Industrial companies that modernize their go-to-market strategy with the use of technology, improve their revenue growth as well as customer retention and expansion. Industrial companies face an increasing need to innovate their traditional go-to-market strategy and business model. The whole sector is being disrupted through the rise of digital commerce, competition innovating, and the changing of buying patterns by end users. Yet only some are managing to adapt quickly enough, lagging in digital maturity.
However, the industrial companies that are moving quickly and decisively to enact digital transformation initiatives will unlock significant value for themselves and their end users. One solution we have seen for tech-enabled go-to-market innovation for manufacturers is enabling your dealers and channel partners with A.I. and predictive selling solutions geared towards driving customer engagement and maximizing the lifetime value of the existing Installed Base. Helping your partners and end users be more successful will drive organic growth and recurring revenues for the organization.
One Source of Truth for Your Installed Base Data
To fully capture the revenue uplift from selling, it is critical to combine transactional data across systems from the OEM and your channel partners into one place. This will establish a single source of truth for your sales and service teams. This is often the hardest thing to accomplish, given the multiplicity of data sources, taxonomies, and duplication among the systems.
This is when you must cleanse, dedupe, and enrich the data to have a clear view of the Installed Base. This is a difficult process; many industrial companies have spent years and millions of dollars with no progress. This also must be a continuing process of data collection, cleansing, and enriching to maintain real-time visibility into the Installed Base.
“By setting permissions in the data sets, the data is only visible to the dealer or channel partner who owns the data.”
The ultimate benefit of having one source of truth for your transactional data is the ability to understand your customer at a granular level. With insights into customer buying behaviors in hand, the best manufacturers go for big opportunities. These are comprehensive with the ability to move levers in different areas of the business, including identification of drifting customers for churn reduction, identifying unprofitable service agreements, segmenting the Installed Base for equipment upgrade campaigns, and insights for product management on the life of an asset.
Entytle Installed Base Platform makes it easy to create a single source of truth for your customer interaction data. We use intelligent permission sets to maintain data integrity and protect visibility for the OEM or their partners who own the data. Our system can be stood up in 8- 12 weeks with cleansed, deduped, and enriched data. We’ve done this for many of the biggest global industrial manufacturers.