Asset & Service Data having a gravitational pull beyond service
departments due to breadth and depth of product and customer
information, according to new global research
LONDON -- (Business Wire)
Asset and service data will have a gravitational pull beyond service
departments, putting a new business lens on enterprise performance,
according to a new global research report, “The Rise of Asset and
Service Data Gravity”, conducted by Vanson
Bourne on behalf of ServiceMax
from GE Digital. By automatically collecting, aggregating and
analyzing service data related to industrial assets, companies expect a
revenue boost of more than fourteen percent. And for every $1 spent on
successful service data collection and usage, companies expect a return
of $4.44 – approaching five times the initial outlay.
The research surveyed 600 IT decision makers and field service
management leaders across Manufacturing, Energy and Power, Oil and Gas,
Transportation, Distribution and Logistics, Telecoms and
Medical/Healthcare in the USA, UK, France, Germany, Turkey, UAE and
Saudi Arabia.
The study found that out of the estimated 187,470 field service work
orders conducted on average each year, 15,635 (8.34 percent) of them
remain unaccounted for within organizations, representing millions in
lost revenue.
“Businesses are moving to outcome-based, servitized business models
where monetizing service – and harnessing field service data – is
critical to success,” said Mark Homer, Vice President Global Customer
Transformation for ServiceMax, a GE Digital company. “In a servitized
world, the asset is king, and everything revolves around it, such as
uptime, availability, mitigating downtime, asset estate insight,
performance metrics, and supply chain. With digitization, service data
is a subset of the asset data, and both hold untapped insights for
almost every line of business – from sales, R&D, IT, finance, marketing
and Corporate Social Responsibility, and it also has a huge impact on
Overall Equipment Effectiveness in terms of performance, capacity,
quality, and uptime. The rise of this ‘asset and service data gravity’
is changing the way businesses view and monetize their service
operations.”
Almost all 600 of the organizations surveyed (ninety nine percent)
believe that other parts of the business outside of service can benefit
from both the automation and better usage of service data. And eighty
five percent think service data should be central to decision making,
while eighty seven percent believe it will have a positive impact on
their ability to remain competitive.
“Businesses are expected to have value conversations with customers,
rather than product discussions,” added Homer. “As the growing value of
service data is increasingly recognized outside of the service
department, it is best exploited through a digital platform approach,
rather than piecemeal to enable every line of business to positively
benefit from its insights.”
For more details about the research and the changing role of asset and
service data, click here.
About GE Digital
GE Digital is reimagining how industrials build, operate and service
their assets, unlocking machine data to turn valuable insights into
powerful business outcomes. GE Digital’s Predix portfolio – including
the leading Asset Performance Management and Field Service Management
applications – helps its customers manage the entire asset lifecycle.
Underpinned by Predix, the leading application development platform for
the Industrial Internet, GE Digital enables industrial businesses to
operate faster, smarter and more efficiently. For more information,
visit www.ge.com/digital.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180611005061/en/
Contacts:
Devonshire Marketing Consultants
Vanessa Land, +44 7768 693779
vanessa@devonshiremarketing.com
Source: ServiceMax
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