Expos are a great way to meet your fellow industrials and network with them. They provide unlimited opportunities for various organizations to come together, discuss about their products/services, and stay ahead of emerging technologies.
Here is the list of the top 5 industrial expos that you should look out for
About ACHEMA: ACHEMA is the driving force and a trailblazer for the global process industries and their suppliers, with manufacturers and service providers from more than 50 countries showcasing their products for chemical, pharmaceutical, and biotech research and manufacturing as well as energy and environmental services.
ACHEMA Specialities: Process Industry, Process Technology, Plant Construction, Chemical Industry, measurement and control technology, laboratory technology, pharmaceutical industry, congresses, trade fairs, packaging technology, pumps, research, industry 4.0, digitization, engineering, and environmental engineering.
No. of Exhibitors in ACHEMA: 2208 +
ACHEMA Future Conference Dates: 10-14 June 2024
ACHEMA Website: https://www.achema.de/en/
2. The Powder Show
The International Powder & Bulk Solids Conference & Exhibition also referred to as “The Powder Show,” is the only gathering of OEMs, process engineers, and executives from the powder & bulk solids handling and dry processing sector in the western hemisphere. Their work is responsible for 70% of the manufacturing lifecycle of every product produced on earth.
Industries Included in the Powder Show: Agriculture, Plastics, Chemicals and Coatings, Food & Beverage, Building Materials, Aerospace, Animal Feeds & Pet Food, Pharmaceuticals & CPGs, Energy
Products and technology that will be showcased in this event: Dust Collection & Air Pollution Control, Powder Flow Technology, Weighing Systems & Scales, Size Reduction, Packaging & Bagging, Instrumentation & Controls, Mechanical Conveyors & Conveying, Pneumatic Conveying, Feeders, Mixers & Blenders, Dryers, And more
No. of Exhibitors in the Powder Show: 350+
The Powder Show future Conference Dates: April 25-27, 2023, in Rosemont, IL
The Powder Show Website: https://www.powderandbulkshow.com/en/home.html
3. PACK EXPO
The PACK EXPO tradeshows offer the best Industries in processing and packaging available worldwide. You’ll find a staggering variety of cutting-edge packaging solutions for almost every vertical industry, as well as food and beverage processing equipment, all under one roof. It’s your doorway into a whole new world of innovation and possibility. Exploring a show with this much depth and breadth provides unique and fascinating crossover solutions.
The Pack Expo show offers all types of solutions for these sectors- Packaging and Processing, Materials and Containers, Supply Chain Solutions, Automation and Robotics, Digital Printing, and Labeling.
The following Industries are focused in the Pack Expo: Food & Beverage, Household, Chemical, Pet Food & Pet Care, Cannabis/CBD, Life Sciences, Cosmetics/Personal Care, and E-Commerce/Warehouse Distribution.
Pack Expo also has a PACK EXPO Xpress which offers the opportunity for Industrials to attend online with some nominal charges.
No. of Exhibitors in PACK EXPO – 2198
PACK EXPO Future Conference Dates:
June 13—15, 2023: Guadalajara, Jal. MX
September 11—13, 2023: Las Vegas, NV USA
March 18—20, 2024: Philadelphia, PA USA
June 11—14, 2024: Mexico City, CDMX MX
March 10—12, 2025: Atlanta, GA USA
The PACK EXPO Website: https://www.packexpointernational.com/
4. IMTS (The International Manufacturing Technology Show)
The International Manufacturing Technology Show, IMTS, is the largest and most established industry trade event in the Western Hemisphere. It is held every other year at McCormick Place in Chicago, Illinois. The makers, the builders, the sellers, and the innovators of manufacturing technology gather at IMTS to network and find inspiration. Industry experts from all over the world attend IMTS to learn about the most recent developments in traditional and digital manufacturing, to experience more than 15,000 new machining technologies, and find solutions to increase efficiency and overcome manufacturing challenges.
