Responding to changing customer preferences, they need to shift from traditional service models to new business models with service level agreements (SLAs) on value delivered. This not only increases customer satisfaction and stickiness but also helps organizations realize transformational growth in service revenue. The new business models come with several risks, ranging from the customer’s operational patterns to product reliability in adverse environmental conditions, which impact the profitability of service contracts.
Equiptix from Tata Consultancy Services (TCS) can help manufacturers address the risks of the new business models by building wallet share and partnerships in their customers’ business through performance contracts and increased connectivity to their installed base. The solution also helps manufacturers derive value from intelligently connected assets by providing them actionable insights.
All these aspects of Equiptix are core to Neural Manufacturing™, which enables an organization and its ecosystems to become connected, cognitive, and collaborative.
However, deriving value from intelligently connected assets means creating and designing a services portfolio that improves the reliability, availability, and profitability of the assets and monetizes the asset data to develop new revenue streams.
Equiptix (see figure 1), an IoT-based solution, helps manufacturers build intelligence around equipment operations. It supports several personas, including service managers, field managers, and reliability engineers who run servitization programs and improve contract profitability, equipment reliability, and installed base availability.
Encompassing the entire contract management cycle, Equiptix enables real-time condition monitoring, predictive health score computation, service order planning, and monthly invoicing based on the contracted SLAs. With platform-agnostic features, the solution can be configured – from the edge to the mobile app – for rapid deployment in just six weeks. Powered by TCS’ machine learning models for health score computation and profitability simulation, it accelerates predictive maintenance of the installed base and mitigates risks associated with contracts by identifying them early on. The result: Higher profit margins and improved customer experience.
The TCS advantage