Today, manufacturers understand that connecting their products through the Internet of Things (IoT) is essential to minimising downtime, reducing costs, and providing better service offerings for their customers. Every day, service teams face the challenge of ensuring maximum equipment availability at the same time as keeping the cost of materials and labor to a minimum — a demand that existing methods struggle to achieve.
Remote monitoring enables a proactive maintenance approach by providing visibility and insight to equipment performance across the install base. The service team can either resolve the issue or schedule the maintenance event, including the resources needed in a fraction of the time it previously took. This not only increases equipment availability, but also means unplanned downtime can be reduced and often avoided.
The IoT presents the largest opportunity for aftermarket service providers, but many have questions about the best place to get started. Gaining the ability to locate and track equipment, as well as gain insight into condition and performance, is key. The IoT is affecting every service organisation and is already making the service market more competitive.
Early adopters are realising proven returns with remote monitoring, an IoT-enhanced service that can be quickly implemented and monetised. These companies, in industries such as industrial equipment, medical devices, electronics and high tech, have delivered
new value and increased customer engagement through connected product monitoring.
In this guide I will explore more about why remote monitoring is your best move into gaining more business and new business from connected-product customers.
Manufacturers strive to earn 30% or more of their revenue from service, according to IDC. Remote monitoring can help to build that revenue.
Gerber Technologies offered GERBER connect to customers of select automated cutting machines for remote product monitoring and predictive maintenance. This new revenue stream is targeted to engage more than 40,000 products.
Reliable Revenue Streams
Heidelberg has transformed its industry-leading products, organization, and business model into smart, connected printing press centers. By doing so, it has revolutionized its processes around smart, connected customer service and gained high customer engagement with new service offerings.
Decreased Downtime, Increased Sales
Elekta analyses machine information for increased uptime of its cancer-fighting radiation therapy tools, predicts the products’ end of life, and sells parts or new machines proactively to minimize end-user downtime and enhance customer service
In a variety of industries, you can already see connected-product companies succeeding with IoT via remote monitoring. Companies like Varian Medical and Gerber Technologies are only a few of many that have started their IoT transformation journey with remote monitoring capabilities.
Diebold started with remote monitoring of its equipment to diagnose ATM problems at the time of failure, correcting some without sending a technician. With documented success in resolving 17% of service issues remotely, reducing average time to repair by 83%, and decreasing ATM downtime by 15%, Diebold plans to increase its effectiveness by expanding into predictive maintenance next.
Radiation-treatment provider Elekta monitors its machines to resolve 20% of service requests remotely. Elekta automatically collects machine data, allowing it to identify potential problems, notify doctors, and resolve issues before they shut down a machine.
3D Systems is enabling intelligent monitoring and remote service and maintenance of its 3D printers to encourage greater manufacturer adoption. Maximised printer availability and productivity give users a business advantage that 3D Systems expects
will drive a broader embrace of its technology.
The ROI victories that early adopters have achieved can assure you that your remote monitoring efforts will be rewarded.
Right the First Time
McKinley Elevator Corp. beat the industry’s average first-time fix rate of 60%, achieving 88% instead. It expects to reach the mid-90% range.
Lincoln Electric proactively delivers necessary parts to service technicians, decreasing service costs by $1.2 million and increasing parts revenue by $2 million.
Sharing the Savings
Varian Medical IoT-enabled systems are now deployed in more than 1,500 treatment centers, reducing technician visits by 42% and saving medical facilities $2,000 per on-site repair avoided.
As the first step in IoT-driven service innovation, connected-product remote monitoring can make your company more competitive and
deliver rapid returns, including cost savings and new revenue models. IoT-enabled communication among OEMs, their customers, and their products elevates service offerings, provides competitive differentiation, and supports longer, more collaborative customer experiences.
Find out how your company can quickly capture these benefits, gain new revenue, and enhance customer relationships:
Join us 19th of September at Cranfield University for 'IoT: How to connect your products and reap the benefits' event.
Service leaders are using remote monitoring and IoT connectivity to become more efficient, proactive and successful.