For businesses in manufacturing, keeping assets in top shape is more than just a maintenance task—it's a critical part of your success. A solid asset maintenance strategy can help you avoid costly downtime, extend the lifespan of your equipment, and improve overall operational efficiency. However, with so many different approaches, knowing which is right for your company can be tough.
In this post, we'll break down the most effective maintenance strategies, from preventive maintenance to predictive techniques, and show you how to choose the best approach for your needs.
Read on to discover how the right strategy can save money, boost productivity, and run your operations smoothly. But, first, let’s understand the basic concept of asset maintenance strategy.
What is an Asset Maintenance Strategy?
An asset maintenance strategy is a planned approach that focuses on keeping your critical assets in optimal condition. For businesses, especially in manufacturing, having a clear maintenance strategy is vital for reducing downtime, minimizing costs, and ensuring that equipment runs efficiently for as long as possible. The strategy you choose will depend on factors like the type of assets you have, their importance to your operations, and how often they need servicing.
For example, consider a manufacturing plant that relies on an assembly line of machines to produce goods. If one machine unexpectedly breaks down, it can halt production, leading to significant delays and lost revenue. A proactive asset maintenance strategy, such as preventive maintenance, would involve regularly scheduled inspections and servicing to prevent this type of failure. By addressing issues before they escalate, the plant can avoid unplanned downtime and ensure that the equipment continues to operate smoothly.
In short, an effective asset maintenance strategy is essential for any business that depends on machinery or equipment to drive productivity. Whether you’re using predictive analytics or relying on routine checks, a well-designed strategy ensures that your assets are always working at their best, helping you achieve consistent operational success.
Also Read: A Guide on Data-Driven Manufacturing: Benefits, Challenges and Strategies
Not all maintenance strategies are created equal—choosing the wrong one could cost you. Let’s explore the key approaches that work.
Types of Asset Maintenance Strategies
A well-planned asset maintenance strategy can make a world of difference when it comes to managing operational costs, improving efficiency, and maximizing the lifespan of your equipment.
But how do you choose the right approach? There are several strategies that businesses in manufacturing and other industries can adopt, each with its own set of advantages.
Let’s explore the most common types of asset maintenance strategies and how they can benefit your operations.
Preventive Maintenance
Preventive maintenance is one of the most widely used asset maintenance strategies in manufacturing. This approach involves scheduling regular inspections and maintenance tasks to avoid equipment failures before they happen. Preventive maintenance is based on time intervals, such as a monthly or quarterly checkup or after a set number of machine hours.
For example, a factory may set up a preventive maintenance schedule for conveyor belts. The belts are inspected, cleaned, and lubricated regularly, ensuring that minor issues are addressed before they escalate into major breakdowns. This proactive approach not only extends the lifespan of the equipment but also reduces the likelihood of unplanned downtime, which can be costly for production.
Preventive maintenance is best suited for equipment that experiences wear and tear over time, such as HVAC systems, pumps, and motors.
Predictive Maintenance
Predictive maintenance takes a more advanced, data-driven approach to managing assets. Rather than relying on fixed schedules, this strategy uses real-time data and analytics to predict when maintenance should be performed. It involves monitoring equipment conditions through sensors, vibration analysis, temperature readings, and other data points to forecast potential failures.
A good example of predictive maintenance is a motor on a manufacturing line with vibration sensors installed. By analyzing the vibrations, operators can identify when the motor shows signs of potential failure, such as increased vibration or unusual noise. This allows maintenance to be scheduled right before a
failure occurs, avoiding unplanned downtime and reducing the overall cost of repairs. Predictive maintenance is highly effective for critical machinery where unscheduled downtime could be disastrous, such as in large production facilities, refineries, or power plants.
By relying on data insights, predictive maintenance helps businesses optimize their maintenance schedules and avoid unnecessary repairs, ultimately improving the efficiency and longevity of assets.
