Uncovering old Installed Base when tracking new Assets
Manufacturing companies in sectors as varied as Robotics, Industrial Automation, flow control, electrification, or power generation, often struggle to build rich and relevant installed base data.
Often enough, IB knowledge can plateau in the region of 50% of new products sold and this knowledge is mostly influenced by how much revenue comes from direct projects.
Finding out what was sold in the past is their Holy Grail since this knowledge can yield immediate revenue from equipment that is no longer under warranty.
As one of our first users aptly put it when they started tracking MV Switchgear, “Track the new, find the old”. In their market, a buyer today was, in 95% of the cases, a buyer yesterday.
01.
New assets are mostly purchased by repeat customers
In the manufacturing industry, Pareto rules, once more. The top 4 or 5 customer profiles will represent 85% or more of any given business sales. For industrial equipment, it means the same customers by the same product. And repeat.
02.
Industrial companies tend to be loyal to their suppliers
When acquiring large industrial equipment and signing off on significant CapEx budget, buyers want to make sure their ROI is secured. They will find security in buying from proven suppliers, able to deliver high performance products and maintain them over time.
03.
Large portions of industrial equipment is not under service agreement
Manufacturers being specialists, they sometimes lack internal competence to maintain every type of asset and sometimes would just let machines fail and fix them rather than have them serviced periodically by a service provider
04.
Asset owners welcome equi
When contacted by the manufacturer itself or its certified service partners, asset owners and operators welcome that support and expertise.
Bridging the knowledge gap and maintaining assets at peak performance over time requires expertise that only manufacturers can bring.
Asset owners understand and welcome that.
In a nutshell...
Companies that start tracking new Assets today enjoy a highly and predictable likelihood to uncover older and unregistered Assets when engaging with newly identified customers.
Our experience is that in more than 80% of the cases, they would find legacy assets ready for upgrades, modernizations, and/or new service agreements.
