By Keiter CPAs
Can I Predict and Avoid Equipment Failure?
Data Science can help you achieve your business goals with tailored advice specific to your organization. Learn more about how Keiter Data Solutions solved a similar problem for one of our clients in the below case study.
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.
Approach
- 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.
Results
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.
Learn More about our Innovative Data Solutions Services
About the Author
Keiter CPAs
Keiter CPAs is a certified public accounting firm serving the audit, tax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial services, construction, real estate, manufacturing, retail & distribution industries and nonprofits. We also provide business valuations and forensic accounting services, family office services, and inbound international services.
More Insights from Keiter CPAsThe 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.
