Smart Services

Data gathered from remote equipment and products can be used to improve the business of all companies within the supply chain. Companies need a new way of thinking to exploit this in a way that grows revenues with a fundamental shift from a traditional product-based sell to that of service.

The company that “owns the data”, owns an asset where related smart services can be derived and made available to other companies within their value chain. This not only provides the opportunity for companies to derive service revenues from other aspects of the products life-cycle, but also from other elements of its environment, where the products are part of a wider system or process.

Service-based opportunities will vary depending of the nature of the business, where  product costs are often subsidised to reduce capital expenditure at the outset in favour of monthly revenues. As an example, the following types of companies may be involved in the supply and maintenance of equipment and consumables over its life-time, each deriving growth in varied ways: -