  2. The Importance of Hardware Agnostic IoT platforms.
  3. Cutting Out Alarm Noise to Focus on Real Issues.
  4. Creating a System Between Your People and Your Remote Monitoring Platform.
  5. Creating a Closed Loop Maintenance System for Your Business.
  6. Stop Reacting: Use Data to Get Ahead of Equipment Failure.
  7. Gaining Enterprise Control of Your Setpoints For Next-Level Savings.

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