Prognosys emerged to serve the world of maintenance in a better way. It has been founded to cater the needs of predictive maintenance of electrical power equipments. Worldwide utilities are considering Condition Based Maintenance (Predictive Maintenance) as a productive tool rather than a cost because it helps eliminate unscheduled downtime of expensive equipment and reduce the overall cost of maintenance. This approach relies on planned inspections, testing, analyzing and trending of the relevant equipment parameters, which determine equipments health and must be followed by proactive actions that change the way equipment is operated to reach the goals set for maximizing the production by minimizing the downtime of equipment.
The concept of simple replacement of power equipment in the system considering it as weak or a potential source of trouble is no more valid in the present scenario of financial constraints. Today the paradigm has changed and efforts are being directed to explore new approaches/techniques of monitoring, diagnosis, life assessment and condition evaluation and possibility of extending the life of existing equipment .