We have demonstrated this recently with our investment in Smart Asset technology and 3D Printing. Smart Assets enable us to accurately predict the failure of our assets and enable the transition from scheduled to predictive maintenance. This means that we will have a longer asset life cycle with less downtime, producing more product for our customers at a lower cost.
The investment in 3D Printing technology will provide The Park with the in-house manufacturing ability to produce critical engineering components. This reduces our dependency on third party OEM’s primarily located in Europe, which in turn will support us in mitigating risk related to BREXIT. When combined with our predictive maintenance process we proactively identify when our assets need repair and print, on site, the parts required at significantly lower lead times and cost.
The recently commissioned suite of 3D printers are located in the engineering department and are already producing our 13 most commonly used parts at around 90% less cost.