Also Read: Predictive Analytics in Manufacturing: Use Cases, Tips and Benefits
Reactive Maintenance
Reactive maintenance refers to responding to equipment failures as they occur, without any prior planning. This unplanned approach often results in emergency repairs and immediate intervention from technicians. While it might appear cost-effective in the short term, it can lead to longer downtimes, higher repair costs, and overall disruptions to operations. Reactive maintenance is typically applied to non-critical machinery where sudden breakdowns can be tolerated without major operational impact.
For example, if a production line machine unexpectedly fails, technicians may need to address the issue urgently. This often leads to significant productivity loss and expensive emergency repairs.
Corrective Maintenance
Corrective maintenance, while still a reactive approach, is typically more planned than true "reactive" maintenance. It involves addressing issues identified during inspections or through early detection before they escalate into more serious problems. Corrective maintenance might involve scheduling repairs or part replacements once a fault or defect is detected, allowing for a more controlled and organized repair process compared to reactive maintenance.
For example, if equipment shows signs of wear or performance degradation, corrective maintenance would involve diagnosing the issue and scheduling repairs in advance, minimizing downtime and avoiding emergency repairs.
Condition-Based Maintenance
Condition-based maintenance is all about monitoring the actual health of your equipment. Instead of following a set schedule like preventive maintenance, CBM only kicks in when something’s off. It uses sensors to monitor things like temperature, pressure, or vibration; when one of those indicators hits a critical level, it’s time for maintenance.
For example, imagine a pump in a manufacturing plant with vibration sensors. If the vibration goes beyond a certain level, it’s a sign that maintenance is needed to prevent a breakdown. This approach helps save on unnecessary maintenance costs by focusing on what needs attention when needed.
Now, here’s where it gets interesting. Predictive maintenance is a step further. While CBM is about reacting to specific conditions—like when vibration crosses a threshold—predictive maintenance uses continuous data analysis to predict when something might fail before it happens. It doesn’t just wait for a red flag to go up; it watches trends and patterns over time, helping you know when a problem is likely to occur, often before it becomes noticeable.
For example, a predictive maintenance system would continuously track the pump’s vibration and analyze the data to predict when the pump might fail—long before the vibration levels actually hit that critical point. This is a more proactive approach, using data trends to catch issues before they disrupt operations.
Reliability-Centered Maintenance (RCM)
Reliability-Centered Maintenance (RCM) is a more strategic, comprehensive approach to asset management. It focuses on identifying the most critical assets and developing maintenance strategies that maximize their reliability and lifespan. RCM involves analyzing the function of each asset, assessing potential failure modes, and selecting the best maintenance strategy based on the criticality of each asset.
For example, certain equipment—like a boiler or turbine—might be crucial for operations in an industrial plant. RCM ensures that these critical assets are maintained with the highest attention and care level, using preventive or predictive maintenance techniques. Non-critical assets may follow a less rigorous maintenance strategy.
RCM helps organizations develop tailored maintenance plans for their most important assets, ensuring they stay operational and perform optimally. This strategy is particularly valuable for aviation, energy, and manufacturing industries, where equipment failure could lead to safety risks or significant financial losses.
Total Productive Maintenance (TPM)
Total Productive Maintenance (TPM) is a comprehensive approach involving everyone in the organization, from operators to management, to ensure the equipment is properly maintained. TPM focuses on maximizing overall equipment effectiveness (OEE) by integrating maintenance into daily activities and encouraging a culture of continuous improvement.
For example, operators might be trained in a manufacturing plant to perform basic maintenance tasks, like cleaning or lubricating their equipment, daily. This empowers staff to identify small issues before they become bigger problems, fostering a proactive organizational culture.
TPM is particularly effective when employees are directly involved with machinery and equipment. It improves equipment reliability and encourages teamwork and ownership, making it a valuable strategy for long-term success.
Let’s clarify the concept further through a comparison table below:
All set! - But, how will you track the progress? - Check out the performance metrics below.
Key KPIs for Measuring Maintenance Strategy Success
Tracking the right metrics is essential to evaluate whether your asset maintenance strategy is effective. These Key Performance Indicators (KPIs) provide insights into equipment performance, downtime, and overall efficiency.
