A sample dashboard for predictive maintenance and optimization of maintenance schedule.
Cost of maintaining plants and machinery is huge. Can data science help in reducing the cost?
Predicting failure probabilities to optimize inventory and maintenance schedule is the key. Maintenance schedules will differ based on ambiance and environmental factors, for each machine/component.
Link to live dashboard
Failure of components are predicted using survival modeling. Equations are built to calculate total cost of component failure, including loss of production and cost of replacement. The equations are then optimized to find the replacement time that reduces your total cost, the most. Of course, ability to maintain a lean inventory is additional (albeit huge) benefit.