Organizations should seek to create a schedule maintenance plan based on condition monitoring as an effective means to extend equipment service life, boost productivity and reduce budgetary constraints.

Organizations in several different industries depend on a few key pieces of large equipment within their organizations to perform the required critical tasks. While this machinery is essential to a business's ability to maintain production levels and provide for its customers, maintenance of these systems can consume 30 to 50 percent of the working budget.

For this reason, it is increasingly important that companies in the mining, oil sands and other heavy machinery-focused industries keep their systems in optimal working order and prevent the need for extensive repairs. Not only do large-scale restoration projects cut into the business's budget, but machinery failure can also cause unplanned downtime, affecting overall production.

Organizations should seek to create a scheduled maintenance plan based on condition monitoring as an effective means to extend equipment service life, boost productivity and reduce budgetary constraints.

However, as Automation World points out, many companies structure their scheduled maintenance plans around the recommendations of the equipment manufacturer.

"What that means, though, is often you're replacing components that still had usable life in them and don't need really to be replaced yet," said industry expert Corey Morton. "There is a cost associated with that."

For a more effective solution, businesses should center their maintenance schedules around the analytics of their condition monitoring systems. Such technology provides insight into the condition of equipment, alerting workers when a key component of the system needs to be replaced or repaired. In this way, the system boosts equipment reliability while reducing costs associated with needless repairs.

Oracle advised that organizations create detailed records for all key pieces of equipment the company needs to maintain as part of their maintenance schedule. These documents can include information pertaining to past repairs, including the date and time the system was taken offline to be fixed, and what parts were restored or replaced. Oracle suggested that businesses also create part lists and work order instructions for key components. This reduces the time it takes to prepare these items when it comes time for repairs.