Currently, building owners rely on lift servicing companies to carry out periodic and ad-hoc maintenance to ensure lift breakdowns are kept to a minimum level. Very often, lift breakdowns are unpredictable and cause disruption of services to the lift users. With the advancement of IoT sensors and artificial intelligence, building owners are interested to have a predictive maintenance system for lifts and other M&E equipment as well. The lift predictive system should reduce disruptive/emergency repairs, improve the safety of lift users, improve reliability of the lifts and reduce downtime of the lifts. With the ability to predict lift failures and the types of failures, the insights can be used to assess if lift maintenance contracts can be optimized and thus opportunities for cost reductions.