OEMs and Remote Monitoring and Diagnostics: The Cost of Doing Nothing
Every decision, both large and small, impacts your bottom line. Which markets to enter, which customers to target, which components to include in equipment—all have financial consequences. Even choosing not to do something has a cost, albeit often a hidden one. As an OEM, this is true of your decision whether or not to capture and analyze machine data using remote monitoring and diagnostics.
Data is the new currency of a new economy. Leaving your data locked in your machine is like leaving your cash locked in a bank vault—it can’t work for you if you don’t access it.
With today’s cloud-based data and analytics solutions, even small OEMs can reap the advantages of capturing and sharing data.
By leveraging your machine data, you can improve machine design and performance. Remote monitoring and diagnostics can determine the cause of performance issues, as well as compare performance across fleets. Armed with this machine data, you can ensure that customer performance expectations are met, and then use the information to improve future designs.
By extracting data from your installed base, you can prevent and solve problems before they even occur. Often precious minutes, hours, or even days pass before a customer lets you know about a machine failure…if they call at all. With a remote monitoring and diagnostic solution, you’ll know when there’s a problem with a machine within seconds—so you can take immediate action.
Machine builders can even predict risk of failure or identify production issues by tracking and displaying probable causes. You or your local reps can review service records and proactively schedule service appointments. This delights customers, and protects parts & repair revenues. Think of remote monitoring and diagnostics as a crystal ball that sees future events—and future revenue.
You can also reduce costs through remote monitoring and diagnostics by determining which customers are performing preventive maintenance on schedule, and which ones aren’t. As a result, machine failure rates and customer downtime decrease. With this information, you can offer service contracts supported by data showing that the maintenance isn’t being performed correctly.
Many OEMs have found that customers are more likely to sign up for, and renew, these service contracts based on preventative maintenance. These proactive services and contracts can provide new revenue sources. And who doesn’t need those?
Lost revenue opportunities are the cost of doing nothing. To find out just how much that cost might be for your OEM, see how much money you can make and save with GE’s latest remote monitoring and diagnostic solution.
Whether your goal is to reduce cost to serve, increase sales by enhancing your customer experience, or improve asset performance, this interactive tool will help you calculate the potential return on your investment. Give it a try, and calculate the cost of doing nothing. Like many OEMs, you may decide it’s a cost that you simply can’t afford.