This paper describes a methodology for monitoring industrial processes and plant that can be implemented cost-effectively within small-to-medium enterprises. The methodology is based on a network of 8-bit microcontrollers that communicate with each other on a controller area network bus. Ethernet connectivity is provided so that remote users can access the system on the internet. The software models developed for data acquisition nodes and the design of remote user interfaces and supervisory nodes are also explained. The system is aimed at providing specific maintenance guidance and fault identification, rather than gathering data for off-line analysis. Overly complicated processing is avoided to make real-time implementation possible, using 8-bit microcontrollers. The methodology emphasizes the use of process controller signals for fault detection and sensor signals for fault isolation. The suitability of the methodology is explored by acquiring signals from a laboratory-based process rig. Suitable monitoring techniques for the system in time and frequency domains are also discussed.