Mean Time Between Failures (MTBF)
MTBF measures the average time between equipment failures. A higher MTBF indicates that your maintenance strategy is successfully preventing breakdowns.
Formula:
Interpretation: On average, the conveyor belt runs for 250 hours before a failure occurs.
Mean Time to Repair (MTTR)
MTTR calculates the average time required to repair a failed asset. A lower MTTR reflects efficient troubleshooting and quick recovery from equipment failures.
Formula:
Interpretation: It takes an average of 5 hours to repair the conveyor each time it fails.
Overall Equipment Effectiveness (OEE)
OEE evaluates how effectively your equipment operates by combining availability, performance, and quality metrics. It provides a comprehensive view of how well assets contribute to production goals.
Formula:
Interpretation: The machine operates at 74.9% efficiency, indicating areas for improvement in uptime, speed, or product quality.
Planned Maintenance Percentage (PMP)
This KPI tracks the percentage of maintenance tasks that are scheduled versus unplanned. A high PMP suggests a proactive maintenance approach, reducing costly reactive fixes.
Formula:
Interpretation: 70% of the maintenance was planned, showing a proactive approach that minimizes unexpected breakdowns.
Maintenance Cost as a Percentage of Replacement Asset Value (RAV)
This metric compares the cost of maintenance against the total value of assets. It helps identify if you're overspending on maintenance relative to the worth of your equipment.
Formula:
Interpretation: The company spends 5% of the machine’s replacement value on maintenance annually, which is within the typical industry range of 2% to 10%.
Knowing your options is one thing; applying the right strategy is another. Here’s how to pick the best approach for you.
Choosing and Implementing a Maintenance Strategy
Choosing the right asset maintenance strategy is key to improving equipment performance and reducing downtime.
Here’s how to select and implement the best strategy for your business.
- Assess Asset Criticality
Start by evaluating which assets are critical to your operations. Critical assets, such as machinery directly impacting production, require more robust strategies like predictive or reliability-centred maintenance (RCM). Non-critical assets may only need reactive maintenance or preventive maintenance.
For example, if a factory’s conveyor belt fails, the impact may be minor, but a failure in a turbine could halt production entirely. Prioritize based on asset importance.
- Balance Budget and Resources
Consider the costs and resources available for maintenance. Advanced strategies like predictive maintenance require investment in technology, while preventive maintenance or condition-based maintenance can be more cost-effective for smaller businesses. Choose a strategy that aligns with your budget and available tools.
- Align Strategy with Business Goals
Your maintenance strategy should support broader business objectives. If maximizing uptime is the priority, predictive maintenance can help by preventing failures before they occur. If engaging employees in maintenance is a goal, Total Productive Maintenance (TPM) could be the right choice.
- Use Historical Data
Analyze historical performance and failure data. Computerized Maintenance Management Systems (CMMS) can help track past issues and determine which maintenance strategy works best. For instance, if data shows frequent failures after a specific time period, preventive maintenance might be a good fit.
- Implement with a Clear Plan
Once the strategy is chosen, start with a pilot test on critical assets. Train your team and integrate the necessary tools, whether it's sensors for predictive maintenance or scheduling systems for preventive maintenance. Monitor performance closely to ensure the strategy is working.
- Monitor and Adapt
The maintenance strategy should evolve with changing needs. Regularly review key performance indicators (KPIs) and adjust as needed. A flexible, data-driven approach helps optimize asset performance over time.
Also Read: Big Data: Concepts, Importance, and Applications in Manufacturing
But, what are the most common challenges, and how do you overcome them? - Let’s discuss below.
Common Challenges in Asset Maintenance and How to Overcome Them
Even with the best planning, asset maintenance can present unexpected hurdles. From budget limitations to skill gaps, businesses often face challenges that can disrupt operations and reduce efficiency. Understanding these issues is key to developing strategies that keep your assets performing at their best.
Budget Constraints
Limited budgets often force companies to choose between urgent repairs and long-term maintenance strategies. This short-term thinking can lead to higher costs over time due to unexpected breakdowns.
