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Introduction to Equipment Management

DOI: 10.4324/9781003054856-1

BACKGROUND

Today, most industries employ sophisticated equipment to produce products. Utilizing advanced equipment not only provides strategic advantages for many companies over their competitors but is also in many cases a necessity for survival. Just in the past decade, the developments in the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) technologies have led to an explosion of innovations in equipment and robotic technology. As a result, the characteristics of manufacturing equipment have changed significantly in recent years, especially in high-tech industries. The trend will continue due to the upcoming 5G technology and autonomous ...

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