The following industries are included in IMTS: Abrasive Machining, Controls & Machine Components, EDM Equipment & Suppliers, Features Test, Laser & Waterjet Systems and Equipment, Additive Manufacturing Equipment, Environmental Equipment and Systems, Part Cleaning Equipment, Sawing Equipment, Transfer Machines/Screw Machines, Work Handling & Automation, Turning Machines, Workholding Systems, Cutting Tools, Fabricating Equipment, Machining Centers, Gear Generation Equipment, Measuring Equipment and Software, and Other Products & Services.
No. of Exhibitors in IMTS – 1816. IMTS had also received a massive amount of registrations- 86307
IMTS future Conference Date: 9-14sep 2024
IMTS Website: https://www.imts.com/
5. Field Service Events
Field Service has become one of the most important conferences for executives across the world. Field Service is a place where innovative ideas and future strategies come together to create a better future. Field Service is a global event with major conferences in Palm Springs, Singapore, Amelia Island, Amsterdam, and San Diego.
This event is focused on field services. The following topics are covered in this conference: service revenue, connected devices and IoT, preventative services, global service, customer experience, parts management, remote diagnostics, workforce management, knowledge management, training and development, mobility, and a lot more.
Here are the major Industries represented at FSPS: Industrial Equipment, Construction, Power, Energy, Medical Devices, Telecommunications, Commercial Services, Utilities, Insurance, Agriculture, Mining, Machine Tooling, Aerospace & Defense, Semiconductors, HVAC, High-Tech, and Mechanical Services.
No. of Exhibitors in FSPS – 113 in 2022. 55% of Field Service Attendees are VP Level or above of the companies.
Field Service Future Conference Dates: 25-27 APRIL- 2023
Field Service USA Website: https://fieldserviceusa.wbresearch.com/
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The Industrial Installed Base Data needs a lot of attention in terms of frequent updates, fixing missing data, data duplication, getting rid of data silos, and so on. Many industrials often appoint interns to fix their Installed Base Data, but have you ever wondered how this goes?
An internship program is a great way for students who want experience with their career path to get ahead on the path toward graduation and employment. It’s tempting to get an intern to help you with routine tasks, particularly if you’re short on time or need to build up a skill set in your business. On the other hand, interns can bring fresh perspectives and insights to the job that they would not have had if they’d worked at the company longer. The other side of hiring an intern also calls for mentoring and training which, in some cases, can be time-consuming. But before you can decide whether this move will benefit your company, you need to consider the pros and cons of having interns work on your Installed Base Project.
Here are the top 5 reasons why a data intern isn’t the right person to get the job done when it comes to your Installed Base Data Projects:
1. Lack of Industry and Domain Knowledge
An intern is typically someone who’s just getting started in their career. They usually lack the technical (technology, know-how, the ability to anticipate potential challenges, etc.) skills that are required to pull off a data effort. Your Intern doesn’t have the required domain knowledge and lacks the industry understanding needed to get the work done.
2. Limited access to critical data
Yet another big dilemma that managers face while working with interns is how much information or customer-related activities the intern should be exposed to. The concern here comes from data privacy angles and viewpoints about the customer, as limited period access to even the slightest of customer information can possibly give rise to unnecessary data leaks.
3. Mentoring & Training the Interns
Another major issue that hiring an intern puts up is from a resource utilization angle. Some interns may have come in as good candidates and require very minimal effort when it comes to training them, but generally, an intern consumes more than half of the internship period trying to understand the basics. Companies do have to bear the cost of additional training and resources required to get their interns up and running.
4. Internship tenure is limited
All interns come with a tag of timestamp. Some may get matured as full-time employees or decide to extend their internship, but those who leave have to be dealt with an additional system exit mechanism. Also, after the internship tenure, all the work that your intern has done doesn’t necessarily get transferred to the next person. A lot of times, when the project runs beyond their internship time, the project head is posed with the burden of filling up that resource or assigning more responsibilities to the existing team.
5. Installed Base Data Management is not a one-time thing
You get an intern, enable him with the required training, and get them up to speed with what’s required. But this intern usually works for you for 3 to 6 months, depending on the internship tenure and post that the project gets put on hold/ends. An Installed Base data management project is not a one-time thing; it needs constant updates, and having multiple interns work on it, results in creating more chaos.
