Expand into solutions. Increase the aftermarket. Extend the share of the business. Secure long term agreements or generate more service contracts. Launch service products. Or strengthen, establish. Globalize. Grow. Whatever adjective you use in management meetings to describe the vision of your service business this year, it’s an adjective with positive resonance and translates to a healthy foundation with an awareness that it’s time to unlock your service potential.
IoT is an overhyped buzzword. You probably see it written, discussed, analyzed, dissected more times per week than anything else. But if we look beyond the name itself, where do you stand today on the journey?
Customer expectations are changing. Just as we’ve seen in recent months in politics with traditional parties and politicians being swept aside by disruptive newcomers who understood the market’s need for change, so too are your customers’ expectations changing.
The Internet of Things, also means that the new pan-European General Data Protection Regulation (GDPR) has hit the manufacturing industry like a whirlwind. With it’s potentially high fines for non-compliance – four per cent of a companys annual turnover (alternatively 20 million euros, whichever is higher) – is of course a big motivator, for everyone to get in line.
So this year, Copperberg is launching a completely new event. Sharing the same venue, the Hotel Birger Jarl in Stockholm, as Conference of Things is Copperbergs GDPR Europe Talks, Hotel Birger Jarl, Stockholm 27 Nov.
Competence as the epicenter of change
It is evident that traditional industrial companies are about to change greatly very soon. The reality of the internet of things is here already.
Digitalization, automation, robotization and servitization are all key to what actually gives a competitive edge to the traditional manufacturer but what is it exactly that needs to happen going forward?
However, organizations need to adapt to a rapidly changing world and changing customer behaviors (and expectations) in order to retain the competitive edge and grow their revenue. Continuous innovation is the only key to success. Today, technology is having more and more of a preponderant role due to its impact on operational efficiency and profit margins. One of the biggest technological innovation that is affecting spare parts operations today is e-commerce.