Value in AI-based predictive maintenance systems really comes in the decisions that follow that prediction, known as second-order analytics.learn more
With run-to-failure methods, low investment in maintenance leads to prohibitively high repair costs and downtimes once equipment does fail. With preventative strategies, constant, potentially unnecessary maintenance has very high costs without corresponding payoffs. With predictive maintenance, both high repair costs and time spent unnecessarily doing maintenance are minimized.
While algorithms are not perfect, they offer the opportunity to make maintenance choices that are based on past trends and real-time data; it offers an entirely new cost-saving dimension.