Disclosed herein is a method and a failure prediction system for predicting failures in a diverse set of asset types in an enterprise. In an embodiment, asset information related each assets are analyzed for determining an asset type and a failure mode of each of the assets. Thereafter, one of a plurality of prediction models is selected for predicting failures in each of the assets based on the asset type and the failure mode of each of the assets. Finally, selected one of the plurality of prediction models is used to analyze the asset information for predicting the failures in each of the assets. In an embodiment, the present disclosure provides a universal failure prediction system for predicting failures in the diverse set of asset types and thereby eliminates requirement of using multiple prediction systems for predicting failures in each type of the assets.