Payback Time with Condition-based Maintenance Implementations
Grant Gerke | March 16, 2018
With the explosion of IIoT implementations involving condition-based monitoring for the last five years, detailed surveys and reports are being released on a regular basis — see here. A recent report from Altizon Systems recently popped into my IIoT feed and is called the 2017 Smart Manufacturing Report. According to the company’s site, the organization offers “the Datonis IIoT platform accelerates IT/OT integrations by helping quickly connect diverse industrial assets and launching new applications over a hybrid infrastructure with edge computing, advanced in-stream analytics, an application development framework and Deep Learning capabilities.”
Their 2017 report includes the results of 155 IIoT initiatives from 62 manufacturing plants — customers. One of the focuses of the report is the breakdown of IIoT implementations and their payback periods. The report provides excellent insight on payback periods for different types of projects, such as condition-based maintenance, energy optimization, predictive maintenance and, of course, productivity improvement.
Not a surprise in the quick payback period is the CBO and productivity improvement, with its small sensor footprint and relative ease of network integration with PLCs and operational platforms.