Predictive maintenance has been heralded as a solution to manufacturers' and engineers' woes thanks to its potential to give equipment users the ability to anticipate imminent malfunctions, proactively arrange repairs, reduce disruption to operations on the factory floor, and, most crucially, safeguard against the failure of equipment, which can have a disastrous impact on the whole business. Based on these use cases it is understandable why this technology is perceived to have huge value. According to Deloitte, predictive maintenance can reduce overall maintenance costs by between 5% and 10%.
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