Installed Base Data Project is not a one-time thing. Your Installed Base needs your constant attention and adopting an Installed Base Platform can do wonders for your organization.
From a company’s point of view, hiring an intern can be a low-cost avenue, a freelancing-like setup where a junior fellow comes in and helps out the core team in achieving the desired goal or outcome. But then hiring costs are not the only thing; there are many aspects that are at stake, and hence every company must have a clear vision of what projects an intern should be involved in.
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- Beyond your top 10-20 accounts, understanding loyalty is really tough
- It requires understanding all of the parts and service transactions with a customer, but in the context of the equipment they own, their operating profile and maintenance strategy
- Historically this has been done via tribal knowledge – that can’t continue, especially with the workforce transition
- AI presents a method to leverage existing data to determine customer loyalty and then take action to build loyalty
In the past, OEMs have depended on account managers and/or dealers/distributors to have a finger on the pulse of their customers. This means surfacing sales opportunities as well as maintaining a sense for how loyal a customer is. This is critical to figure out where to allocate resources, especially scarce resources. An example is where to have executive leaders engage. Of course, they will call on the largest customers. Beyond that, are there mid-sized customers where that executive engagement will actually move the needle? Another example is pricing and discounts – which customers will aggressive pricing actually make a difference in keeping/growing the business, vs others where we are just giving away margin?
As manufacturing businesses have grown and diversified, and the installed base has continued to expand, truly understanding a customer gets harder and harder. Most organizations have put in place some sort of key account management for their largest 10-20 customers where the answer to deep understanding is allocating costly resources in the form of account managers and analysts. For the rest, which often makes up a large portion of the business (and are often higher margin because they do not have as much pricing power), it is much more challenging – with the business either being dependent on the 25+ year tenure sales rep or is completely flying blind.
With tribal knowledge retiring everyday – how to assess customer relationships?
My post a few months ago, “The Great Industrial Resignation” (also called the Great Crew Change) called attention to the challenges that industrial OEMs are facing with regard to workforce transition. Equipment manufacturers are losing their tribal knowledge and customer relationships, with experienced team members retiring in disproportionate numbers (with the pandemic accelerating this). Adding to this is the increased competition for talent that is having an even greater impact on legacy industries such as manufacturing and making it harder to fill open positions. We have also observed a much higher level of employee turnover in many manufacturers, at all levels in the organization, which dramatically impacts performance and necessitates more scalable, process-oriented ways of working
That begs the question – how many hires ‘today’ do we honestly expect to stay for a full career? Or are we fortunate enough to keep a good performer for more than 3-5 years?
Increased complexity combined with the decline in tribal knowledge requires that OEMs think differently about how they gauge their customer relationships. And with the shifting workforce demographic and likely future job tenures, this is going to continue to get more challenging.
Using AI to scale knowledge beyond ‘tribal’
Artificial Intelligence presents an opportunity for OEMs to gain a better and much more efficient understanding of a customer relationship. The strength of each individual customer relationship can be determined by applying purpose-built AI models to an OEM’s installed base and all of their customer transactions. By analyzing similar customers’ transactions across the entire installed base, we can recognize patterns of behavior that indicate if a customer is increasing, decreasing or maintaining their business levels with the OEM.
This sounds simple in theory, but very hard to do at scale. While this could be calculated manually, the complexity of thousands of customers with thousands or even millions of pieces of equipment and millions or hundreds of millions of parts and service transactions make that a massive effort. And of course, this effort would need to be refreshed constantly as new transactions occur. For most situations, manual analysis is not viable because of cost-effectiveness, time-intensiveness or lack of data-science resources.
Purpose-built Customer Loyalty Manager
Entytle has built an AI Customer Loyalty Manager which uses a purpose-built AI model to segment customers based on their loyalty – i.e., Needs-Attention, Below-Average, Average, Above-Average, and Healthy. It has been successfully used by multiple customers across a range of industries. “Needs-Attention” customers can be easily identified and then prioritized for extra engagement to recover or strengthen those relationships. Pricing can be more nuanced and discounting only be used when it is going to be helpful in growing the business. “Healthy” customers can be focused on looking for expansion and/or cross-sell opportunities.
