A recent global study – After The Fall: Cost, Causes and Consequences of Unplanned Downtime* – showed the majority of companies have experienced at least one unplanned downtime outage over the past three years, costing an average $260,000 an hour across all businesses.
Advocates of Industry 4.0 and the Industrial Internet of Things promise a future of self-analysing, hyper-connected machines aimed at minimising breakdown risks. As well as estimating downtime losses to average $2m a year for 82% of businesses, it also concluded that around 70% of companies lack full awareness of when their…
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