Manufacturers can no longer afford unplanned downtime, in fact this is the single largest source of lost production time for most of them. In the current world of IoT, having a preventive and predictive maintenance methodology is very critical for every organization. Real-time data processing can provide intelligent insights for detecting failures proactively and increase productivity and efficiency. The two major costs all manufacturers incur today; high cost of downtime in the existing planned maintenance approach and cost of unplanned downtime which is 10 times greater. The existing approach of planned maintenance has cost impact and limitations which impact the overall production and pose a variety of problems:
- Production and productivity losses from unplanned downtime.
- Excessive costs and risk of failure created by inefficient maintenance cycles.
- Lack of Insight into asset performance history and root cause of failure.
