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The impact of the Internet of Things (IoT)

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Internet of Things, Machine to Machine, Connected Devices, Industrial Interner… Whatever the term you have heard, the impact of the Internet of Things (IoT) or connected machines and the data they provide service organizations have the potential to transform our industry in many ways.

Impact of the Internet of Things (IoT): Delight Customers

Know about a problem before the customer does. Machines can alert you when something is about to go wrong. This means you can proactively act on it faster than ever before and often solve the problem before the customer knew anything was wrong.

Did you know that the downtime of an MRI machine can cost $14,618 per day?

Eliminate unplanned downtime. Preventive maintenance no longer should be on a static schedule. With the data from your machines, you can know more specifically when a machine truly needs preventive maintenance. This might be longer or shorter than your old schedules, and it will certainly mitigate the risk of unplanned downtime.

Did you know that every additional truck roll according to TSIA cost $1000+?

Avoid unnecessary trips to the customer site. Before dispatching a technician to fix a broken machine in the field, machine data will let you assess whether he needs to make the trip or if a remote fix can solve the customer’s problem. that’s one less trip to the customer and one additional work order completed at another customer site.

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Impact of the Internet of Things (IoT): Drive Revenue

IoT facilitates performance-based service contracts. Real-time machine data enables the next generation of service contracts that will be based on performance and business outcomes instead of just SLAs and entitlements. For you, this means leveraging the data to ensure everything is running smoothly and charging a premium for your superior service.

Did you know that 30% of C-Level executives believe the Internet of Things will create new revenue opportunities?

IoT provides data to inform new product development. Product and service data directly from machines can help inform new product development, helping improve new product development, helping improve designs, make products more easily serviceable, and driving innovation in your company. that means more sales of better products, and ultimately, more service contracts.

Did you know that 74% of companies will share machine data with product development?

Arm sales team with installed product data. The sales team can in on the game too. With access to information about a machine’s performance or even usage data, they have key intelligence to help them recommend new machines or products to sell or even offer a new service contract.

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Impact of the Internet of Things (IoT): Increase productivity

Bring the right parts and knowledge the first time. Before a technician heads out to a job site, Machine data lets him know exactly what the problem is before he ever leaves the office or service center. That means he can get the right parts, the right knowledge and the right tools to ensure he gets the job fixed the first time.

Did you know that 58% of the time secondary visits are the result of unavailable or incorrect parts during the first visit?

Make better decisions and more accurate forecasts for your service organization. Machine data across many of your products at different customers sites can help you identify trends that will ultimately help you make better business decisions and forecasts for your service organization more accurately. Whether it’s hiring, fleet purchases, inventory management or other investments, machine data will better inform every decision you make.

Did you know that your fleet vehicles could save $970 per year because of IoT?

Get the right tech to get the right job done faster. When your service organization has real-time data about what’s wrong on what machine, it becomes far easier to send out the right technicians with the right skills closest to that geographic area. Not only does that mean a technician is on-site quicker, but also that the problem will get solved right the first time.

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