Just because the proverb “better late than never” is often repeated does not mean that it is always true. When it comes to performing preventive maintenance on industrial machinery, for example, late can be just as bad as never. A recent report by the Aberdeen Group found that, on average, the cost of unplanned downtime resulting from equipment failure is a jaw-dropping $260,000 per hour. With downtime typically lasting four hours, that means that costs exceed one million dollars per incident. Clearly, properly maintaining equipment to prevent these incidents is critically important to businesses. And this is all the more relevant in the present environment of supply chain issues that are delaying the receipt of replacement parts and further exacerbating these problems.
This is a companion discussion topic for the original entry at https://www.edgeimpulse.com/blog/maintaining-the-status-quo