Unplanned Downtime Costs Manufacturers $50 Billion Per Year
It is estimated that unplanned downtime costs manufacturers up to $50 billion per year.
Equipment failure accounts for 42% of unplanned downtime costs. The related expenses include repairs, equipment and machinery replacement, as well as the increased cost of maintenance. Since these are unexpected expenses, they can devastate company budgets.
In addition, the facility staff is exposed to greater safety risks, which can translate to even greater financial losses. Unplanned downtime is a costly business. If manufacturers want to avoid it, they have to take an active stance towards eliminating equipment downtime.
The top-performing manufacturers recognize the economic benefits of regular maintenance and invest in solutions that enable preemptive maintenance.