Entytle’s Aftermarket Intelligent Kits institutionalizes “tribal knowledge” used for up- and cross-sell of spare parts and services
AUSTIN, TX, UNITED STATES, December 20, 2022 /EINPresswire.com/ — Entytle Inc., provider of the only purpose-built Installed Base Platform (IBP) for Industrial OEMs, announced Aftermarket Intelligent Kits that will help Industrials get a deeper understanding of their customer’s parts buying patterns.
It’s expensive for Industrial OEMs to win new customers and there is often competitive pricing pressure on new equipment sales. However, once the new equipment is put in use, there is a significant opportunity to support the user throughout its lifecycle with spare parts, maintenance services, etc. – and this revenue is often 3-4 times the initial equipment cost, and can be significantly higher margin as well. Given the wide variety of machines, different configurations and modifications, replacements, and upgrades, Industrial aftermarket & service teams often struggle to create ‘bundles’, ‘kits’, or related parts that a customer should be purchasing together. This leads to customer frustration when not all required parts to perform a maintenance procedure or repair are recommended together – causing incomplete repairs and/or extra costs to expedite missing parts that were not ordered originally. From the OEM’s perspective, this can reduce the OEM’s share of wallet and increase transactional and expediting costs.
While OEMs have traditionally mitigated this by having highly knowledgeable support teams who use tribal knowledge to reduce the impact of this gap, the continuing talent shortage makes it more challenging for OEMs to have highly skilled, experienced team members fielding ordering calls. In addition, the acceleration of eCommerce will necessitate that this ‘kit’ capability move from tribal knowledge to a scalable, digital capability. Industrial OEMs are severely limited in their ability to do order bundling which is commonplace for mainstream retailers. It is this gap that Entytle will be addressing with its ‘ Aftermarket Intelligent Kits’ workflow.
Using Entytle’s Aftermarket Intelligent Kits, an aftermarket or service team member can recommend additional related items to customers based on the items they want to purchase. Entytle can also link such items to opportunities generated from Parts Purchase Intelligence (another of Entytle’s AI offering) to OEMs as recommended items. With the parts bundle recommendation, it is easier for customer-facing teams to talk to customers on phone or run email campaigns.
Entytle’s Aftermarket Intelligent Kits aims to maximize the parts purchase potential by optimizing the following Industrial workflows:
- Quote: Depending on the items that a customer requests in a quote, sales representatives may recommend additional items in the quote.
- Marketing Promos: Target marketing strategies for customers to encourage them to purchases related parts to what they have already bought.
- Product Bundle: Marketers can build cross-selling strategies by creating bundles of items that are commonly bought together and offer them at discounted prices while still maintaining profit margins.
- Supply Chain Optimization: Identifying the pattern of selling, OEMs can forecast and achieve a higher velocity of fast-moving items and maintain low inventory levels of slow-moving items occupying the shelf space.
- Slow-Moving Items: OEMs can bundle their slow-moving items with top-selling items with a discounted price, which will make their customers look at these bundles as attractive bargains and customers would be more inclined to purchase such bundles because of the additional items they are getting with it.
Entytle’s recommendation engine uses Statistical Affinity Analysis for Order Basket Analysis. In simpler terms, it helps OEMs better identify and assist their customers through the insights that are drawn from customers’ purchasing habits over time. This analysis seeks out the items that are commonly bought together in order to identify associations between items and connections between their purchases to maximize cross-selling opportunities.
Rob Bradenham, Chief Growth Officer at Entytle said, “The ‘Aftermarket Intelligent Kits’ capability will bring multiple dimensions of added value to our customers. First, we can accelerate product and engineering teams’ manual efforts to identify potential ‘kits’ to be sold as bundles. Additionally, we can help sales and support teams ensure that a customer orders all of the parts needed for a specific situation. Third, proactive aftermarket parts sales efforts can be more thoughtful and drive greater value for equipment end-users but proposing more complete offers. All of this will help drive greater share of wallet for the OEM through cross-selling and reduced transaction costs for both the OEM and the end-user. There’s nothing like this in the market right now, and we are very excited to bring this new capability to our customers.”
Reach out to Entytle to understand more about how Entytle’s Aftermarket Intelligent Kits can unlock and further increase the lifetime value of your Installed Base.
Entytle, Inc. provides an Installed Base Platform that assembles, cleanses, analyzes, and operationalizes Installed Base data so machinery manufacturers can make customer-facing workflows more efficient. Entytle’s Installed Base Platform which is deployed across thousands of Industrial OEM users. Other applications on the platform include IB HealthCheck, Customer Loyalty Manager, Data Quality Engine, and Entytle APIs, web and mobile interface amongst others that run on the versatile Installed Base Platform. The cloud-based platform includes purpose-built AI that provides a complete 360 view of the Installed Base, intelligent hunting lists, and the ability to orchestrate automation between various tools, systems, or processes. This enables smarter, faster workflows leading to increases in productivity, capacity, and scalability. Industry leaders such as Johnson Controls, Baker Hughes, Peerless Pump, Dematic, Duravant, GEA, and many more trust Entytle to help drive efficiency and growth using their Installed Base. Learn more about how Entytle can help you win over your Installed Base and drive commercial productivity at www.entytle.com.