IoT is still in the early stages of being used by equipment-driven companies who deal with rental, leasing, and services. That said, companies are quickly seeing how useful IoT can be. As well that goes beyond monitoring and optimizing processes, equipment performance, and customer trends. The Internet of Things can make a huge difference in how companies work with predictive equipment maintenance. Especially when combined with data you have gathered about your assets over time.
For this short article, let’s get quickly to the point. If you have an equipment rental and services solution that integrates with ERP. And it lets you take advantage of technologies like IoT. It’s likely that you can make dramatic improvements in your approach to predictive equipment maintenance.
The need for a data-driven approach to equipment maintenance
Changing your approach to predictive equipment maintenance is essential. Many companies have hard-baked predictive service cycles for equipment. In many cases these aren’t based on accurate forecasting and real-time monitoring of performance and usage. Businesses try to anticipate issues. Until recently they’ve often landed in a hot zone of costly routine predictive service that isn’t really accurate. Especially about “pre-emptive strikes that anticipate problems. As a result, equipment rental and service companies can’t optimize maintenance planning and execution. Smart companies have litterally too much routine maintenance and to many unexpected corrective or emergency calls.
Combine historical records and IoT for a data-driven approach to equipment maintenance
With the right software, companies can take a two-fold approach to more precise equipment maintenance. They can take historical data that they gather during equipment lifecycles. Most companies have lots of wisdom about equipment types, performance, and customer scenarios. A strong ISV solution will let you analyze whatever angle you need to about equipment. So you can put together robust but flexible predictive equipment maintenance cycles. Service will vary depending on a number of variables. But you’ll be able to standardize complex and changing cycles so that they work much more efficiently.
Just as important, you can combine historical analysis with data from IoT sensors to gain 24/7 information about equipment performance, usage, break points, working conditions. Without a huge investment, you have access to detailed information in real time. And it lets you plan how to service equipment effectively. IoT ensures that you get an alert if the unexpected does occur. Either way, you’ll be ready to handle any issue before it gets out of hand. And at the same time reducing overhead and improving ways of working.
Image 1: Example of predictive equipment maintenance apps overviews
Curious about how our DynaRent Solution Suite can help with your rental business? Download the factsheet below or calculate here how much you can save by using rental IoT.