We interact with industrial world on a day to day basis and take for granted on their safe and reliable operations without realizing what it takes to keep them operating. We expect safe airplanes, trains, and cars, dependable power in home and offices, reliable and accurate healthcare systems, and all at reasonable costs. How is it all accomplished? Being able to predict any failures and taking corrective actions before they actually occur lie at the heart of the technology called Prognostics and Health Management or PHM. PHM is akin to buying a health insurance and setting these systems up for regular health checkups. While there are several ways to accomplish this, ideas based on Artificial Intelligence (AI) and Machine Learning (ML) offer innovative and unique opportunities. This talk will present some such ideas about how AI & ML can offer to keep us safe and cost effective. Real world examples of application of AI & ML for PHM will show some proof points and also offer insights into what really these AI technologies are and how they work in this context. More than anything, how much we can depend on them and where the challenges still persist and warrant future research.