Predictive maintenance might sound like a buzzword but I have seen it in action. I can take the credit to implement it and be useful for end users. Predicting unplanned failures can be beneficial to two user groups.
• Determine warranty cost
• Determine root cause of unplanned failures or inferior output
Warranty cost has been a research subject in insurance industry for long. A manufacturer will use predictive maintenance to calculate the right warranty cost and offer to the customer where it provides warranty, extended maintenance and service contracts. Terms and conditions of a warranty and extended warranty are designed based on insights from warranty models. . …