Digital transformation for the service enterprise

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  Digital Transformation for the Service Business

By Vivek Joshi, CEO and Founder.

New data and computer capabilities, as well as the introduction of innovations such as artificial intelligence, automation and robotics, additive technology and man-machine interaction in the factory, will change the way they are made.

According to a McKinsey study "digital manufacturing technologies will transform every link in the manufacturing value chain". This includes everything from R & D, supply chain and production to marketing, sales and aftermarket services. Digital connectivity between industrial plants, various departments within organizations, and between a business and its customers has the potential to be of great benefit to all stakeholders. Although it is well known that manufacturing supplies more data than most industries, few companies really use it. McKinsey's same study states that "an oil and gas company, for example, discards 99 percent of its data before decision-makers have a chance to use it." For those familiar with the IIoT (Industrial IoT), this is nothing new. The Internet of Things remains an ever-evolving horizon.

In a recent study of service providers in manufacturing companies and service companies conducted by the Service Council (TSC), 30% of respondents felt that this was important to become a digital business, while 100% agree with them that digitization of the service industry is worth exploring in the near future. Bottom line, these reports – as well as recent discussions with aftermarket leaders in the vertical device manufacturing industry – show that manufacturers are taking a more comprehensive look at what a digital business means. Moreover, this process seems to go beyond internal processes to incorporate the experience delivered to its customers. Properly implemented, the digital transformation will allow manufacturers to overcome traditional reactive service efforts and launch proactive aftermarket engagement programs that help them gain customers for life.

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Another common feature of these leaders is the fact that their organizations are still working on fine-tuning their digital strategies and have not yet identified all the resources and tools that are necessary for a successful transformation.

Definitions

The identification of a single general definition and a set of parameters for the digital transformation is not an easy task. Here are some definitions of service executives collected by TSC in their report:

"Radically transforming the way we serve our customers by developing new business models using the latest technology, to change the customer experience. "

"To us, this means using digital technology to become more transparent to our customers, to better train our team and to provide analytics that better serve the systems we maintain and install."

It also means being able to create and deliver more value to customers than would be possible without technology, it also means being able to better quantify the real value of services that are often simply implicated. "

The ultimate goal of digital transformation

Manufacturers entering the digitization journey Internal practices and processes should have one goal in mind: creating value for their customers. While all executives surveyed believe in the importance of a digital innovation strategy, some are reluctant to accept it or do anything about it. Most agree that their organizations simply do not invest enough time and resources to implement digital initiatives. There seems to be a problem in prioritizing digital transformation initiatives whose goals and success metrics are either not fully understood or poorly communicated in the organization.

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Unfortunately, there are changes for the manufacturing industry, whether they are ready or not. Customers will, in the near future (if they have not already done so) expect and, in some cases, demand consumer experience powered by data and digitally executed. Companies that do not adapt and innovate will see more drifting customers, reduce recurring revenue from aftermarket efforts, and overall experience a loss of connectivity and engagement with their installed base.

About the Author

Vivek Joshi is the CEO and founder of Ettylle a company based in Palo Alto, for B2B, manufacturers increase customer loyalty and lifetime value. Ettytle's Aftermarket Engagement Insight Platform collects data from multiple systems and processes that data to identify usage patterns and customer segments, create opportunities, and generate revenue from the installed base.

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