A 2017 Aberdeen Group report indicates that, in the manufacturing industry alone, more than $50 billion is lost annually due to unplanned downtime. Many companies continue to struggle to benchmark maintenance performance and implement effective maintenance programs that drive measurable improvement. Effective maintenance programs reduce downtime, extend equipment life and minimize repair time when equipment outages do occur.
The same Aberdeen Group report concludes that best-in-class manufacturers (identified from the top 20 percent performance scores) have 90 percent overall equipment effectiveness (OEE) and an 11 percent maintenance cost reduction year over year, which gives companies a maintenance performance target. How do companies achieve success?