Predictive maintenance was the next logical step forward. Rather than scheduling maintenance, this method anticipates failure and only takes action when it is most necessary. This too has its downfalls, such as when an asset is so complex that it becomes impossible to predict every impending failure.
Now, facility managers can use sensors, machine learning and artificial intelligence to predict failure states with a much higher degree of accuracy. Implementing a smart monitoring system takes time and considerable effort – but when dealing with multi-million-dollar assets, the value becomes obvious.