The evolution of enterprise asset management is what makes newer business models possible. The real-time analytics and predictive maintenance allow asset manufacturers to develop entirely new business models, according to a report by the International Association of Manufacturers (IAM).
According to the IAM study, 70% of businesses are looking for new ways to generate additional revenue from their properties, with the majority citing the new business model as an appealing option.
Manufacturers are increasingly exploring asset-as-a-service business models to offer business outcomes rather than only physical assets. As a result, the responsibility for ensuring asset uptime shifts from the end-user to the manufacturer. With the manufacturer now being in charge of asset management and servicing, thereby creating more opportunities for cooperation with the customer.
Additionally, the study discovered that 50% of those surveyed were searching for ways to cut down on maintenance visits to their facilities.
While the complete realization of the asset-as-a-service economy is still evolving. The leaders are already adopting technologies and processes that will enable them to deliver asset uptime profitably. Clearly, the success of this model depends on how effectively manufacturers can shift to a more predictive state.
From predicting asset failures to predictive maintenance, Makoro™ enables businesses to identify problems before they occur. Makoro™ lets manufacturers connect to assets in the field and deliver real-time predictive recommendations. Which in turn allows them to reduce maintenance costs and deliver consistent asset uptime.
Schedule a demo to learn how Makoro™ can help you adopt new business models.