Whether it be scheduled or unscheduled, the cost of downtime in manufacturing environments can be extremely costly to the business to the tune of millions of dollars annually. Unexpected downtime can significantly impact tangible and intangible operating costs. To mitigate risk associated with downtime, manufacturing operations often develop equipment maintenance calendars, servicing equipment regardless of whether it is needed, leading to higher overhead expenses.
Altair’s predictive analytics and machine learning platform, Knowledge Studio, helps manufacturers perform preventative or corrective actions using insight found from data generated from their equipment. In an environment where there could be hundreds or even thousands of machines, Knowledge Studio can quickly show which machines are at risk of failure before a planned maintenance period is reached. With this information, businesses that rely on machines to be successful can minimize unplanned downtime, reduce operating costs, and benefit from early fault detection and equipment diagnosis.