Which strategy is essential for extending the life of assets?

Precision maintenance is crucial for extending the life of assets because it emphasizes the application of advanced techniques and technologies to ensure that equipment is maintained to the exact specifications required for optimal performance. This approach goes beyond basic preventive maintenance by utilizing detailed measurements, diagnostics, and condition-based monitoring to identify specific issues before they lead to failures.

By focusing on maintaining assets precisely, organizations can avoid unnecessary wear and tear, reduce unexpected failures, and ultimately extend the operational life of their equipment. This not only enhances reliability but also improves efficiency and reduces downtime, contributing to overall operational effectiveness.

In contrast, preventive maintenance is a proactive strategy aimed at performing maintenance at scheduled intervals to prevent breakdowns. While it is beneficial, it may not always be as tailored to the specific needs of the asset as precision maintenance. Reactive maintenance involves addressing failures after they occur, which can lead to higher costs and shorter asset life. Cost-cutting measures might lead to immediate savings but can compromise maintenance quality, ultimately impacting reliability and the longevity of assets.