Service Transformation: Evolving Service Business in the IoT Era


Service Transformation: Evolving Service Business in the IoT Era

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Manufacturers need to create new revenue streams while competing more effectively in the global market that seems fixated on lowest-cost production. Service revenue is becoming increasingly important to manufacturers to maintain profitability -- manufacturers want to capture upward of 30% of revenue from services, and 74% of manufacturing executive identified service as a significant driver of future revenues.

All manufacturers who want to transform service to avoid commoditization, maximize customer satisfaction, and increase revenue.

PTC offers a framework to evaluate and implement the technologies that enable manufacturers to realize results. The approach consists of three distinct stages: understand, advance, outperform. 1) Understand: Make smarter decisions by analyzing service and product data in real-time 2) Advance: Differentiate service offerings by improving and expediting the way products are serviced 3) Outperform: Completely redefine value with new service offerings and business models

Mature (technology has been on the market for > 5 years)
A manufacturer of integrated cancer therapy systems is using remote monitoring and access to identify issues and complete repairs without on-site visits.
A global manufacturer of high quality welding, cutting, and joining equipment, ensured that parts could be delivered seamlessly to technician and customers.

For every dollar in equipment sales, upward of 12 dollars in service revenue is realized for a world leader in air conditioning systems, services, and solutions.

Mean time to respond for equipment problems in cancer therapy medical devices decreased 50%, and site visits costing roughly $2,000 per event, declined 42%.

A global manufacturer increased service efficiency by decreasing service costs by $1.2 million and increased parts revenue by $2 million.

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