In the rapidly evolving industrial landscape, staying competitive means leveraging the latest technological advancements. Predco, an emerging player in AI-driven predictive maintenance, is leading this charge. Recently, R. Chandra sat down with Parth Pangtey, the Director of Business Development at Predco, to discuss the company’s mission, growth trajectory, and innovative solutions.
R. Chandra: Could you start by telling us a bit about your background and your role at Predco?
Parth Pangtey: Certainly. My journey began in investment banking in New York, where I worked with Societe Generale. Currently, I’m the Director of Business Development at Predco. The company was founded about a year ago, in May, by Dheerendra Pandey, an IIT BHU graduate who spent over a decade in New York working with top financial institutions like Goldman Sachs and Wells Fargo. Together, we identified a significant opportunity in the predictive maintenance market, which led to the inception of Predco.
R. Chandra: What was the inspiration behind the creation of Predco, and what market gap are you addressing?
Parth Pangtey: The idea for Predco emerged from conversations between Mr. Pandey and me in the U.S. We saw an untapped potential in India’s predictive maintenance market. Globally, this market is valued at around $6 billion and is expected to reach $28-29 billion by 2030. In India, many companies still operate on a reactive maintenance model, which means they only replace machinery when it breaks down, leading to costly downtime. Predco aims to shift this paradigm by providing predictive maintenance solutions that allow companies to anticipate potential failures and replace machinery before it impacts operations.
R. Chandra: Is your technology focused on the B2B sector?
Parth Pangtey: Yes, we exclusively target the B2B sector. We’ve partnered with several government entities to educate them on the benefits of AI and data analytics. Additionally, we’ve developed pilot projects with prominent organizations like the Indian Railways, Jindal Power, and AP Genco, showcasing the practical benefits of our solutions.
R. Chandra: What core values guide Predco’s operations?
Parth Pangtey: Our core value is encapsulated in the belief that “If you’re good enough, you’re old enough.” We foster an inclusive environment where ideas from everyone, including interns, are valued. If an idea is backed by strong reasoning and potential, it’s considered, regardless of the source.
R. Chandra: Could you highlight some of the key products and services Predco offers?
Parth Pangtey: Beyond predictive maintenance, we offer geo-tracking and geo-fencing solutions, which enable companies to monitor their assets and fleets through virtual boundaries. We also focus on smart inventory management, utilizing RFID sensors, barcodes, and QR codes to prevent stockouts and overstocking. Another exciting development is our work on digital twins—virtual replicas of physical assets and processes used for testing and analysis, enhancing operational efficiency.
R. Chandra: How does Predco stay ahead of technological trends?
Parth Pangtey: Staying ahead requires a proactive approach. We continuously monitor market trends, learn from our competitors, and encourage innovation within our team. Our technology is constantly evolving, ensuring that it remains scalable and capable of meeting the future needs of our clients.
R. Chandra: What challenges has Predco faced, and how have you overcome them?
Parth Pangtey: One of our biggest challenges has been educating non-technical stakeholders about the value of AI and predictive maintenance. Convincing clients who are unfamiliar with these technologies can be difficult, but it’s crucial for driving broader adoption. We’ve tackled this by focusing on clear, practical demonstrations of the benefits our solutions provide.
R. Chandra: Can you share a success story that stands out for you?
Parth Pangtey: A notable success was our collaboration with Sonalika Tractors. Initially, we approached them to discuss predictive maintenance, but their primary concern was inventory management. We ended up developing a comprehensive smart inventory management system for them, which we successfully deployed in Punjab. This project not only solved their problem but also expanded our service offerings.
R. Chandra: How do you structure your revenue model, and what pricing strategies do you use?
Parth Pangtey: Our pricing model is flexible, depending on factors such as the number of inventories managed, platform access, and additional features like mobile deployment. We also offer advanced functionalities, including computer vision for object recognition, which adds value to our clients and differentiates our offerings in the market.
R. Chandra: Where does Predco currently stand in the market, and what are your future plans?
Parth Pangtey: We currently hold a modest 2-3% market share, competing against giants like Siemens, who control over 40% of the market. Our immediate focus is on expanding our presence in the manufacturing and supply chain sectors, where machine downtime can be extremely costly. We believe there’s significant potential for growth in these areas.
Conclusion:
Predco is paving the way for a smarter, tech-driven future in India’s industrial landscape. With a clear vision and a commitment to innovation, the company is poised to make a lasting impact. Parth Pangtey’s insights offer a glimpse into the strategic thinking and technological expertise driving Predco forward.
This interview highlights the passion and strategic approach behind Predco’s mission to transform industrial maintenance, positioning itself as a game-changer in India’s AI landscape.
