Extend customer service to more asset owners than ever before

Does it make economic sense to track Industrial Assets?

adminFab — Mon, 11 Nov 2024 09:11:00 +0000

What is the ROI of asset tracking for installed base visibility growth?

When your role is connected, directly or indirectly to the quality of IB Knowledge, it is naturally fair to wonder whether it makes economic sense for your business to deploy additional solutions in that area.

Here is what we’ve learned from the projects we’ve run with global leaders in industries as diverse as Robotics, Electrification, Industrial automation, and transport refrigeration.

The 1 to 1 ratio
The expected aftermarket revenue captured during its lifetime in service agreements, parts, and connected services is roughly equal to the asset price tag. But with better margins
Complex channels
Global markets and channel structures make it hard to systematically and reliably gather quality knowledge about a majority of ultimate owners' locations and name
Service revenue waterfall effect
Products are sold on the second-hand market after 6 to 8 years suddenly leaving manufacturers without aftermarket revenue for the product
Preserving Warranty
Real-time shipment monitoring and assigning transport issues responsibility would save thousands of dollars every year in quality claims
Trade Compliance
Finding out if an asset had been illegally shipped to embargoed or sanctioned countries, before it becomes a problem

Let's break it down into practical steps

let’s take a piece of industrial equipment worth $15,000. It could be an MV Drive, an industrial Robot, an AMR, a DGA, a Reefer, a large pump, an industrial compressor, a powerful GenSet, a UPS or a Switchgear.

For ease of calculation, we’ll assume a 1000 units production and a 90% automated registration thanks to asset tracking.

Step 1. Shipment

1000 units installed in bundles of 3 (that’s the average installation bundle size at the final location)

Step 2. Registration

1000 units x 90% visibility / 3 units = 300 new asset owners detected and registered

Step 3. Old IB discovery

90% of asset owners are repeat buyers who own 7 similar units, on average. That’s a legacy installed base of 2100 old units already in service for typically 8 years or more.

If 50% of the old units are not under service and maintenance contracts, that’s 1050 units for which a new contract can be offered.

Step 4. Opportunity generation

So we now have 900 service opportunities for the new products and 1050 service opportunities for the uncovered legacy assets.

Step 5. Closing

With a closing rate of 35%, the 900 + 1050 new service opportunities would bring 680 new service contracts.

Assuming the lifetime service value from this piece of equipment is roughly equal to its catalog price ($15,000) and the asset’s serviceable lifetime is 12 years (after a 3 year warranty period), each year should generate approximately $1,250 in service, parts and subscription revenue.

Step 6. Billing

During the first year, the legacy assets’ service contracts would generate an additional $450,000 in revenue.

After the warranty period, the new assets’ service contract would generate $390,000 on a yearly basis.

Considering renewal rates, one year of production of one product line could return over $4,000,000 in additional service revenue over its lifetime, of which $2,000,000 in immediately accessible revenue from the old, uncovered installed base.

In a nutshell

For most industrial equipment, the lifetime service value is (more or less) equal to the catalog price.

A simple tracking device placed on or in the equipment will usually open the door to 15 to 20 years of service revenue per asset.

The ROI for this device and the Wisechain solution moves between $10 to $25 additional revenue for every $1 invested in the solution.

And it’s very easy to implement and use.

A pretty good deal, all things considered!

Ready to monetize Installed Base knowledge & grow service revenue?

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The post Does it make economic sense to track Industrial Assets? appeared first on Grow installed base visibility in Salesforce - Wisechain asset tracking.

Industrial Equipment Circularity: The Role of Traceability

adminFab — Thu, 19 Sep 2024 14:05:22 +0000

Achieving Circularity: The Role of Traceability in Modernization, Takeback and Remanufacturing

In today’s manufacturing landscape, the concept of circularity is gaining traction as a sustainable and economically viable approach to managing assets. Manufactured assets circularity involves the continuous cycle of use, modernization, and remanufacturing, reducing waste and maximizing resource efficiency. At Wisechain, we understand that traceability is the critical prerequisite and starting point for achieving circularity. This article explores the importance of traceability, the role of asset modernization and upgrades, and the economic and environmental benefits of circularized assets.

