As the global market becomes increasingly competitive and demanding, companies face the challenge of responding swiftly and efficiently to customer needs. To maintain a competitive advantage, organisations must optimise the usage of their assets. This study focuses on the critical role of maintenance management and presents a novel, cost-effective, and easily applicable model that integrates Industry 4.0 (I4.0) and Total Productive Maintenance (TPM) principles to enhance production processes. The proposed model incorporates a real-time monitoring system equipped with sensors, a gateway, and Internet of Things (IoT) services. These components enable data acquisition, transmission, storage, and visualisation through both mobile and fixed devices. The model’s effectiveness was validated through its implementation on a conveyor belt in a feed mill. The availability of the conveyor belt was around 89.5% before TPM implementation. After the implementation of TPM, it was possible to observe that the availability of the treadmill increased to 92.7% in a workweek of 105 h. On the other hand, it was possible to observe a considerable improvement in terms of the average time of each intervention, with a reduction of around 53%. Moreover, the model also facilitated improvements in the maintenance plan for the conveyor belt. Operators were trained to effortlessly comply with the new autonomous maintenance plan, enhancing operational efficiency. The joint application of I4.0 and TPM demonstrated significant advancements in maintenance management. The flexibility of the developed model allows for easy adaptation to monitor other condition parameters, enabling real-time decision-making for both the maintenance and production departments. This integrated approach holds the potential to drive process optimisation, ultimately contributing to improved productivity, cost-effectiveness, and competitiveness.