By Keiter CPAs
Challenge and Opportunity
A farming cooperative wanted to develop a model that could predict when its equipment needed maintenance service to avoid lost revenues from breakdowns or failure.
- The team carefully analyzed the maintenance schedules, recent repairs, brands, and usage hours from all existing equipment.
- Using Python, the team developed a predictive model which specifically outlined when equipment would need repair or maintenance based on the EC unit.
- The development of the model required extensive collaboration between the company’s field crews and our data scientist.
The model successfully predicted construction equipment maintenance needs and reduced unpredictable equipment failure (like onsite ones) rates by 90 percent. This resulted in decreased cost for the company.
About the Author
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.