Unexpected machinery and equipment malfunctions in manufacturing are scary and expensive issues. Many variables determine the true cost of downtime. But its price is charged in thousands to millions of dollars.
According to Aberdeen research, the average cost of a downtime is $260,000 per hour across industries. And with such steep costs, there has to be a way to counteract them.
The one way to eliminate and minimize the damage of unexpected problems is to prevent them in the first place. That’s why preventive maintenance (PM) saves thousands of dollars annually for Manufacturing or Energy companies.
Preventive maintenance is a set of regular checks and actions that keep the equipment in an operable condition and prolong its lifespan.