The disclosed embodiments relate to a system for analyzing telemetry data. During operation, the system obtains telemetry data gathered from sensors during operation of a monitored system. Next, the system applies a univariate model to the telemetry data to identify an operational phase for the monitored system, wherein the univariate model analyzes an individual signal in the telemetry data without reference to other signals in the telemetry data. The system then selects a phase-specific multivariate model based on the identified operational phase, wherein the phase-specific multivariate model was previously trained based on telemetry data gathered while the system was operating in the identified operational phase. Finally, the system uses the phase-specific multivariate model to monitor the telemetry data to detect incipient anomalies associated with the operation of the monitored system.
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