Technology has turned out real fast in the past decade, and everything that was thought as impossibility, has turned out to be possibility today! From landing the rockets back on to the launch pads to launching cars to the Mars, to understanding the industry downtime costs in real-time, we have proved the strength of mankind. All this is possible due to the availability of high-end technology deployed in industries.
Time is a critical factor here, and breakdowns of these machines turns out to be a huge loss. Every day of downtime causes expenditures associated with a company’s top line and bottom line perspectives. Here are eight main areas where you will incur costs:
• Finding the cause: Detection costs incurred for investigating the partial or complete outage incident.
• Recovery cost: Costs incurred for bringing back up your organization’s networks and core systems back to a state of readiness.
• Ex-post response cost: All after-the-fact incidental costs associated with business Disruption and recovery.
• Equipment cost: The cost of new equipment purchases and repairs, including refurbishment.
• Productivity loss: The lost time and related expenses associated with personnel downtime. • User productivity loss: The lost time and related expenses associated with end-user downtime.
• Third-party cost: The cost of contractors and project work.
According to reports, the three categories of manufacturing industries classified on the basis of loss incurred due to 60 minutes of downtime require focus from the industries to understand the costs of industry downtime.
• 98% of industries state that one hour of downtime costs around Rs 65 lakhs
• 81% indicated for 60 minutes of downtime their business incurred costs of around Rs 2 crores
• 33% of the industries reported one hour of downtime costs from Rs 6.5 crores to Rs 30 crores
The above numbers seem bad while speaking in the context of profit margins and returns on investment. But the best part is that with the evolving technology, and the Industry 4.0 / Smart Manufacturing technologies, with predictive maintenance and factory floor management solutions, these can be addressed very early on.
Fault monitoring sensor system, the technology in IIoT, enables the prediction of the failure of machines way beforehand. Most of the machines used in the manufacturing industries won’t shut down instantly. When the performance level of a machine starts to drop gradually, it is an indication that any time sooner, the machine is going to drop on the whole. This cannot be understood unless you’re into the machine or just by carrying the clipboard maintaining the data manually. Machines are inside machines and connecting them together to communicate with each other will enable the machines to make predictions.
The intelligent neural network built across various data points aid this facility. Instances like overheating of a machine might cause slower function of that particular machine. The data collected from a temperature sensor in the machine in real-time is analysed and alerts sent with escalation mechanism for this problem to be addressed in real-time. Like this, there are n number of reasons that will reduce the operational efficiency or increase the rate of down times and adversely affect the profit scales of industries.