Why Is AI-Based Predictive Maintenance A Game Changer For Retailers?

Digital transformation is progressively changing the face of industries. Big Data, the Internet of
Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Data Analytics, and technology-
enabled remote services are the key advancements of this era. These advanced technologies
automate and drive business operations with intelligent actionable insights.

AI is making predictive maintenance a reality for the retail industry

After COVID-19, disruptions are taking place in industries, especially in the retail sector.
Retailers now rely on automation and data-driven decision-making. According to Market &
Markets report, the global Internet of Things (IoT) in retail market size is expected to increase
from USD 14.5 billion in 2020 to USD 35.5 billion by 2025, at a Compound Annual Growth Rate
(CAGR) of 19.6 percent over the forecast period. The rapidly declining cost of IoT sensors and
hardware, customer demand for a seamless shopping experience, and increasing adoption of
smart payment solutions are key factors driving the market growth.

The application of intelligent solutions in this industry has led to the operational excellence of
stores, improved customer experience, and sustainable growth.

When it comes to critical assets, businesses have to leverage data to predict and prevent
problems before they take place. AI and machine learning have the ability to process massive
sensor data faster than ever before. It gives facilities an unprecedented chance to improve
existing maintenance operations and add something new: predictive maintenance (PdM).

What is predictive maintenance?

PdM is a data-driven analytical approach that estimates when there is a need to perform in-
service equipment to make it work continuously and efficiently. It empowers retailers to plan and
pursue their production plans with better accuracy. If conducted properly, it reduces machine
downtimes and unplanned maintenance activities to a great extent.

In comparison to the traditional, schedule-based preventive maintenance approach, it reduces
the possibility of equipment downtime upto a great extent. With the rising connectivity and data
accessibility, many retailers are looking forward to condition-based maintenance powered by
machine learning and analytics.

AI in predictive maintenance

By upgrading existing maintenance systems with AI, retailers can make sure that their facility
managers have the right knowledge and tools to keep mission-critical assets running at peak
performance. At the same time, they can translate data into meaningful insights and data points,
helping them to avoid data overload. In this way, forecasting device failures based on
equipment health and usage patterns become easier.

How does predictive maintenance benefit the retail industry?

The retail industry continues to become data-driven and evolving to keep up with consumer
expectations. The application of AI in retail operation through HVAC automation systems in
smart buildings is a recent innovation.

The McKinsey report says, companies can improve equipment performance by 5-15% and
reduce maintenance costs by 18-25% with a fully digitized PdM system. It is time that every
retail facility should look forward to implementing this advanced technology.

Here are some of the benefits of this predictive and condition-based maintenance:

1. Improved operational efficiency

Predictive maintenance improves the operational efficiency of facilities by optimizing
the utilization of maintenance resources and spending. It enables remote fixes and
allows for better utilization of the resource pool.

2. Increased equipment life

By forecasting failures accurately and limiting avoidable breakdowns, it enhances the
performance of equipment and makes it more reliable. Retailers can ensure increased
return on investment.

3. Reduced equipment downtime

Unplanned equipment downtime contributes to maintenance costs massively. PdM
avoids unplanned downtime and significantly reduces the duration that equipment is out
of commission. It forecasts the risk of possible failure well ahead of time to plan for
necessary spares and repairs that allow facility managers to take action before the
problem turns worse.

4. Improve the bottom line of the business

The goal of every retailer is to improve the bottom line of their business. PdM allows for
an attractive expected return on investment and potential savings for retailers through
maintenance cost avoidance annually. Customer comfort and sales also improve over
time.

Zenatix can help retailers adopt predictive maintenance smartly!

Transforming a retail store into a connected building becomes possible with our predictive
insights and prescriptive recommendations. With the application of our advanced IoT solutions,
facility managers can bring visibility, agility, and predictability to their everyday operations.
Our experienced professionals have the expertise to enable retailers to launch and scale up the
use of predictive maintenance smartly. Reach out to us today!