4 Reasons Remote Monitoring is your Best Move to Better Service
Remote monitoring has so many benefits as it’s become the vital tool for all manufacturing businesses. For the early adopters, the proven results have distributed new value, improved customer engagement and assured super-effective service.
Today, manufacturers interprets that connecting their products through the Internet of Things (IoT) is necessary to reducing downtime, minimizing costs and delivering better service offerings to their customers. Every day, service teams face the challenge of assuring maximum equipment availability at the same time as maintaining the cost of materials and labor to a minimum are in a demand that current methods struggle to reach.
Remote monitoring allows a proactive maintenance approach by delivering visibility and insight to equipment performance across the installed base. The service team can either solve the concerns or schedule the maintenance event, involving the resources required in a fraction of the time it previously took. This not only improves equipment availability, but also unplanned downtime can be minimized and often avoided.
The IoT presents the biggest opportunity for aftermarket service providers. Getting the ability to discover and track equipment, as well as obtain insight into condition and performance, is the key element. The IoT has an impact on every service organization and is already building the service market more competitive.
Early adopters are realizing proven returns with remote monitoring, using an IoT-enabled service that can be quickly applied and monetized. These companies, in industries such as industrial equipment, medical devices, electronics and high tech, have provided new value and improved customer engagement through connected product monitoring. With analyst firm, IDC reporting that manufacturers want to capture up hills of 30% of their revenues from services in the future.
In this guide we will explore more about why remote monitoring is your best move into getting more and new business from connected-product customers:
Reason 1: Remote Monitoring provides bottom – line business benefits through more effective and efficient service
Being able to ‘see’ IoT products in their operating state from any location that means technicians can have 24/7 access to solve the problems from afar such as a Run remote diagnostics, interpret the root cause of the concern and resolve that concerns without the cost of an onsite visit.
Reason 2: Remote monitoring enables – business innovation and improved customer satisfaction
Minimized downtime, fixing products means increased sales, additional time and resource to use it into new revenue streams with new service offerings and the capability to focus on positive engagement of your customers. Manufacturers attempt to earn 30% or more of their revenue from service, as per IDC. Remote monitoring can assist to increase that revenue.
1. Premium Service
For instance, Gerber technologies (supplies innovative solutions to manufacturers in various industries including aerospace, transportation, furniture, packaging etc.) provided GERBER connect to the customers of automated cutting machines for remote product monitoring and predictive maintenance. This new revenue stream is intended to engage more than 40,000 various products.
2. Definitive Revenue Streams
Heidelberg has changed its industry-leading products, organization and business model into smart, connected printing press centers. By doing so, it has transformed its processes around smart, connected customer service and obtained high customer engagement with new service contributions.
3. Minimized Downtime, Enhanced Sales
Elekta (A Swedish company that gives radiation therapy related equipment and clinical management for the treatment of cancer and brain disorders) examines machine data for increased uptime of its cancer-fighting radiation therapy tools, estimates the product’s end of life and sells new machines dynamically to decrease end-user downtime and increase customer service.
Reason 3: Remote monitoring is a proven risk free way to start IoT Journey for product providers
In a various industries, we can already see connected-product companies succeeding with the help of IoT through remote monitoring. Companies such as a Varian Medical and Gerber Technologies are a few of many that have started their IoT transformation journey with remote monitoring abilities:
1. IoT Development
Diebold (It is a retail technology and financial company that specializes in the installation, point-of-sale and service of self-service transaction systems etc,) has initiated with remote monitoring of its equipment to recognize ATM related problems at the time of system failure, correcting some of them without enrooting a technician.
With registered success in solving 17% of service concerns remotely, minimizing average time to repair by 83% and reducing ATM downtime by 15%.
2. Performance Prediction
Elekta analyzes its machines to solve 20% of service requests remotely. They automatically accumulate machine data, enabling it to recognize potential problems, inform doctors and solve issues before they shut down a machine.
3. Future Focused
3D Systems are allowing intelligent monitoring and remote service and maintenance of its 3D printers to help greater manufacturing production. Increased printer availability and productivity give 3D Industries a business benefit.
Reason 4: Remote monitoring delivers an Attractive ROI needed to justify the technology expenditure
A remote monitoring drive enables companies to quickly gain IoT value. In fact, the most prevalent way that companies achieve substantial ROI from IoT is through improved service. There is already provable evidence that remote monitoring significantly increases efficiency and revenue.
1. Right the First Time
McKinley Elevator Corp. ( provider of intelligibility products include vertical and incline wheelchair lifts, residential elevators.) strike the industry’s average first-time fix rate (the percentage of time a technician is able to correct the issue the first time, without necessity of additional expertise, data or parts) of 60%, attaining 88% instead. It assumes to reach the mid-90% range.
2. Shared Savings
Varian Medical IoT-enabled systems are now installed in more than 1,500 treatment centers, minimizing technician visits by 42% and saving medical facilities $2,000 per on-site repair avoided.
As the first step in IoT-driven service innovation and remote monitoring through connected products, can make your manufacturing business far more competitive, provide rapid returns, including secure cost savings and new revenue models.