Traceability Unlocks Manufactured Assets Circularity

Traceability is the foundation of manufactured assets circularity. It ensures that the entire lifecycle of an asset can be tracked and managed effectively. Here’s why traceability is crucial

Consistent and Reliable registration

Traceability enables manufacturers to accurately track the location, ownership, and usage of assets throughout their lifecycle

Traceability can take various forms, from owner’s declaration to direct field capture and asset geolocation, manufacturers gain from implementing all forms of registration

Data-Driven Decisions

With comprehensive traceability data, manufacturers can make informed decisions about when to modernize, upgrade, or remanufacture assets.

Compliance and Accountability

Traceability helps in meeting regulatory requirements and ensures accountability in the management of assets.

The Role of Asset Modernization and Upgrades

Asset modernization and upgrades are essential components of manufactured assets circularity. Whether performed on-site or off-site, these activities extend the lifespan of assets and prepare them for eventual remanufacturing

On-Site Modernization:

On-site modernization involves upgrading assets at the customer’s location, minimizing downtime and ensuring continuous operation.

Off-Site Upgrades:

Off-site upgrades allow for more extensive modifications and improvements, ensuring that assets are fully optimized before being returned to service.

Environmental Benefits of Circularized Assets

In addition to the economic benefits of keep equipment performing for longer periods of time with adequate maintenance, upgrades and modernizations, manufactured assets circularity provides substantial environmental advantages.

01.

Reduced Waste

Circularity minimizes waste by keeping assets in use for longer periods and reducing the need for disposal.

02.

Lower Carbon Footprint

Remanufactured assets have a lighter environmental footprint compared to newly produced assets, reducing carbon emissions and conserving natural resources.

03.

Employee engagement

Boosting circularity programs enhances your company’s culture by expanding sustainability, innovation, and responsibility practices. It strengthens team engagement, as employees take pride in contributing to environmental impact and long-term value creation.

How Wisechain Supports Manufacturers' Circularity Programs

Wisechain’s Salesforce-based app is designed to support manufactured assets circularity by providing comprehensive traceability and asset management capabilities:

Multi-Modal Traceability
- Our Salesforce based App integrates geolocation and tracking technologies to provide accurate and real-time traceability of assets, ensuring accurate data throughout the asset lifecycle.
- Our Field Capture App enables field service engineers and asset owners to simply declare their assets’ Serial Number, type and location.
Comprehensive Asset Journey visibility
- Wisechain helps manufactures grow a granular installed base knowledge, enabling circularity activities
Seamless Integration with Salesforce
- Our Salesforce native App enables users and partners to plan all reverse logistics activities to ensure consistent circularity of assets

Ready to accelerate and expand your Circularity program?

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The post Industrial Equipment Circularity: The Role of Traceability appeared first on Grow installed base visibility in Salesforce - Wisechain asset tracking.

Unlock more service opportunities with automated asset registration

adminFab — Thu, 19 Sep 2024 10:06:27 +0000

Maximizing Service Sales: How automated Asset registration data in Salesforce unlocks more service opportunities

In the manufacturing industry, asset centricity is a crucial concept that focuses on managing and leveraging assets to drive operational efficiency and customer satisfaction. By integrating asset management directly into Salesforce, manufacturers can achieve asset centricity and enhance service sales accountability. At Wisechain, our Salesforce-based app ensures that installed base (IB) information is readily available within Salesforce, eliminating the need to fetch data from other systems and reducing the risk of overlooked opportunities.

It all starts with Asset Centricity in Salesforce

Asset centricity in Salesforce provides numerous benefits

Streamlined Asset Management

Centralizing asset information within Salesforce ensures that all relevant data is easily accessible, reducing the complexity of managing multiple systems.

Improved Data Visibility

Having asset data directly in Salesforce enhances visibility, enabling teams to make informed decisions and optimize resource allocation.

Enhanced Customer Support

With a clear view of the installed base, service teams can provide proactive and personalized support, enhancing customer satisfaction and loyalty.

The Role of Installed Base knowledge in Service Sales Accountability

Installed base (IB) knowledge is critical for service sales accountability. With direct access to IB information in Salesforce each service sales employee gets a real time and comprehensive view of the accessible installed base for each account

01.

Real-Time Access to Asset Data

With IB information available directly in Salesforce, service sales teams can access real-time asset data, ensuring they have the most up-to-date information at their fingertips.

02.

Reduced Risk of Overlooked Opportunities

By eliminating the need to fetch data from other systems, the risk of overlooking critical asset information is significantly reduced.

This ensures that service sales teams can capitalize on all available opportunities.

03.

Enhanced Accountability

Direct access to IB information in Salesforce enables service sales teams to be more accountable for their actions.

