This blog was originally posted on the ServiceMax blog.
What if I told you your company’s asset and service data could give you a double-digit revenue boost? In a world dominated by disruption and change, companies are finding innovative ways of achieving growth. Part of that innovation is looking at smarter ways of monetizing equipment assets. Automated asset and service data is becoming increasingly valuable due to its breadth and depth of product and customer information, which holds all sorts of insights for companies that extend far beyond their service operations. And that value is having a gravitational pull on other parts of the business.
In fact, asset and service data hold untapped intelligence for almost every line of business—from sales, R&D, IT, finance, marketing, and corporate social responsibility, and it also has a huge impact on overall equipment effectiveness in terms of performance, capacity, quality, and uptime. The rise of this ‘asset and service data gravity’ is putting a sharper business lens on enterprise performance, showing both the good and the bad.
According to a new global research study by Vanson Bourne, “The Rise of Asset and Service Data Gravity,” for every $1 spent on successful service data collection and usage, companies expect a return of $4.44—approaching five times the initial outlay. And companies say that aggregating and analyzing asset and service data will give them a 14% increase in revenue. Not a bad return. But the study also revealed some worrying gaps around revenue and contract leakage.