Abstract: Disclosed herein a method and machine monitoring system for predicting failures of industrial machines. The system is configured to receive sensor data related to a machine, such as large industrial machinery, and select indicative data features for machine failures. The system then applies an unsupervised machine failure detection process and a supervised machine failure prediction process to the selected indicative data feature. When new sensor data of the machine is received, a machine failure detection process is applied to the selected at least one indicative data feature that is associated with the new sensor data. This allows the disclosed system to determine whether at least one machine failure indicator was detected and if so, the machine failure is tagged. Then, the system updates the supervised machine failure prediction process with the new tagged machine failure indicators, such that the supervised machine failure prediction process is continuously updated and improved.