How to Overcome:
- Prioritize critical assets that have the most impact on production.
- Use predictive maintenance to optimize costs by addressing issues before they escalate.
- Implement cost tracking through a Computerized Maintenance Management System (CMMS) to identify inefficiencies.
Unplanned Downtime
Unexpected equipment failures can halt production, delay delivery schedules, and lead to revenue losses. Reactive maintenance increases the risk of such downtime.
How to Overcome:
- Adopt predictive or condition-based maintenance to reduce reliance on reactive fixes.
- Monitor real-time data using tools like INSIA to spot early warning signs.
- Establish clear emergency protocols to handle sudden breakdowns efficiently.
Skill Gaps and Workforce Challenges
Many companies struggle with a lack of skilled technicians who can handle advanced maintenance technologies or complex machinery.
How to Overcome:
- Invest in continuous training for maintenance staff to stay updated on new tools and techniques.
- Simplify maintenance workflows with user-friendly platforms like INSIA's no-code dashboard.
- Foster a collaborative culture, encouraging operators to participate in basic maintenance tasks through Total Productive Maintenance (TPM).
What will happen if your maintenance strategy is poor? Check out below!
Impact of Poor Maintenance on Business Performance
Neglecting asset maintenance doesn't just lead to machine failures—it directly impacts the bottom line. Poor maintenance practices can cause frequent breakdowns, increased operational costs, and reduced productivity. These consequences can affect everything from customer satisfaction to long-term profitability.
Increased Downtime and Lost Revenue
Frequent breakdowns disrupt production schedules, causing delays that impact customer delivery times. This can lead to lost contracts or reduced customer trust.
Higher Repair and Replacement Costs
Ignoring routine maintenance often results in more severe equipment damage, leading to expensive repairs or premature replacements. Reactive maintenance is typically more costly than preventive or predictive approaches.
Decreased Asset Lifespan
Without proper maintenance, equipment wears out faster. This reduces the return on investment (ROI) and forces businesses to reinvest in new machinery sooner than expected.
Lower Operational Efficiency
Unmaintained assets perform less efficiently, consuming more energy and producing substandard output. This not only increases costs but also affects the quality of goods or services.
Safety Risks and Compliance Issues
Poor maintenance can lead to equipment malfunctions that pose safety hazards to employees. It also increases the risk of failing regulatory inspections, which can result in fines or legal action.
Best Practices in Asset Maintenance Management
Implementing effective asset maintenance strategies is essential to keep your equipment running smoothly and your costs controlled.
Here are some best practices to help you get the most out of your maintenance efforts.
Keep Maintenance Schedules Updated
Maintenance isn’t a “set it and forget it” task. As your assets age or their usage changes, so should the maintenance schedule. Regularly reviewing and adjusting these schedules ensures that your equipment gets the right attention at the right time. Using a CMMS (Computerized Maintenance Management System) can help automate this process and make it easier to track maintenance tasks.
Leverage Real-Time Data
Real-time data is a game changer for maintenance management. By using sensors and monitoring tools to track things like temperature, pressure, and vibrations, you can catch potential issues before they turn into failures. This is particularly useful for strategies like condition-based maintenance and predictive maintenance, where data helps you act before problems arise.
Invest in Continuous Training
Your team is the backbone of your maintenance strategy. Regular training ensures that they’re equipped with the latest skills and knowledge to keep your equipment running smoothly. Ongoing education on new tools, technologies, and techniques can improve overall performance and help reduce mistakes.
Prioritize Key Assets
Not all assets are created equal. Some are mission-critical, while others may be less important. By focusing your maintenance efforts on the most vital equipment—those that directly affect production or safety—you ensure your resources are used where they matter most.
Learn from Breakdowns
When a failure happens, don’t just fix the immediate issue—take the time to dig deeper. Perform a root cause analysis to understand why the problem occurred and how to prevent it in the future. Each breakdown provides valuable insights that can help you improve your maintenance strategy moving forward.
