For companies, in order to stay competitive, it is necessary to continuously increase the effectiveness and efficiency of their production processes. Therefore the purpose of this chapter is to discuss the role of maintenance in achieving the competitive advantages using cost-effectiveness aspect of maintenance process. In this regard, the chapter illustrates/discusses the impact of mechanical and electrical failures on company’s business on an example of a paper mill where processes are running 24/7. Thus, this paper presents the role of vibration-based maintenance (VBM) in enhancing the production and maintenance performance continuously and cost-effectively. Using empirical data collected from a paper mill case study, we found that company could avoid the profit losses even to a greater extent if it would improve the effectiveness of the VBM. With respect to the electrical causes of failures, a live working technique for improving the reliability and availability of the paper machine is proposed. Therefore, maintenance solution concerning the paper machine is suggested and discussed as well as potential benefits are highlighted. The results supported the notion that there is a positive association between the reduction of the unplanned stoppages and potential savings. The results have also shown that there is a need for more systematic approach, and a more holistic view of the maintenance function for establishing and running a cost-effective maintenance policy in the paper mill under consideration.