How do machine data and service help stabilize revenues?
If machine and plant builders want to make money with predictive maintenance and with data, they need to turn it into a service offering that customers can use for a fee.
More and more companies are using subscription models to monetize data, such as those found at Netflix or Handelsblatt. Another option is the Equipment as a Service (EaaS) model.
In the future, users of machines and systems will no longer buy a pure product, but a complete service package that guarantees them smooth operation of their system. Manufacturers are thus increasingly becoming operators themselves - they no longer sell their machines and systems, but the output that can be achieved with them.
Digital spare parts catalogs offer a much easier entry into the monetization of data: they boost the spare parts business on a data basis and help machine and plant manufacturers to increase their sales in the aftermarket.
Digitization in aftersales is ushering in the era of Service 4.0. The key to this is data that is available on the Industrial Internet of Things (IIoT) and provides the necessary information for first-class service.
In the second part of this series of articles, you will find out what challenges companies from the mechanical and plant engineering sector have to overcome if they do not want to lose out on the monetization of data.