Cost-Benefit Analysis of IoT-Enhanced Maintenance: A Quantitative Assessment for Large-Format Printing Machine

Abstract

This paper presents a comprehensive cost-benefit analysis of implementing Internet of Things (IoT)-enhanced maintenance strategies for large-format printing machines, with a focus on the Yinghe 6-feet printing machine at Chuxog Prints Limited, Awka, Nigeria. The study compares data before the implementation of IoT (referred to as pre-IoT) and after the deployment of IoT devices (referred to as post-IoT). By analyzing pre-IoT data (before IoT implementation) and postimplementation data, the study demonstrates significant reductions in maintenance frequency, technician labor costs, and machine component replacement expenses. Notably, the IoT system aided in minimizing wasted flex material and improved ink efficiency. Key findings include a 49.4% reduction in average monthly technician labor costs, a 93.9% reduction in average monthly machine component replacement costs, and an 87.6% reduction in wasted flex material. These findings have profound implications for industries relying on large-format printing machines, showcasing the potential for cost savings, increased efficiency, and extended equipment lifespan through IoT adoption. The paper concludes with a strong recommendation for organizations to consider IoT-enhanced maintenance strategies based on the observed empirical evidence, contributing invaluable insights to the optimization of maintenance practices in industrial settings.