The use of condition-monitoring data to identify when an asset is likely to fail (or when it doesn't need the maintenance work scheduled for it) necessitates a significant financial commitment as well as a mindset shift. But the ability to do advanced analytics aimed at eliminating unscheduled downtime soon won't be a nice-to-have for industrial production facilities; it will be a need-to-have. That's according to the four industry panelists featured in the session "No Downtime: The Power of Predictive Analytics” at the Smart Industry 2015 Conference in Chicago.
"If you don't get in on this movement, you will be left behind," said David Bartlett, CTO of GE Aviation. Bartlett noted that GE CEO Jeff Immelt likes to comment that the company "went to bed as an industrial company and woke up as a software and analytics company." For OEMs, the ability to track how well equipment is performing in the field and troubleshoot problems in real time for customers will be a competitive necessity. And for all manufacturers, being able to track where crucial assets (equipment as well as personnel) are and their operating status will enable bottom-line-changing efficiency gains.