Connected Assets Move Your Business Beyond Metrics

Manufacturers and OEMs that are ahead of the curve in connecting their assets or field technicians are reaping the benefits of service visibility. Having real-time data from connected equipment and techs allows service organizations to make real-time adjustments to service priorities. But once that data starts to come in, what is the next step to service evolution?

The benefits to connecting assets and technicians begin at gaining visibility. Simply having access to real-time information, even in a smaller pilot project, can begin to nudge service metrics. As we’ve discussed in a previous blog, initial pilot projects should focus on affecting metrics that are achievable and have a meaningful ROI. Initially, a manufacturer or OEM just delving into connected service will look at improving a standard service measure, such as Mean Time To Repair (MTTR) or First Time Fix Rate (FTFR). Success in these areas can quickly show up as reduced costs for technicians and truck rolls, as well as the possibility of proactive service. But, once you have measurable results, powered by the Internet of things, what should your organization look to next?

The IoT has given manufacturers, OEMs, and service providers the ability to create lots of new measurable results, some of which were previously unobtainable or even unthinkable. With the IoT, service organizations have the opportunity to think beyond traditional metrics such as fill rates or costs, and look into the human side. How?

Equipment and assets in the field can often have an intimate impact on human lives. Consider medical equipment such as MRI machines—assets that doctors and patients depend on to deliver lifesaving therapies—count on maximum uptime to maintain both service level agreements and the patient’s care plan. Here, connected assets that are well-maintained and maximally operational have a positive impact on patient health, a doctor’s ability to perform her duties, a hospital’s compliance with Federal regulation, and the manufacturer’s reputation and compliance with industry and governmental regulations. Service visibility and MTTR in the case of hospital equipment can mean the difference between being able to deliver care, or having to delay it. The cost to manufacturer reputation can be catastrophic when equipment is down.

Connected assets can also help impact safety to customers, end-users, or field technicians themselves. A machine that can communicate that something is wrong is not only more cost-effective, but can also prevent malfunctions from causing safety hazards. For example, a connected elevator can signal that an access door is open can pre-empt injuries and address an issue before it becomes a problem.

The IoT is changing and growing rapidly, and with it come possibilities that simply weren’t in the realm of the obtainable before. Manufacturers and OEMs should be open to thinking about what else they can do with the data that comes in. After all, data without a strategy isn’t knowledge. Small improvements can make big impacts.

Where will you take your service journey next?

Learn more about how the Internet of Things is transforming the service lifecycle, watch our on-demand webinar here