5 Ways Machine Builders Can Unlock New Value from Service
Industry analyst and Tech-Clarity President Jim Brown, along with Jon Kadane, PTC’s Director of Marketing of IoT Smart Connected Products, recently discussed the digital transformation of service models and the vital role that remote condition monitoring plays for industrial machine builders. Explore their top takeaways on how industrial machine builders can use IoT strategy to unlock more value from their service models.
“In one of [Tech-Clarity’s] survey studies, over a third of manufacturers said that digitalization is critical to achieving their upcoming business strategy. We’re seeing a huge inflection point in the industry . . . there’s going to be [companies] that get this right, that take away market share and beat their competitors, and there will be companies that struggle.”
Service transformation is the new frontier of innovation for industrial machine builders. Your complex machines require reliable uptime and continuous availability. To stay competitive, you cannot afford unplanned downtime and expensive outages.
Gaining a Competitive Edge
Driving Revenue and Operational Improvements
Getting More Out of Actionable Data
“Once you’ve [connected], how can you put equipment data to use and get value out of it? . . . [F]rom knowing the basic status of their equipment in their customers’ sites . . . to being able to create advanced analytics to understand not just what is happening with the equipment but what will happen . . . these [IoT] applications that can help you get further down the road are tremendously valuable.”
“Nothing will stop a project faster than saying ‘I don’t know what we got out of it.’ . . . By starting with the idea of accomplishing a particular business goal, understanding what’s going to move you towards that goal . . . deploying technology to make that happen, and then measuring the results, you ensure the project not only stays on track but the implementation and adoption will be faster.”
Want to learn more about implementing the right IoT solution for your business? Watch the full webinar and hear how you can develop a solid IoT strategy to increase your customer value, drive greater efficiency, and improve profitability.
Jim Brown President, Digital Enterprise Research, Tech-Clarity, Inc.
Jon Kadane Director of Marketing of IoT Smart Connected Products, PTC
“Equipment manufacturers have a huge opportunity to dramatically improve what they are doing through digitalization . . . There’s a tremendous amount of revenue opportunity at higher margins available from service and it creates a relationship with your customer that makes you far more strategic . . . You can make tangible improvements through predictive service and predictive maintenance¬ and that’s where these technologies, like IoT, analytics, and artificial intelligence, really start to shine.”
We’re very light on-prem, we’re not having to make lots of trips to site, we’re able to do everything just in the cloud. It's given us great power and great momentum as we go forward.”
Industrial Innovation with IoT
* quotes have been minorly edited for clarity and conciseness
Choosing an Experienced Technology Partner
“The partners that you choose [to work with] for remote monitoring are some of your most important suppliers. You’re not just selecting a solution today—you’re working with [a technology partner] over a long period of time . . . You need someone that will work well with you and the rest of the ecosystem involved (including software and hardware vendors, system integrators, and consultants). Look for a partner that understands digital transformation and service transformation and has [experience with] that ecosystem.”