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How many machines do you have on your plant floor past their service life? Often, we specify equipment for a 7- or 10-year usage period but continue to use it long after that has passed. In fact, it isn’t unusual to see operational equipment from the 1970s or earlier! But we are only as strong as our weakest link, and outdated equipment is prone to breakdowns. These unplanned downtime moments dismantle our production schedules, drive up overtime work, create missed/late deliveries, and are just stressful. In these high-pressure moments of unplanned downtime, safety incidents and mistakes are more likely to occur. And downtime is expensive. In markets like the automotive industry, it can cost tens of thousands of dollars per minute, directly impacting the profitability of the company.
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