Do you know the total financial costs of asset failure?

Do you know the total financial costs of asset failure?dfdfdsf

An important first step in starting a reliability engineering improvement project is knowing where the money goes 💸.

Which equipment is costing you the most? How about the not-so-obvious ones, where e.g. a loss of efficiency may go unnoticed for a while, resulting in significant revenue loss at the end of the day?

In finding out the total costs of failure we should also consider the opportunity costs; money, time and management effort expended on solving a certain issue can be spent only once. ⏱️

Although most people in fact do realize this, many organizations I‘ve seen struggle in implementing a low-effort, repeatable process for executing this identification step.