Preventable Machine downtime costs UK Economy in excess of £180bn

It has been revealed that preventable machine downtime in the UK manufacturing industry is costing manufacturers a staggering £180bn every year.

At a time when the UK Economy sets-out to re-establish itself as an economical, industrial and technological powerhouse on the global stage, the knowledge that over £180bn can be added back to the economy by controlling preventable manufacturing downtime will certainly come as positive news.

The comprehensive research commissioned by Oneserve, the award-winning field service management company, exposes the cost and time implications associated with traditional current machine maintenance methods.

[easy-tweet tweet=”There are 133,000 manufacturers in the UK, contributing a total of £6.7tn to the global economy” hashtags=”AI, MachineLearning”]

There are 133,000 manufacturers in the UK (ONS), contributing a total of £6.7tn to the global economy, and according to industry senior business leaders, the overwhelming causes of machine downtime are internal technical faults and ageing, unreliable machinery. Yet, nearly all instances (94%) can be prevented through harnessing readily available technologies, such as predictive maintenance software.

Using machine learning algorithms and data collected from sensors on machines to monitor performance 24/7, Oneserve’s software analyses and learns when and how a machine will fail and then triggers remedial actions to get operatives equipped and on-site before the failure occurs. Harnessing AI and Field Service Management in this way means machine downtime can be prevented.

Chris Proctor, CEO of Oneserve commented on the findings:

“Whilst unsurprising, it is truly shocking to see the scale of losses businesses endure due to machine downtime. It is clear that existing maintenance processes aren’t working and the time has come for predictive methods to become the norm – not the exception. I hope that in light of these findings, businesses can take control of machine downtime and ensure they are working to deliver the best possible service for their customers.”

Predictive models are the leading solution for preventing the tremendous financial and timely losses experiences by manufacturers and the United Kingdom’s economy.

+ posts

Meet Stella


Related articles

Why a ‘cloud strategy’ alone can’t stave off your competition

There is no doubt: the cloud is an unparalleled tool for boosting productivity. But clouds themselves can also be accelerated using the right connectivity.

The Rise of Smart Vending Machines

Smart vending machines are delivering more accessible solutions to the modern workforce by delivering replacement IT items quickly and efficiently.

Designated Driver: Why Complex Technology Environments Require a Steady Hand

While the function of monitoring software is to provide configuration and compliance assurance, in achieving these tasks, typically the solution will actually deliver much more than this.

Building the Business Case for Satellite IoT 

The door is open for SIs across the world to build on the knowledge gained over the last few years,

Using Cloud To Avoid Bloated Business Models

With the right approach, cloud computing can bring huge benefits, helping businesses become resilient, so they can adapt to any unexpected market disruptors now and in the future. Now, the promise of cloud is as strong as it has ever been.

Subscribe to our Newsletter