This disclosure relates to the monitoring and detection of corrosion and/or erosion of pipes, vessels, and other components in an industrial facility. The monitoring system may comprise of an arrangement of guided wave (GW) transducers and a longitudinal wave (LW) transducer affixed to the piping component to collectively measure for localized corrosion of the piping component without necessarily requiring a thickness map. The monitoring system may use an intelligent amplified multiplexer/switch to control the operation of the transducers that may be controlled and operated to generate waves in the kilohertz range and megahertz range with the same hardware.