Down with downtime: predictive maintenance’s impact on companies
- Jackie Connor
- Nov 13, 2024
- 2 min read
Working on an oil rig, treating critical patients in the ER, managing banking systems across the world—none of these professions can afford downtime.
Downtime costs on average 50% more than two years ago, and is on the rise across all industries. Fortune 500 organizations lose nearly $1.5 trillion per year due to unplanned downtime, which is 11% of the reason these firms turn over. Small and medium businesses are no exception often costing an average $137 to $427 per minute.
“We are becoming more centric of prediction and predictive maintenance because the sooner you spot an issue, the sooner you can reduce the downtime,” said Alex Wilmot, managing director of CommsCare at Ingram Micro. “You reduce the cost of downtime and keep your customers, users, partners and vendors all happy.”
Imagine medical professionals unable to treat a critical patient because the technology was down. The proactive antidote? Predictive maintenance.
Read on to learn why.
Why does downtime happen?
The most common cause of downtime is human error—from using equipment incorrectly to accidentally opening an email or document believed to be safe or valid. Even with robust systems, operators may misinterpret signals, overlook maintenance schedules or fail to follow proper procedures, which is why training plays a vital role in closing knowledge gaps.
“It depends on the company, but human error causes the majority of downtime because you’re fooled into doing something,” said Wilmot. “Change management procedures are not followed correctly, so therefore someone makes a change they believe to be correct, but because they can’t test every scenario, it causes downtime.”
Another major contributor to downtime is outdated technologies or equipment failure, which can result from wear and tear, improper maintenance or unexpected breakdowns.
How predictive maintenance helps
From enhancing operational efficiency and reducing serious costs associated with unplanned downtimes to leveraging real-time data and analytics, companies can anticipate equipment failures ahead of time. This proactive approach allows for timely interventions, minimizes the risk of unexpected breakdowns and extends the life of the equipment.
Predictive maintenance also contributes to safety and compliance, but perhaps the biggest of all contributions—it saves lives. From oil and gas to medical emergencies, predictive maintenance transforms reactive states into proactive ones further supporting sustainable and life-saving operations.
“No one wants the component to break or not be able to get that component at a very critical moment,” said Wilmot. “Knowing their maintenance routines, patching routines and infrastructure is critical.”
In a world where every second counts, predictive maintenance is a game changer and can transform how a company operates. Organizations that harness this power position themselves at the forefront of their sectors, ready to easily navigate challenges and operate seamlessly while minimizing risk.
Learn how Ingram Micro helps companies find the right solution for customers.
Jackie Connor is a writer with more than 15 years of experience contributing to news publications and marketing teams. Since joining Ingram Micro in 2022, she covers technology services, financial solutions, sustainability and DEIB.
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