A large machine tool OEM used Entytle’s Customer Loyalty Manager to identify which customers were at-risk before they completely drifted away. They were able to look at those “Needs Attention” customers, prioritize those based on size and potential, and then develop engagement plans to get the relationship back on track. This resulted in multiple situations of being able to uncover the underlying drivers beyond that declining relationship – e.g., service level, quality, etc – and then take action to address them.
In another example, a food processing OEM used Entytle’s Customer Loyalty Manager to help drive their overall customer engagement plan. They had each territory manager look at their set of customers, and use the loyalty scores to define an overall territory engagement plan. This plan addressed how they would allocate their time towards thoughtful ‘saving’ their “Needs Attention” customers that had potential, as well as expanding their relationship with healthier customers. This led to better territory planning, as well as more robust discussions between territory owners and their leadership as to where and why resources should be allocated.
Customer loyalty is very well suited to be easily explained and understood – as well, the barrier to acceptance is much lower, as the AI is simply flagging situations for investigation, as opposed to trying to predict a future event and then take prescription action before its actual occurrence. This has led to Entytle’s Customer Loyalty Manager being a great starting point for commercial organizations to begin leveraging advanced analytics, without a massive change management effort to start seeing results.
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A common theme across most OEM sales teams is they are not properly equipped with the necessary tools to maximize customer interactions. Sales teams are tasked to navigate through several layers of data across multiple systems containing inconsistent data to construct a story about their customers. This occurs across all types of sales that are connected to the installed base: parts sales, services, upgrades, new equipment, inbound and outbound sales teams, etc.
How do most OEMs try to solve this challenge? By implementing a generic CRM solution and then trying to configure that to their specific industry and use cases, resulting in a less than full-scale solution!
Yes, CRMs do have a place with OEMs to help track customer conversations, opportunities, and meetings, but they were not purpose-built for OEMs to meet their demanding customer needs.
CRM use cases and features are limited to the amount of information that can be accessed by stakeholders.
Often this type of information will only help customer-facing teams to interact at a high level with the customer, leaving out details such as what is actually installed at a customer site, as well other key use cases.
Other key use cases a CRM is not equipped to handle (without costly customization or other tools connected to it):
- An Industrial Data quality engine to clean and unify installed base data from OEMs’ tech stack
- A proven data model for a 360 view of the installed base (includes BOMs, parts, services, warranties, and service contracts)
- Purpose-built analytics for OEMs (predictive opportunities, customer loyalty, propensity to buy, wallet share, etc.)
- Coaching and support from experienced aftermarket consultants
- See Exhibit A for a full list
There still is the problem of legacy systems that sales teams must use in addition to their CRM which are cumbersome and inefficient. Some types of analysis or consolidation can be created through a data lake to draw a better understanding of the customers. This requires access to the right data, an analyst who understands the nuances of different data silos, and the expertise to join tables together and account for data quality issues – which could take several weeks to perform a ‘simple’ analysis.
By leveraging an Installed Base Platform (IBP), OEMs can solve use cases that their CRM’s limited functionality cannot or would require extensive customization and costs. (see Exhibit A).
An Installed Base Platform is an off-the-shelf solution, purpose-built for Industrial OEMs to provide clean installed base visibility, unifying OEMs data from multiple data sources into one single source of truth with proven algorithms to automate opportunities to efficiently target their customers and drive new aftermarket revenue.
Several use cases that CRMs do not address are standard use cases and features included in Entytle’s Installed Base Platform, including the support from aftermarket experts to coach OEMs’ commercial teams and drive success.
Sales teams can now increase their productivity by knowing what to sell, when to sell, and to which customers. This is enabled through an increased understanding of their installed base with purpose-built algorithms for OEMs to gain deeper insights, including propensity to buy, customer loyalty, drift, and wallet share. As well, automated prospecting opportunities can be created for parts predictions and recommendations for specific customer locations.
