Discover how predictive maintenance is being harnessed by modem fleets to reduce downtime and repair costs, while boosting productivity, safety, customer satisfaction - and of course, profit margins.
Minimising maintenance and repair costs, and reducing asset downtime, remain priorities for the modern fleet manager.
In the past, it was almost impossible to predict when a fleet vehicle would require repairs or extra maintenance, or suffer a breakdown. This could mean unexpected - and high - repair bills, and sudden downtime for important assets, which could have a knock-on effect in terms of fleet optimisation and customer satisfaction.
How Predictive Maintenance Works
In recent years, however, predictive maintenance has entered the fleet management industry, promising to revolutionise how fleets are managed - effectively by identifying problems that could lead to serious repairs and downtime in the first instance.
Since controlling costs is a major focus for any fleet manager, predictive maintenance continues to gain traction.
Increased asset uptime, reduced labour costs and minimised part costs are some of the areas where predictive maintenance can improve fleet efficiency and boost a company's bottom line.
Proactive - Not Reactive - Maintenance
An effective predictive maintenance system relies on three key technologies:
Sensors
Predictive maintenance systems rely on sensors to detect how a vehicle is performing and how likely a given component is to fail - in real-time.
Sensors can collect data on parameters such as oil levels, engine temperature, brake condition and tyre pressure.
Data Analytics
The data collected by the sensors is useless unless it is analysed and processed effectively and usefully.
This is where data analytics comes in. Advanced analytics systems can identify anomalies and patterns, and detect small changes that might suggest a mechanical or electrical problem is about to occur.
With such valuable warnings, steps can be taken to solve potential risks before they become serious and expensive problems, ultimately streamlining fleet optimisation.
Machine Learning Tools
As with so many industries, machine learning has become a critical element in the fleet management landscape.
By harnessing historical data, machine learning algorithms can predict likely failures and future maintenance needs.
As more data is gathered over time, these models can become increasingly accurate.
Lower Costs, Higher Productivity
Good fleet management is all about ensuring that your vehicles are kept in good health and are operating at full capacity.
Here are three key ways that predictive maintenance can help cut costs and improve productivity.
Minimal Asset Downtime
In the old days, a vehicle might suffer a serious mechanical fault and be out of action for hours, days - or weeks. This could have a serious impact on a smaller fleet without a lot of backup resources. And if two or more assets suffered failures around the same time, it might even place a company's survival in jeopardy.
But with predictive maintenance, problems can be identified and remedied before they become serious, therefore dramatically reducing vehicle downtime.
Optimal Asset Lifespan
The better you look after a vehicle, the longer it will last.
Predictive maintenance means that a vehicle's components are replaced or maintained in good time, before relatively minor issues develop into more serious and costly ones.
If a series of problems are allowed to develop in a vehicle, its lifespan may well be reduced - meaning the company needs to buy new assets sooner than it otherwise would have.
More Efficient Operations
A well-maintained fleet is better in terms of reliability and performance, and will use less fuel.
Planning and scheduling can be carried out to a far more accurate degree, which positively impacts productivity.
Perhaps even more importantly, good fleet efficiency invariably results in happier customers - the lifeblood of any commercial entity.
Direct Cost Savings and Return on Investment (ROI)
Let's look more specifically at how predictive maintenance can reduce your organisation's costs.
Minimising Repair and Maintenance Costs
Catching issues - or potential issues - early can help avoid much more serious and expensive repairs.
Reduced Labour Costs
Labour costs for unexpected or emergency repairs can be avoided, as can unplanned overtime.
With effective maintenance prediction, work can be carried out within the normal working day.
And with reduced pressure on your workforce, freed-up resources can be deployed to other areas of your business.
Fewer Replacement Parts
Replacement parts are a big cost for fleets. With predictive maintenance, parts will need to be replaced less often, lowering costs over time.
Return on Investment (ROI)
In order to work out the return on investment of predictive maintenance, you need to compare the initial set-up costs with reduced costs and increased productivity over time.
The basic formula is:
ROI = (Total Savings – Initial Costs) / Initial Costs
To make this calculation, you would need to factor in:
- Reduced labour costs
- Reduced repair costs
- Extended vehicle/asset lifespan
- Increased efficiency
It's extremely useful to work out the ROI of predictive maintenance, so both fleet managers and other business stakeholders can see the significant benefits of this powerful tool.
What can seem like a relatively small cost reduction or operational improvement on a single-vehicle level can, when extrapolated across an entire fleet, over an entire year, translate into a substantial improvement.
What to Consider When Investing in Predictive Maintenance
Integration and Interoperability with Current Systems
Predictive maintenance systems must be introduced into existing systems and workflows in a seamless manner. Ensuring data interoperability and customising current software will be necessary in order to gain the maximum benefits.
Your fleet's drivers and other staff will require training in any new predictive maintenance systems - covering everything from installation to data collection and interpretation.
They will need to understand how to use the technology in the most efficient manner, maintaining a focus on actionable ways to improve fleet health, safety, and productivity.
Getting "Buy-In" from Key Stakeholders
The implementation of any major new system within an organisation tends to cause ripples among staff. Some are used to doing things "the old way", while others are less comfortable with using computers, apps and handling data.
Going further up the chain, the benefits of such systems might not be apparent to some stakeholders.
With both parties, the case must be made for predictive maintenance by focusing on the proven benefits of the technology, thereby building enthusiasm for change.
Conclusion: What is Fleet Management without Predictive Maintenance?
From improved operational efficiency, to extended vehicle lifespan, reduced labour costs and less downtime, predictive maintenance offers a whole suite of commercial and economic benefits to the modern fleet.
Effectively harnessing data-driven insights from predictive maintenance systems is undeniably a wise strategic move - one that is being embraced by fleets as a way to cut costs, increase customer satisfaction and boost profits.
The impact of ignoring the proven advantages of predictive maintenance will be exacerbated by the fact that competitors will be integrating this fleet performance management tech into their own vehicles. From this perspective, for a modern fleet to survive and thrive, investing in predictive maintenance is arguably something of a necessity.
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