With all relevant data in one place, teams can be held responsible for leveraging asset information to drive sales and improve service performance.

Wisechain Enhances Asset Centricity in Salesforce

Wisechain’s Salesforce-based app is designed to track and monitor assets’ journey from factories to site of operation and register location and ownership details, automatically. By providing direct access to installed base information within Salesforce, the App enhances your asset centricity approach

Real-Time Asset registration

Wisechain enables real-time asset registration, directly in Salesforce, giving service sales teams instant access to a complete view of the installed base.

This allows them to activate service opportunities as soon as assets are commissioned and improve customer satisfaction

Seamless Integration with Salesforce

Our app integrates seamlessly with Salesforce, ensuring that all asset data is centralized and easily accessible.

This eliminates the need for multiple systems and reduces the complexity of asset management.

Real-Time Data Access

With Wisechain, service sales teams have real-time and complete access to asset data, ensuring they can make informed decisions and capitalize on opportunities as they arise.

Conclusion

Achieving real-time asset centricity in Salesforce is key to boosting service sales accountability and operational efficiency. With Wisechain’s Salesforce-based app, manufacturers can centralize asset data for improved visibility, giving service sales teams direct access to the installed base. Our seamless integration and intuitive interface make Wisechain the perfect solution for optimizing asset management and driving business success.”

Ready to leverage asset centricity in Salesforce and grow service sales?

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Schedule a meeting with us

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The Importance of Asset Ownership Registration for Manufacturers

adminFab — Mon, 16 Sep 2024 13:35:00 +0000

The Role of Asset Ownership Registration for Manufacturers aftermarket performance

In today’s competitive manufacturing landscape, asset ownership registration is more critical than ever. Reliable asset registration enhances field service performance and customer support. At Wisechain, we understand the significance of asset ownership and location registration and have developed our Salesforce-based app to help manufacturers consistently register asset ownership and grow their installed base knowledge.

Why Asset Ownership Registration Matters

Asset ownership registration is the cornerstone of efficient field service and asset management. By accurately tracking and registering assets, manufacturers can

01.

Improve Field Service Performance

Accurate asset ownership registration ensures that field service teams have up-to-date information on asset locations and ownership. This enables quicker response times and more efficient service delivery

02.

Enhance Customer Support

Knowing which assets belong to which customers allows for personalized and proactive customer support. Manufacturers can anticipate customer needs and provide timely assistance, enhancing overall customer satisfaction

03.

Optimize Maintenance Schedules

Manufacturers can create and manage maintenance schedules more effectively with a clear understanding of asset ownership. This helps in preventing downtime and extending the lifespan of assets.

04.

Facilitate Warranty and Service Contract Management

Accurate asset ownership registration simplifies the management of warranties and service contracts. Manufacturers can easily track which assets are covered under specific contracts, ensuring compliance and reducing administrative burdens.

How Wisechain Simplifies Asset Ownership Registration

Wisechain’s Salesforce-based app is designed to streamline asset ownership registration and provide manufacturers with a comprehensive view of their installed base.

01.

Seamless Integration with Salesforce:

Our app integrates seamlessly with Salesforce, allowing manufacturers to leverage their existing CRM data for asset management. This ensures a unified and cohesive approach to asset ownership registration.

02.

Geolocation-Powered Asset Tracking

Wisechain utilizes geolocation technology to accurately track asset locations. This enables manufacturers to have real-time visibility into their asset inventory, enhancing field service performance and customer support.

03.

User-Friendly Interface

Our app features an intuitive and user-friendly interface, making it easy for manufacturers to register and manage asset ownership.

Salesforce-familiar users quickly adopt Wisechain and start reaping the benefits with minimal training.

04.

Comprehensive Reporting and Analytics

Wisechain provides robust reporting and analytics capabilities, allowing manufacturers to gain insights into their asset ownership data. This helps in making data-driven decisions and optimizing asset and channel management strategies

Conclusion

Asset ownership registration is a critical component of effective asset management for manufacturers. By leveraging Wisechain’s Salesforce-based app, manufacturers can streamline asset ownership registration, improve field service performance, and enhance customer support. With our geolocation-powered asset tracking and comprehensive reporting capabilities, Wisechain is the ideal solution for growing your installed base knowledge and optimizing asset management.

Let’s explore how we can help you transform your asset ownership registration process and boost IB knowledge and monetization.