Sales teams also have access to this data either through the Installed Base Platform or can have it integrated back into their CRM to track and drive accountability on leads and opportunities. Within the Installed Base Platform, salespeople have a 360 view of accounts to see a comprehensive view of equipment, parts, services, contracts, and contacts. This data can also be taken to create targeted hunting lists based on historical purchases across their entire territory.
In conclusion, CRMs have their place at an OEM, but the limitations of being generic platforms have led market leaders to leverage an Installed Base Platform to unify customer data, uncover insights and leverage a single source of truth to drive proactive sales and customer engagement efficiently.
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Over the past 8 years, Entytle has had a front-row seat in observing and participating in the Industrial world’s highest margin yet mostly underinvested business: Aftermarket and Service. Specifically, we’ve partnered with dozens of equipment manufacturers (OEMs) in enabling them to drive proactive aftermarket sales. And while our position has generally been as a “complementary solution” to the incumbent CRMs, we can’t help but observe that Aftermarket teams have generally struggled to get the expected return on investment from these CRMs. These challenges typically fall into four buckets: data complexity & quality, customization for specialized workflows, specific needed insights, and collaboration with a wide range of stakeholders across the organization.
An OEM’s aftermarket business is primarily about selling to existing customers. This means prospecting in the pool of people who’ve already bought their equipment and in many cases, aftermarket parts and services. This should be easy, right? Unfortunately, not the case, and here are some reasons why Aftermarket teams struggle with generic CRMs:
First, a wide range of data needs to be unified and available to make these workflows effective. Bringing this data into a CRM is challenging – and can drive significant additional costs from the CRM provider for storage, processing, etc. The challenge does not stop with just ingesting the data – this data is typically of poor quality and incomplete, and often needs significant work to be truly usable. We have all seen CRM implementations where the data quality was not addressed, resulting in a huge mess that discourages user adoption.
Second, these aftermarket sales workflows require significant customization in standard CRMs, which is expensive and time-consuming. For instance, in order to find the right part for a specific machine, the workflow needs to incorporate the bill of materials, parts supersession information, equipment modification records, and prior parts and service transactions – just to get started. Generic CRMs are most commonly used ‘out of the box’ to handle situations with new customers and are not set up to handle this type of workflow complexity regarding the equipment that the customer owns. This customization is incredibly expensive. Recently I have had two separate conversations with customers – one where the customer was being quoted $150,000 for customization and another situation where a customer was being quoted $120,000 to ‘fix’ the customization that had been previously done.
Next, in order to be efficient and cost-effective with aftermarket sales, the team needs to easily be able to identify who to call, for what offers, and when – and prioritize opportunities by which will drive the biggest ROI. Answering these questions requires an understanding of your parts entitlement, your wallet share, which customers are most likely to buy from you, which are at risk, and what do we predict a customer will need. Most modern CRMs have some sort of Artificial Intelligence or other analytics capability built in. While this can likely be somewhat easy to use for lead scoring based on web traffic and social media, it is typically not as easy to use ‘out of the box’ to answer the above questions. These types of analytics will require the CRM user to bring their own data science capabilities in order to get the generic AI to provide a valid output.
Lastly, supporting existing customers and the installed base typically involves a broad range of stakeholders – well beyond just sales. This typically includes support, service engineers, product managers, parts expeditors, marketing, commercial operations, data analysts, etc. Many of these users are often not provisioned with a CRM license as they are not using the CRM often. In many situations, this set of stakeholders extends to channel partners as well. Provisioning all of these different functions with CRM accounts would drive significant expense.
These challenges typically result in a poor outcomes for the OEM. The customization work is high cost, high risk, and often doesn’t deliver the workflow that is needed. The data issues typically frustrate users resulting in less value and low adoption. The analytics capabilities typically sit dormant without scarce data analytics or data science resources to use them. And important users are excluded from using the CRM, which drives workflows back to email, chat, phone, and document sharing – all of the non-scalable collaboration the CRM was trying to replace.
