Accelerating growth and profitability in the industrial equipment aftermarket
Industrial equipment companies are leading most other sectors in how they have monetized aftermarket services to grow revenue. From the sales of spare parts and maintenance to more sophisticated services such as mid-life overhauls and retrofit programs, industrial equipment manufacturers are finding growth through aftermarket services. Margins for these services are often several times greater than for the new products they deploy. And Internet of Things (IoT) connectivity continues to unlock new opportunities for even more valuable aftermarket services at greater scale.
With Syncron, industrial equipment manufacturers can reach new levels of service-level agreements driven by best-in-class parts availability at optimal carrying costs, new sources of profit from optimal smart parts- and service bundle pricing as well as leverage the power of telematics ensuring AI-powered equipment uptime.
Because of the long lifecycle of industrial equipment — sometimes as long as 30 or 40 years — and the variation in downtime severity, manufacturers need to ensure service parts are available when and where they are most in demand.
With Syncron, manufacturers can better anticipate demand, using factors like equipment locations and service history to properly stock service parts in the best places to ensure maximum product uptime. ERP systems often cannot handle the complexity of service parts planning, and Syncron’s solution eliminates excess inventory, ultimately helping manufacturers deliver both a better customer experience and revenue and profit improvements.
In an industry where new product orders are slowing and the lifetime of equipment is increasing, companies must look for previously untapped sources of revenue. For industrial equipment manufacturers, service parts pricing can provide just this.
Many companies still rely on manual processes and Excel spreadsheets to price their service parts. With Syncron, manufacturers can implement a value-based approach, enabling teams to better analyze and respond to changing market conditions. Ultimately, automating and optimizing service parts pricing leads to improved revenue and profits.
Optimize field service
The world is evolving at a fast pace, and there has never been a more important time to embrace innovation in field service. Today’s on-demand economy has elevated customers’ service expectations, and brands must keep up.
With Syncron, industrial equipment manufacturers can ensure industry-leading first time fix rates — saving both time and money, while simultaneously providing a great customer experience. And, as emerging technology evolves, it is more important than ever to integrate predictive maintenance events with field service management systems to repair equipment before it ever breaks down.
Talk to an expert
Want to see for yourself why the world’s leading manufacturers choose Syncron for aftermarket service management solutions? Simply complete the form and a member of our team will contact you within one business day. You can also email us at email@example.com. For customer support, visit our support page or email firstname.lastname@example.org.