With rapid urbanisation across the globe, escalators and elevators are no longer just sophisticated conveniences but rather are cornerstones of modern infrastructure, providing vital vertical transportation solutions to build efficient structures. That said, the end-to-end management of these products, spanning from initial installation to on-going operations and scheduled maintenance, need to be executed meticulously to achieve effective delivery and cost. Hence, devising an integrated approach that balances effective cost control and strategic coordination is vital to optimise performance and ensure long-term value of the escalators and elevators being integrated. Meticulous design and planning Zeroing down on an extensive design and execution plan is the very foundation of an effective cost control strategy. Engagement with architects, engineers, vendors, and clients at an early stage enables informed decision-making when it comes to material selection and features. At the same time, proper planning ensures the design meets both functional and budgetary requirements, thus minimising expensive modifications later. Building information modelling is another powerful tool that enhances coordination and helps in robust planning. It creates a digital representation of the physical and functional characteristics of buildings, assisting in visualising and simulating the integration of elevators and escalators within the architectural framework. This proactive approach helps in identifying and resolving potential conflicts, optimising space usage, and ensuring the products are seamlessly integrated into the overall design. These practices are not only operationally and financially beneficial, but also align with the rising regulatory requirements from new construction in urban areas. Embracing energy efficiency Investing in energy-efficient and sustainable technologies has become the need of the hour to work towards building a better tomorrow. The industry needs to stay abreast of innovations and adopt latest technologies that not only reduce energy consumption of products, but also lowers their operational costs. For instance, our ReGen drive technology feeds electrical energy back into the building power grid during braking. This generated electricity can then be used to drive other elevators or for other equipment in the building, lowering net electricity consumption and enabling building cost savings. AI Aiding predictive maintenance AI-driven and technologically enhanced preventive maintenance is a cornerstone of optimising cost control and coordination in vertical transportation products. Adoption of a structured and smart maintenance programme can assist in proactively identifying and remotely addressing potential issues before they become major problems. Consider the case of our eView in-car display, an installation that was originally designed to stream infotainment to passengers during their elevator journey to enhance their experience but is also fitted with a technology that allows it to instantly connect the passengers with the customer support centre via video chat in the event of an emergency. The advanced capabilities of AI to suggest the best-course of action and perform real-time operational adjustments help build a predictive, proactive and transparent elevator that champions high standards of safety, a longer life span, reduced downtime, less operational cost and decreased carbon footprint. However, owing to the fact that AI solely relies on predefined algorithms, it’s vital that we work towards further smartening this tool by ensuring these algorithms are frequently updated based on insights from real-world data and experiences. The power of data analytics The integration of data analytics into operations has transformed how key players across the industry manage and maintain their systems. Insights derived from careful analysis of the performance data facilitates informed decision making, resulting in an improved overall system management, enhanced user experience, suggests key technological upgrades, and enables adoption of the most cost-effective maintenance strategy. To meet the evolving needs of modern buildings, smart cities and connected passengers, we dedicatedly invest in areas like data analytics, machine learning and cloud computing. Our elevators are backed by connected technologies, are IoT enabled by our platform that provides real-time intelligence and enables resolution of majority of the issues remotely, and are built on a future-ready design which allows them to evolve as buildings and technologies become more sophisticated over time. This results in a smart product that stays relevant in the face of changing times, without the need for costly modifications or external intervention. In conclusion, mastering financial efficiency and operational excellence in the elevator and escalator industry requires a multifaceted approach that integrates strategic planning, fostering strong vendor and stakeholder relationships, investing in energy efficiency, leveraging advanced technologies, and driving constant innovation. By embracing future trends and adapting to technologies while ensuring the foundational pillars remain robust, we can navigate the complexities of the vertical transportation industry and deliver exceptional value to the customers and passengers. As the industry continues to grow and adapt, those who lead with foresight and intention will set a new precedent for the sector. About the author Sebi Joseph, President, Otis India, oversees leadership and strategy for Otis in India, Sri Lanka, Bangladesh, and Nepal. With over 30 years of experience at Otis, he also served as Chairman of the Elevators & Escalators Division at IEEMA from 2015 to 2020.