| |May 20198ince the advent of Industry 4.0, the impact of disruptive digital technologies on manufacturing has been unprecedented. The physical and digital components across the entire value chain are now operating symbiotically and companies are singularly focused on reducing OPEX, enhancing cost efficiency and optimizing resource utilization. However, for most manufacturers, equipment downtime is a grave cause of concern and if research is to be believed, nearly 80 percent companies are unable to estimate the loss due to machine failure. There are several instances where equipment downtime can lead to loss in production and unwanted increase in financial and operations expenses. Imagine a scenario in which an aerospace manufacturer is working on a tight deadline to deliver critical defence aircraft equipment to the government. However, due to negligence in machine maintenance, the system breaks down and the manufacturing is delayed leading to production slowdown or stoppage and adjournment of the delivery. And while the concerned personnel figure out what went wrong and react to mitigate the downtime, the manufacturer runs the risk of losing business as well as credibility.In this context, while many manufacturers have incorporated various measures to reduce their expenditures, their approach is often reactive and focused on containing the damage rather than preventing it which affects scheduling & production and presents serious threat to worker safety as well. What the industry really requires is an urgent call-to-action to evaluate different ways of reducing operating costs by enhancing asset productivity and in this direction proactive maintenance powered by predictive analytics is right approach to implement.Embracing P2M - The Predict-to-Mitigate ApproachProactive equipment monitoring is crucial for asset-heavy manufacturers to negate the uncertainty around the reliability on machines. According to Deloitte, poor maintenance led unplanned downtime can cost industrial manufacturers an estimated USD 50 billion every year. Unanticipated machine breakdown not only skyrockets the operational costs but also negatively impact asset consumption. On top PREDICTIVE ANALYTICS FOR INTELLIGENT AND IMPACTFUL EQUIPMENT MONITORING By Ashish Khushu, Chief Technology Officer, L&T Technology ServicesL&T Technology Services Limited (LTTS) is one of the leaders in Engineering and R&D (ER&D) services. With 48 Innovation and R&D design centers globally, the company specializes in disruptive technology spaces such as 5G, Artificial Intelligence, Collaborative Robots, Digital Factory, and Autonomous Transport.Sexpert opinionAshish Gupta
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