The metals and mining industry depends on exhaustible resources. These companies have to face the struggle with product decline and deteriorating product quality while also working in challenging circumstances, often in remote locations with extreme climate conditions. In addition, the industry has to meet rigorous requirements for environmental and safety processes. For both metal and mining, downtime of equipment has serious consequences. Metal operations have to produce large volumes with a relatively small asset base which consists of large equipment. When a machine breaks down production often comes to a full standstill which can consequentially entail product loss and collateral equipment damage. As for mining, the equipment base is large including a sizeable mobile fleet. The type of operations combined with the extreme conditions results in equipment undergoing a high level of stress and strain which results in regular failure. Limited resources, tight margins and unique work conditions result in heightened pressure on asset managers and the maintenance department to improve equipment reliability and availability as well as to continuously improve efficiency.