Proposed Application of an IoT-based Predictive Maintenance to Improve O&amp;M of University Project by FM Company: A Six Sigma Approach

Fernandez, James Ryan; Rada, Maria Victorina

doi:10.1145/3471985.3472383

Cited by 2 publications

(1 citation statement)

References 12 publications

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“…By adopting a Six Sigma approach, the study demonstrates how IoT can eliminate a significant portion of asset failures, reduce unscheduled maintenance costs by 40%-70%, and decrease labor costs by 10%-25%. Furthermore, the implementation led to a maintenance cost reduction of 25%-30% and a return on investment (ROI) tenfold within five years, showcasing the substantial financial benefits of integrating IoT into asset management practices (Fernandez & Rada, 2021).…”

Section: Cost Reduction Achievements In Asset Maintenance and Operati...mentioning

confidence: 99%

IoT applications in asset management: A review of accounting and tracking techniques

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Int. J. Sci. Res. Arch.

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In the digital age, the confluence of Internet of Things (IoT) technologies with asset management practices heralds a transformative era, promising unprecedented efficiency and strategic advantage. This paper delves into the intricacies of this integration, exploring the evolution, challenges, and potential of IoT in reshaping asset management paradigms. With a keen aim to elucidate the transformative impact of IoT and navigate the complexities of its integration into asset management systems, the study adopts a qualitative research methodology, underpinned by a systematic literature review. This approach enables a comprehensive exploration of the subject matter, ensuring a nuanced understanding of the IoT's potential and pitfalls within the asset management domain. The findings illuminate a landscape where IoT applications significantly enhance asset utilization rates, underscored by empirical success stories and quantifiable improvements in operational efficiency. However, the journey reveals barriers—technical, organizational, and cultural—that impede seamless IoT adoption. Addressing these challenges, the paper offers strategic recommendations, emphasizing the need for strategic alignment, inter-organisational collaboration, and robust data management strategies to overcome integration hurdles. Conclusively, the study not only achieves its aim of highlighting the potential of IoT in asset management but also charts a course for future endeavors in this field. It posits that the strategic integration of IoT technologies stands as a cornerstone for the next generation of asset management practices, promising a future marked by enhanced efficiency, economic viability, and strategic agility. The recommendations provided serve as a compass for organizations embarking on the IoT integration journey, guiding them towards a horizon of transformative potential.

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Section: Cost Reduction Achievements In Asset Maintenance and Operati...mentioning

confidence: 99%

IoT applications in asset management: A review of accounting and tracking techniques

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Int. J. Sci. Res. Arch.

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Substation Equipment Spare Parts’ Inventory Prediction Model Based on Remaining Useful Life

Tang

Zhang

et al. 2022

Mathematical Problems in Engineering

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A large variety of high-value substation relay protection equipment occupies a considerable amount of inventory space and capital in electric power companies. To improve this problem, this study proposes an inventory prediction model based on the remaining useful life (RUL) of equipment. The model acquires the RUL data of equipment by using the support vector regression (SVR) algorithm, and then, by taking this data as the main factor and the environmental factors and human factors during the operation of equipment as secondary factors, the model can realize the prediction of relay protection equipment in the substation. At the same time, the nature of the enterprise and the requirements for safety inventory are considered. The comparison of calculation results and error analysis, as well as the calculation time, all indicate that the RUL-based inventory forecasting is the best one. This model not only has high prediction accuracy but also has strong stability and portability. The model can provide a strong decision basis for improving the inventory management of the enterprise, enhancing the resource allocation capability, and formulating the spare parts procurement plan under the condition that the spare parts inventory reaches the safety stock.

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Proposed Application of an IoT-based Predictive Maintenance to Improve O&M of University Project by FM Company: A Six Sigma Approach

Cited by 2 publications

References 12 publications

IoT applications in asset management: A review of accounting and tracking techniques

IoT applications in asset management: A review of accounting and tracking techniques

Substation Equipment Spare Parts’ Inventory Prediction Model Based on Remaining Useful Life

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