Accelerate the product design cycle
For many equipment manufacturers, one of the toughest aspects of product development is that it often occurs in the abstract. Manufacturers design and build, to the best of their understanding of real-world conditions, but while their intuition is usually well informed, it may not reflect all the variables found in the field.
APM allows manufacturers to take the guesswork out of the equation by providing comprehensive sensor data and insights on real-world equipment usage and failure patterns. Manufacturers don’t need to wait months or years to discover issues because the information is available in real-time. This capability is particularly valuable in the prototyping phase because it can shorten the time required for testing and reduce the cost of development.
Many equipment manufacturers also use data from APM to design-in the right amount of product reliability. By not over-engineering products, the manufacturer can save cost and develop competitive advantage while the customer gets similar benefits; lower cost, lower weight, better fuel efficiency, etc.
Individually, these efficiencies help mitigate costs and shore up the bottom line, but in aggregate, they enable entirely new business models. Much like Uber, Lyft, ZipCar, Getaround and others are using data and connectivity to transform car ownership into a pay-as-you-go service, industrial companies like GE are leveraging data from APM to reimagine what it means to own a jet engine. Think what a similar change could mean for your business model.
Welcome to the fourth industrial revolution.