Schedule a meeting with us

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Leveraging Installed Base Knowledge for Monetization and Aftermarket Revenue Performance

adminFab — Mon, 08 Jul 2024 13:36:17 +0000

Leveraging Installed Base Knowledge for Monetization and Aftermarket Revenue Performance

In the manufacturing industry, understanding your installed base is crucial for driving growth and maximizing revenue. Installed base knowledge refers to the comprehensive understanding of the assets your customers own, their locations, and their usage patterns. This knowledge is not only essential for optimizing service and support but also for unlocking significant monetization opportunities and enhancing aftermarket revenue performance. At Wisechain, our Salesforce-based app is designed to help manufacturers gain deep insights into their installed base, enabling them to capitalize on these opportunities effectively.

The Importance of Installed Base Knowledge

Installed base knowledge provides manufacturers with a competitive edge by offering insights into:

01.

Asset Utilization

Understanding how assets are being used helps in identifying opportunities for upgrades, maintenance, and additional services.

02.

Customer Needs

Detailed knowledge of the installed base allows manufacturers to tailor their offerings to meet specific customer needs, enhancing customer satisfaction and loyalty.

03.

Market Trends:

Analyzing installed base data can reveal market trends and preferences, informing strategic decisions and product development.

04.

Channel & Partners activity

Understanding how resellers handle the products and position them on the market helps grow service business and better relationships

The Link Between Installed Base Knowledge and Monetization

Installed base knowledge is a powerful tool for monetization and driving aftermarket revenue performance.

Cross-Selling and Up-Selling Opportunities:
Proactive Maintenance and Service Contracts:
Targeted Marketing Campaigns
Enhanced Customer Lifetime Value
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The Importance of Installed Base Knowledge

Wisechain’s Salesforce-based app is designed to provide manufacturers with comprehensive installed base knowledge, enabling them to maximize monetization opportunities and enhance aftermarket revenue performance.

Here’s how Wisechain can help:

01.

Accurate Asset Tracking

Wisechain utilizes advanced geolocation technology to accurately track asset locations and ownership, providing a clear picture of the installed base.

02.

Seamless Integration with Salesforce:

Our app integrates seamlessly with Salesforce, allowing manufacturers to leverage their existing CRM data for installed base management. This ensures a unified and cohesive approach to asset tracking and customer support.

03.

Comprehensive Reporting and Analytics

Wisechain provides robust reporting and analytics capabilities, enabling manufacturers to gain insights into their installed base data. This helps in making data-driven decisions and optimizing monetization strategies.

04.

User-Friendly Interface

Our app features an intuitive and user-friendly interface, making it easy for teams to access and manage installed base data. With minimal training, teams can quickly adopt Wisechain and start reaping the benefits.

Conclusion

Installed base knowledge is a critical component of driving monetization and enhancing aftermarket revenue performance in the manufacturing industry. By leveraging Wisechain’s Salesforce-based app, manufacturers can gain deep insights into their installed base, identify opportunities for cross-selling and up-selling, and provide personalized support and services. With our comprehensive reporting and analytics capabilities, Wisechain is the ideal solution for maximizing monetization opportunities and driving business success.

Ready to unlock the full potential of your installed base knowledge?

Schedule a meeting with us

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The post Leveraging Installed Base Knowledge for Monetization and Aftermarket Revenue Performance appeared first on Grow installed base visibility in Salesforce - Wisechain asset tracking.

Uncovering old IB when tracking new Assets

adminFab — Thu, 25 Jan 2024 04:35:00 +0000

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.

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Why is it important to Register Assets location and ownership?

adminFab — Sat, 18 Mar 2023 04:36:17 +0000

Why is it important to register Assets to sites and Accounts?

Customers and users of industrial equipment will benefit from a direct relationship with the manufacturers’ teams during the lifetime of the product.

Whether the assets are serviced directly or in combination with certified service providers, the global installed base will perform better and for longer when it can benefit from Premium Manufacturer Service, Modernization & Upgrade, and priority access to original parts.

Managing the lifetime of those assets ultimately comes down to traceability, eg. the ability to relate an asset to a place and a name.

01.

Upgrades

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02.

Modernization

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03.

Subscriptions

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04.

Circularity

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Go granular, track and "field capture" assets!

There is no “one size fits all” approach when growing Installed Base knowledge. Combining various methods is often the best way to gather quality data on a systematic basis.

Combining asset tracking, field capture, direct and indirect declaration will yield best results

Ready to enhance your asset registration process and shed light on more aftermarket opportunities?

Schedule a meeting with us

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