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Home Business How Asset Data Can Help Business Resiliency and Supply Chain Challenges

How Asset Data Can Help Business Resiliency and Supply Chain Challenges

by Jessica Weisman-Pitts
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By: Joseph Kenny is Vice President Global Customer Transformation for ServiceMax.

The ongoing reports of product and raw material shortages, supply bottlenecks and surging prices have done little to ease concerns that industries and economies are suffering from their own versions of long Covid. The pandemic, as we have often heard, has ushered in a new era, a new normal but few predicted the extent to which Covid would impact the availability of products and parts. We’re all going to have to get used to it too. As McKinsey illustrates in its article The Resiliency Imperative: Succeeding in uncertain times, business and industrial disruption is becoming more frequent and more severe.

Understandably, building resiliency into the business has rocketed up the boardroom agenda. As Accenture reveals in its report, The resilient operating model, 74 percent of C-suite executives feel they need to completely rethink their operating models to be more resilient, with 93 percent saying their organization’s existence is jeopardized by operating models that can’t keep pace. So, how do you keep pace? How does industry use technology and data to drive greater intelligence and therefore greater efficiencies and opportunities?

A key problem is a lack of asset visibility. If businesses cannot ‘see’ their assets clearly by removing asset siloes and delivering actionable, real-time intelligence, how can they plan effectively and optimize their operations to meet changing market demands and challenges? As the market continues to shift to new commercial opportunities, such as dynamic pricing models and outcome-based solutions, so too businesses had to evolve – but that means cultivating and trusting data to make informed decisions.

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The problem is, not many organizations actually do trust their data. As a joint Salesforce and ServiceMax study, Building a Bridge Between Sales and Service with Asset Data assets. That represents a huge gap in how businesses manage, plan and react to market demands. The study of 100 US and Canadian field service leaders also reveals that 43 percent of organizations admit they need to improve their asset uptime and availability, lending further weight to the need for better service data and service delivery.

This is essential for any drive for greater agility and resiliency but given that service revenue has also become a key driver in revenue growth, the assets themselves and the data collected from them are now critical for driving smarter operations and realizing new opportunities. Customer service insight demands the right tools and data management that seamlessly connect to sales and marketing systems, making insights actionable.

Asset data is therefore key to bridging the gap between sales and service but also how an organization can maximize its opportunities. By using field data to optimize revenue, service, sales and marketing, organizations can exploit their asset performance, improving uptime, efficiency and output. This empowers service leaders to easily shift to outcome-based business strategies that fuel growth in an age where service is now a differentiator.

Organizations are now beginning to realize the potential. Forty four percent of respondents plan to adopt or update their asset data analysis solutions in the next 12 months —including remote and virtual service support tools, asset data analysis solutions, IoT devices and sensors. Although only 27 percent are currently utilizing their field service solutions for field service analytics, in the next 12 months, 57 percent plan to deploy this capability.

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It’s a clear sign of change, of realizing the need to trust data to manage assets intelligently and build real-time visibility into an organization’s operations. Only then can businesses start to understand how to address agility and resiliency issues and have a plan to manage on-going disruptions with some confidence.

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