Powered by sensors, connectivity and smart machines, the Internet of Things (IoT) is reshaping the manufacturing and industrial processes, effectively changing the paradigm from'repair and replace' to more of'predict and prevent'. For asset heavy industries, unplanned equipment downtime can mean big losses in revenues and productivity. For example some of the leading automotive manufacturers estimate that unplanned downtime can cost them as much as $15,000 – $20,000 per minute and a single downtime event can cost approximately $2 million. Given the business impact, it is not surprising that these industries have been focusing on driving predictive maintenance to minimize downtime and losses. Manufacturers and organizations in other asset heavy verticals cannot afford to wait till a machine or equipment breaks down in order to figure out what went wrong.