B.I.D

Transforming Indian Railways : A Rs.29478.5 Crore opportunity for innovators & entrepreneurs.

Indian Railways is one of the most asset-intensive industries in the world with Rs 147392.46 Crore revenue in 2018. Railways industry is struggling with equipment failures, unplanned outages and unreliable operations. These factors impact revenue, customer satisfaction and safety. The traditional scheduled maintenance strategies include high maintenance cost, limited available maintenance time, lack of skill required and high customer expectations is troubling the industry.  That’s why railway industry wants to move toward asset condition based predictive maintenance to enhance utilization, reduce costs and safeguard the durability of railway networks.

No wonder that predictive maintenance is a hot issue in the rail industry today. Indian railways invests nearly 20% of its revenue (Rs 29,478.5 Cr) in asset maintenance to ensure safe operations. This is a problem with huge opportunity where Indian government is open for solutions from MSMEs, Start-ups & innovators using next-gen technologies. Gaps in the existing system can be solved by the predictive maintenance strategy because it enables the prediction of machine failures before they occur with the combination of traditional condition monitoring enhanced with analytics algorithm using Big Data, IIoT(4.0), remote sensors etc.

The major barriers to its adoption for existing companies are difficulties to shift from traditional to a predictive model in a leap. Geographic and weather conditions vary from region to region, need for large capital outlays, developing the required toolkit and desired skill set.

This problem is included in government’s think tank NITI Aayog’s  Atal Innovation Mission. They’ve invited MSMEs, start-ups & inventors across the country to solve it. Winning ideas will not only get reward of up to 1Crore but also the mentorship and incubation facilities as per the requirements of the project.

For instance, here is an example of UK based company Perpetuum , which is transforming railway & fleet management by  improving the efficiency, safety and quality of fleet management and services through wireless condition monitoring. The start-up directly delivers data on assets to improve end-user experience and plan ahead to make rolling stock available to meet customer demands, maximizing the overall safety and efficiency.

The time is ripe for start-ups, innovators, rail domain experts, data analysts in India to work collaboratively to drive predictive monitoring strategies. Join BotsNBrains, an innovation platform, & learn more how you can solve problems through innovations and turn India from an imitating nation to innovation country.

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