Bringing all this together, an Aftermarket CRM needs to solve these challenges ‘out of the box.’ First, an Aftermarket CRM should be set up to solve the typical OEM workflows: reactive parts sales & support, proactive installed base selling, digital marketing targeting for existing customers, and so forth. The Aftermarket CRM must have a data model that addresses the complexity of the installed base (which accounts for 100% of parts/service sales and typically 80%+ of new equipment sales). However, it cannot just have a data model to bring in the different dimensions of the installed base, it needs to deal with the reality of the data quality issues that OEMs face, especially since transactions that happened 20 or 30 or more years ago, in a legacy system, are still highly relevant. In addition to being able to handle the data realities, an Aftermarket CRM needs relevant analytics. The Aftermarket CRM should be able to help OEMs determine wallet share, loyalty, predictions, recommendations, and propensity to buy without data science expertise while still providing valid output. Lastly, the Aftermarket CRM should have a licensing model that makes sense and aligns with the value being created – not necessarily with the number of users who might need to log in, even if infrequently.
While the leading generic CRMs are very powerful platforms, they often miss the mark on the functionality that an OEM needs, while delivering lots of features that the typical OEM will not be able to drive value from. A simplified, purpose-built CRM for OEMs will enable faster time to value, lower-risk implementation, less customization, and fewer resources dedicated to the CRM (admin, data science, analysts, etc). All of this can enable the OEM to focus on their business and not the CRM.
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Last week (20 Oct), we had the privilege of hosting the 2022 IndustryNext Anniversary Event focused on “Leading through Uncertainty”.
We had a fantastic event, with participants representing $250B+ in revenue across multiple equipment manufacturing verticals. We were fortunate to have a truly all-star line-up of 5 world-class leaders from private equity, field service, pricing, and digital transformation to share their perspectives.
The backdrop of the event is the uncertainty facing the equipment manufacturing industry: inflation, supply chain issues, workforce challenges, rising interest rates, and expanding geo-political turmoil. These all contribute to a wide range of scenarios that leaders must be ready for and develop plans for.
A highlight of the event was having Nick Santhanam, Founder & CEO of Fernweh Group, talk about his new book “The Titanium Economy”. It was very exciting to hear Nick talk about how the industrial technology sectors are really in their ‘early innings’ in the United States and can be a big driver of future economic growth. The analysis that Nick, and his co-authors, Asutosh Padhi and Gaurav Batra, paint an exciting picture of how the US economy can continue to see growth from this set of industries.
The event was packed with insights directly applicable to helping OEMs navigate these turbulent times:
1. Focus on recurring revenue,
Especially as interest rates could reduce new capital expenditures. This is not only critical to the business, but it also will increase the value of the business as this revenue is valued with a higher multiple than new equipment sales due to its higher profit margins and recurring nature (i.e., it is more likely to happen again tomorrow than new equipment revenue)
2. Strengthen customer relationships.
Focusing on the basics – Communication, Credibility, Consistency – across the economic cycle and the customer lifecycle. This will open up expansion opportunities as well as provide the relationship to soften difficulties that are more likely to occur in today’s challenging environment. Patrick shared some real-life examples of how that investment in customer relationships helped him and his teams navigate tough situations and secure those relationships for the future.
3. Improve your ‘Pricing Fitness’
Improve your ‘Pricing Fitness’ to protect revenue, drive EBITDA and maximize customer value. This is especially important during inflationary times and when the revenue mix may shift between new equipment & aftermarket or between customer segments. Dr. Leo and Dr. Ian shared 4 very pragmatic levers to start with:
- Increase list prices and leverage discounts/promotions as needed
- Minimize ‘traps’ in your commercial policies
- Segment your products and focus your strategy by segment
- Train & guide your sales team on value & behavioral pricing
4. Invest in Digital Transformation.
While there is a natural instinct to play defense, those who have invested during prior downturns have come out stronger, and that performance gap has only grown over time. These investments enable the productivity and efficiency gains necessary to strengthen the business as well as the new business models and customer engagement to drive growth.
