Software : Operational Technology : Enterprise Resource Planning
Entytle Insyghts. The first Installed Base Data Platform Purpose-built for Industrial OEMs. Insyghts unifies, organizes and analyzes all installed base data to identify and qualify aftermarket sales and service opportunities.
The Ultimate Guide to AfterMarTech for Industrial OEMs
Industrial OEM manufacturers are increasingly making investments in technology to improve their customer experience, communication, marketing, and their ability to serve customers. This consolidated set of technology is focused on aftermarket, service, sales, marketing, and customer support – and can be collectively known as “AfterMarTech” – combining all the aspects of dealing with existing customers (i.e., Aftermarket) with “Marketing Technology” (or MarTech) – the term used by Marketers to describe the tech stack used to optimize the customer experience. In the equipment manufacturing industry, this has been driven by leaders within individual functions, leading to a variety of different tools used by different teams that are disconnected, cannot share data, and are unable to complement each other. For many organizations, this is now a challenge – too many applications, no single source of truth, overlapping or redundant functionality, and high cost. Hence, many organizations are looking to consolidate their “AfterMarTech” investments to achieve process efficiency, cost optimization, and most importantly, improve their customer experience – with a big focus on existing customers and the Installed Base. For OEMs who want to lead their verticals moving forward, Aftermarket is no longer defined as just fulfilling replacement parts orders – Aftermarket is the broader set of services, parts, and solutions that enable the end-users to drive maximum value from their relationship with an OEM and establish the foundation to build a true partnership that is highly beneficial for the OEM.
Installed Base Platforms – An emerging technology to maximize the Value of Installed Base Data
An industry survey conducted by Blumberg Advisory Group in association with Entytle, highlights that as Industrial OEMs and their channel partners make the transition from being product-oriented to service-oriented companies, one of the significant dependencies that stands out is reliance on Installed base data to make informed decisions.
As Industrials have accrued customer data over decades, no significant efforts have been made to keep the data up to date, organized, and of good quality. The problem is compounded by the fact that about 67% of respondents indicated that their data resides in more than 3-4 systems at any point in time and is disjointed. There is no clear ownership (or one throat to choke) when it comes to Installed base data in any organization.
It’s time to recession-proof your Industrial business, yet again
Think beyond equipment sale – Aftermarket sales is a trillion-dollar industry that is looked over in good times because everyone is focused on large equipment sales. With a looming possibility of a recession, your customers are going to likely hold onto their equipment longer. It also means that the same equipment will have more wear & require services often. Herein lies the opportunity to sell parts, services, and warranties, amongst other things which can offset your lower equipment sales. However, this also implies that you have reliable installed base data that you can quickly deploy to create sales strategies or to power support & services.