IoT Valued in Aftermarket Services for Connected Machines
What if your car dealer cared more about your car than you do, and did something about it? What if your ride was always in tip-top shape, never broke down, and got regular, dealer-sponsored tune-ups while sitting in your garage, or even on the road? Wouldn’t that be great? And what if your dealer gave you a discount for letting him service your car that way? This is the kind of aftermarket service that the IoT is making possible for industrial machine builders.
A recent blog by Sal Spada, Research Director of Discrete Automation at ARC Advisory Group, highlights the value of the Internet of Things (IoT) for machine builders looking to improve their aftermarket services. The IoT approach to maintenance and service of industrial tools and machinery has already started, and is expected to increase significantly in the coming years. Spada introduces a number of reasons for this increase.
Cost effective: Real-time remote monitoring done well gives the supplier full access to the machine 24/7, making it easier to spot problems before they arise. When something occurs that needs a technician, they have immediate access to the system and spend their time solving problems, rather than travelling to the site.
Competitive: Industrial customers are in it for the long haul. Better maintenance and service translates into less downtime for the equipment, making that supplier more competitive in the marketplace.
Company Growth: As his maintenance costs go down, the machine supplier becomes more competitive in his market, and more able to afford to do business. This can readily lead to company growth.
Using the IoT for service connectivity has found favor with suppliers of large, expensive products that typically require regular maintenance, such as cranes, hoists, elevators, and escalators, and is expected to expand in a number of areas. ARC Advisory Group recently published a report “Production Machinery Automation” that covers a range of product segments and machinery sectors, and illustrates the growing value of the IoT in providing aftermarket services.