Making the decision to invest is only part of driving value with 74% of digital transformations failing to achieve the desired results – driven by incremental approaches, misaligned deployment models, and capability gaps. Mitesh walked through the keys to achieving success:
- Develop a business-led technology roadmap
- Ensure talent, agile delivery, technologies/tooling, and data management are addressed
- Ensure that the operating model changes as well
Especially in uncertain times, teams need to be able to think creatively about how to address multiple priorities. It is likely not sufficient to wait and tackle your initiatives in sequence – critical items need to be addressed in parallel, and your teams need to think outside the box about how they scope and approach these to make that happen (without adding resources).
Despite the challenges facing the industrial sector, it was inspiring to assemble a group of truly world-class leaders to share their perspectives with a broad range of participants from across a range of equipment manufacturing verticals. Thanks to Nick Santhanam, Patrick Dell, Dr. Leo Stevens, Dr. Ian Tidswell, and Mitesh Prema for taking the time to prepare and share their deep expertise with the audience.
While the industrial space has had to deal with multiple challenges over the past few years (Covid, supply chain, etc.), the current environment is not letting up, with inflation, interest rates, and geo-political instability making it even more uncertain. By focusing on the right things and leveraging best practices, leaders can position their organizations to navigate through these challenging times and come out stronger.
Watch the Full Event Recording:
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There is often much discussion regarding the end-users’ demand for products and services that can be mined by a B2B OEM from its Installed Base [IB], but there is little discussion of the requirements of the various owners of the IB.
Here’s a timely post by Ron Giuntini recreated from LinkedIn, where he provides a different perspective of the IB related to ownership and the lifecycle stages of ownership. Each economic sector employs most, but not all ownership business models, but almost all employ the same lifecycle stages.
So, who is indeed the customer of the OEM? It is often not only the end-user but can also be the owner of the asset.
Here are the 8 Owners of the Assets of the Installed Base of a B2B OEM and their focus of Ownership
|#||Asset Owners||Focus of Ownership|
|1||Operating Lease Financial Services Entity||Maximize balance sheet residual value at the end of the lease||Ensure payments are made throughout the life of the lease||Typically not proactive in overseeing the management of their asset by the end-user|
|2||Machine-as-a-Services [MaaS] Agreement Provider||Assure end-user availability and productivity performance of the asset||Affordability of end-user machine access by converting a CapEx|
to an OpEx
|The business model embraces sustainability|
|3||Daily Rental Provider||Turnover of assets; maximize duration and frequency of use||Periodic planned|
replacement when maintenance costs will exceed depreciation
|Often also major seller of used machines|
|4||Fractional/Sharing Entity||Optimize end-user capacity utilization to amortize fixed|
|CapEx affordability||A group of end-users are often the primary owners|
|5||Pooling/Exchange Entity||Optimize end-user access to a machine for various periods||Continually improve assets to optimize residual value||Like-Kind Exchanges provide IRS tax benefits|
|6||End-User Loan Financial|
|Assure that payments are|
made by end-user throughout life of loan
|Repossession of asset|
if payments not provided
|Ownership title not|
transferred to the end-user until last payment is made
|7||End-User Title Holder||Extract maximum economic value from machine outputs||Minimize depreciation|
impact upon income statement
|A fixed asset account on end-users balance sheet|
|8||Used Machine Seller||Acquire at low price and sell at highest price||Inventory turnover||Often will improve a machine’s value through modifications|
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We have all heard of drone delivery companies like Wing, Amazon prime air, UPS Flight Forward, Flytrex, and Wingcopter, which have transformed the current delivery system.
These drones are helping us in delivering small packages directly to customers without much human interaction.
UPDATE: The video of flying delivery man in Saudi Arabia is actually an ad by food delivery service Hunger Station
— Insider Paper (@TheInsiderPaper) September 27, 2022
It’s sad that flying delivery isn’t going to happen anytime soon. But to be fair, we aren’t used to drone deliveries in our daily life as well.
Talking about the Industrial Space, We are definitely not expecting parts to be delivered by air anytime soon, but won’t it be great to have all the data about your customer’s parts, equipment, warranties, etc., in a single place?
For example: imagine going to a customer with a part or service order contract that they are about to place an order for before they come to you.
That speed of discovery of Installed Base needs is possible today with Entytle!!
Discover how Entytle’s Installed Base Platform can help you stay on top of your customer’s needs. Contact us now!