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Remember few years ago there were two recall announcements from National Highway Traffic Safety Administration for GM & Tesla – both related to problems that could cause fires. These caused tons of money to resolve.
Comment
Excellent article Sandeep. For long industries have relied on MTBF as a mechanism for preventive maintenance. Failure of critical machines / components can lead to huge losses, severe customer dissatisfaction, or even shutting down of businesses. Imagine a engine failure of an aircraft, or a power grid, or a server, or your vital parts of your own body. Organizations spend millions of dollars on preventive maintenance to ensure machines / components do not fail mid-way. However, preventive maintenance, per se is inefficient, expensive, and more importantly cannot prevent from failing in-between scheduled maintenance. It suffers from many inefficiencies as rightly pointed out by you.
Organizations, across industries, are increasingly leveraging the power analytics + sensor data to move away from scheduled preventive maintenance to on-time predictive maintenance.