By Andrew Mort, TechSee
Imagine if a technician somehow knew that one of your home devices was going to fail soon, and showed up with the correct tools and parts to fix it at just the right moment. How much time, money, and effort would that save? While it may sound like a fantasy, AI predictive maintenance technology is paving the way for that exact scenario. Read on to discover how it all works, with examples of companies already using IoT predictive maintenance.
The Case for Predictive Maintenance
A study by The Wall Street Journal and Emerson concluded that unplanned downtime – 42% of which is a result of equipment failure – costs manufacturers an estimated $50 billion per year. The costs associated with downtime continue even after production has resumed.
What is predictive maintenance?
Predictive maintenance refers to the monitoring and collection of data on the operational conditions of a product or service, allowing companies to foresee possible outages or failures. This enables them to address any issues before they cause damage.