Use Data to Guide Decisions
Data isn’t just for tracking—it can guide your decision-making too. By analyzing performance data, you can predict when maintenance is needed, allowing you to be proactive rather than reactive. This can help reduce unplanned downtime and lower repair costs in the long run.
Focus on Continuous Improvement
Your maintenance processes should always be evolving. Regularly review what’s working, what’s not, and look for ways to improve. This could mean adopting new technologies, streamlining workflows, or tweaking your current processes. A focus on continuous improvement ensures that your maintenance strategies stay aligned with your business goals.
Do you know how to future-proof your asset maintenance strategy? Learn about the latest trends below.
The Future of Asset Maintenance: Trends and Innovations
Asset maintenance is evolving rapidly, driven by technological advancements that help businesses optimize efficiency and reduce costs. Staying ahead of these trends is crucial for companies looking to maintain a competitive edge.
Internet of Things (IoT) and Smart Sensors
IoT devices enable real-time monitoring of equipment, providing instant feedback on performance and potential issues. Smart sensors track variables like temperature, vibration, and pressure, allowing for condition-based maintenance that prevents failures before they occur.
Digital Twins
A digital twin is a virtual replica of a physical asset that simulates real-world conditions. By analyzing data from the digital twin, businesses can predict equipment performance and optimize maintenance schedules without disrupting operations.
Cloud-Based Maintenance Management
Cloud platforms centralize maintenance data, making it accessible from any location. This improves collaboration across teams and ensures that decisions are based on the latest information.
Automation and Robotics in Maintenance
Automation is reducing the need for manual maintenance tasks, while robotics can perform complex inspections in hard-to-reach areas. This not only improves safety but also increases the precision and efficiency of maintenance processes.
Even the best plans fall short without the right tools. Here’s why INSIA is the game-changer your strategy needs.
How INSIA Can Revolutionize Your Asset Maintenance Strategy?
INSIA.ai is designed to help businesses optimize their asset maintenance through streamlined data integration, real-time insights, and predictive analytics.
Here's how INSIA stands out as the best solution for improving maintenance efficiency and reducing downtime:
Centralized Data for Efficient Asset Management
INSIA centralizes data from over 30 sources, eliminating the complexity of fragmented information. This unified data platform enables better decision-making by providing a single view of asset performance, inventory, and maintenance needs.
Predictive Maintenance Powered by AI
With INSIA’s Push AI, you can predict when equipment needs maintenance before failure occurs. This reduces unplanned downtime and ensures assets are maintained only when necessary, saving time and costs.
Real-Time Insights Across Devices
INSIA delivers real-time data on mobile and desktop, ensuring teams have immediate access to the latest asset conditions, regardless of location. This enables quick decision-making to prevent production delays.
User-Friendly, No-Code Interface
The no-code platform allows non-technical users to create custom dashboards, generate reports, and analyze data. This accessibility empowers teams to make data-driven decisions without requiring IT support.
Automated, Data-Driven Reporting
Automated reporting within INSIA replaces manual data entry and report generation. With real-time, accurate reports, you can focus on optimizing asset performance and maintenance strategies.
Robust Security and Compliance
INSIA provides enterprise-grade security with role-based access control, data encryption, and compliance with standards like HIPAA and GDPR, ensuring that your asset maintenance data is secure at all times.
Proven Success in Various Industries
INSIA has helped companies like Trident Services, Kirloskar Oil Engines, and Crescent Foundry streamline their asset maintenance. With improvements such as reduced reporting time by 70% and automation of up to 90% of reporting tasks, businesses have seen faster, more informed decision-making.
Conclusion
Keeping your assets in top shape is essential for reducing downtime, cutting costs, and improving efficiency. The right asset maintenance strategy helps you stay ahead of issues rather than reacting to costly breakdowns.
With INSIA, you get a centralized platform that simplifies maintenance management, delivers predictive insights, and automates reporting—so you can make smarter, faster decisions. Whether you're in manufacturing, healthcare, or retail, INSIA helps you streamline operations and maximize asset performance.
