Enhancing Aftermarket Services: Strategies for Industrial Firms to Bolster Their Offerings through Connectivity
In today's rocky economic landscape, smart companies are hopping on the aftermarket services bandwagon to reduce dependency on traditional factors like supply chain issues, weather conditions, or politics. Aftermarket services, these post-sale services provided for equipment, generate massive profits - about twice to thrice more than new equipment sales. Thanks to modern digital tools and smart tech, now's the perfect time to venture or amplify aftermarket services.
Prioritize your customers, setting them up for a hassle-free experience right from the get-go. In our modern world, the customer experience matters as much as the product itself, responsible for driving more sales, increased revenue, and loyal clientele. Modern digital tools, like sensors, machine learning, artificial intelligence (AI), and Generative AI (GenAI), can significantly improve customer engagement. A Deloitte survey shows that 70% of companies using such technologies saw improved customer experiences.
Think like a consumer company to succeed in aftermarket services. Even though industrial companies often sell to other businesses (B2B), they may lack customer data or understanding of their product's post-sale lifecycle. Traditional manufacturing processes follow a strict, linear approach, making it challenging to pivot quickly for flexible aftermarket services. Companies need to focus on the customer needs, plan effectively, stay flexible, and keep up with real-time data to offer top-notch aftermarket services.
Smart factories using cutting-edge tech like IoT, AI, and machine learning are the future. This technology not only streamlines production but also supports better aftermarket services, creating a safety net for companies during turbulent times and ensuring customers remain satisfied and loyal.
Published: 4th May 2025
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References:[1] Mckinsey (2022) Post-pandemic, B2B customers expect a consumer-grade digital experience(mckinsey.com)[2] HBR (2021) A Digital Transformation Framework for Manufacturing(hbr.org)[3] Forbes (2020) 76% Of B2B Buyers Prefer To Self-Direct The Buying Process Via Digital Channels(forbes.com)[4] EY (2022) Consumers are in the driving seat: Experience matters more than ever (ey.com)[5] Deloite (2022) State of industrial product & services 2022: Pursuing the smart factory (deloitte.com)
- To stay competitive in the evolving business landscape, it's crucial for industrial companies to adopt consumer-centric approaches, such as leveraging digital tools and technologies like AI, machine learning, and IoT, to understand customer needs, improve post-sale services, and ultimately, drive growth.
- As technology continues to reshape the financial landscape, an increased focus on aftermarket services, using innovative solutions for data analysis, customer engagement, and flexible business models, can significantly boost profitability, surpassing the returns from new equipment sales in today's fast-paced, digitally-driven world.
