Predictive Maintenance: Hold the Key to Unlock the True Potential of the Fintech & Tech Industries in 2023

If you are a decision-maker in the Fintech or Tech industries, you should be looking to stay ahead of your competitors in 2023!

So, predictive maintenance might be the perfect solution for you. Data-driven, this cutting-edge technology will bolster **your company to reduce costs, increase efficiency, and enhance your overall performance.

Along this article, we'll look closely into the pain points of the Fintech and Tech industries and explore how predictive maintenance can help to overcome them.

Understand the Pain Points of the Fintech and Tech Industries

The Fintech and Tech industries are booming: global investments in Fintech alone reached $135 billion in 2020, which is an astounding increase of 18% from the previous year. However, this growth brings new challenges that need to be faced, especially in the maintenance area.

Why is that?

Well, because the high cost of maintenance is one of the main pain points for Fintech and Tech companies.

Taking into consideration a study by Deloitte, the average cost of unplanned downtime just in the manufacturing industry is $260,000/ per hour! And this cost might be even higher for companies working in the Fintech and Tech industries. The reason for this lies in the use of advanced tech and specialized equipment, which can lead to even higher maintenance costs.

Inefficiency is another pain point to deal with, because, let’s be honest, traditional maintenance methods, such as scheduled or reactive maintenance, might lead to wasted time, resources, and productivity. These traditional maintenance methods also lack by not taking into account the unique needs of each piece of equipment, leading to over or under maintenance.

This is Where Predictive Maintenance Helps

Predictive maintenance is a proactive approach to maintenance using artificial intelligence and machine learning to predict when equipment is likely to fail. So, by using data from sensors and other sources, predictive maintenance is able to predict potential issues before they occur. This allows you to schedule the time and targeted maintenance.

You can imagine that the most valuable benefit of predictive maintenance is the reduction in costs. This is a preventive measure and by predicting potential issues before they occur, your company will avoid costly unplanned downtime. According to a study made by Accenture, companies that implement predictive maintenance can reduce maintenance costs by up to 30%.

Efficiency will also increase by recurring to predictive maintenance because once again it allows for targeted and timely maintenance. Meaning that maintenance is only performed when it is actually necessary and this will reduce the potential for wasted resources and loss of productivity.

Looking at the overall performance, why wouldn’t you choose to implement predictive maintenance?

You will be identifying potential issues before they occur, improving the lifespan of your equipment and thus avoiding potentially costly repairs or even replacements.

Implementing Predictive Maintenance in Your Fintech or Tech Company

How do you do it?

Implementing predictive maintenance in your Fintech or Tech company may seem daunting, as with all the other challenges that you may be facing during 2023, but it really doesn't have to be!

Here we present you with several steps you can take to get started:

1. Assess your equipment
2. The first step in implementing predictive maintenance is to assess the equipment you currently have. This includes identifying the equipment that is critical to your operations and the potential pain points associated with that equipment.
3. Gather the data
4. Once you've identified your critical equipment, the next step is to gather all the data. This includes installing sensors on your equipment and collecting data on usage, performance, and other relevant factors.
5. Use AI and ML
6. Once you have a sufficient amount of data, you can use artificial intelligence and machine learning to analyze it and predict potential risks or problems.
7. Implement a maintenance plan
8. Based on the predictions made by your AI and ML models, you can now implement a science-based maintenance plan that is tailored to the unique needs of each piece of equipment.
9. Continuously monitor and improve
10. Predictive maintenance is an ongoing process, so it's important to continuously monitor your equipment and make improvements as needed. This includes regularly updating your AI and ML models to ensure they remain accurate, as well as regularly reviewing and adjusting your maintenance plan to ensure it is still effective.

This means that all these steps will be effective if you oversee their implementation and evolution, so make sure there is a person or a team that supervises this process. You are simplifying and improving the process, but human supervision is not to be disregarded!

Predictions for 2023

In 2023, it is expected that predictive maintenance will become increasingly prevalent in the Fintech and Tech industry. According to a report by MarketsandMarkets, the global predictive maintenance market is expected to reach $8.8 billion by 2023, growing at a CAGR of 15.3% during the forecast period.

This growth can be attributed to the increasing adoption of IoT and the growing need for efficient maintenance in the Fintech and Tech industries. As more companies recognize the benefits of predictive maintenance, it is likely that we will see an increasing number of Fintech and Tech companies implementing this technology in the coming years.

The Key to Unlocking the Potential of Fintech and Tech Industry in 2023

In the Fintech and Tech industry, predictive maintenance is no longer a luxury but a necessity. It is the key to unlocking the full potential of your company in 2023. By predicting potential issues before they occur, companies can reduce costs, increase efficiency, and improve overall performance.

With the global predictive maintenance market expected to reach $8.8 billion by 2023, now is the time to implement this technology in your company.

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