A few weeks ago, I suggested that industrial OEMs should create a new role, that of a Chief Installed Base Officer (CIBO). Based on the comments and reactions, I clearly hit a nerve, and the reactions were interesting in their affirmation of the need for this role. This leads to the following obvious questions: 1.What […]
Author Archives: Vivek Joshi
A couple of weeks ago I posted what I thought was a provocative article suggesting that the Aftermarket a.k.a Installed Base is too important to leave in the hands of the Aftermarket team. It turns out that it wasn’t such a controversial point of view, with most of the respondents agreeing with me! My point […]
It is accepted wisdom that only a small portion of an OEM’s installed base accounts for a large percentage of aftermarket sales or profit or growth or whatever else your favorite metric may be. It’s the famed Pareto principle or 80/20 rule at work !! Companies large and small use this as a rubric to […]
Blogs
What Does Maslow’s Hierarchy of Needs have to do with Industrial OEMs, Digitization of Customer Experience & Installed Base?
TL;DR Maslow’s hierarchy of needs is a good framework for understanding how companies think Providing “food shelter water” is critical before satisfying higher levels of needs The high visibility projects of digitization (IoT, Servitization, sophisticated eCommerce, etc) are definitely in the upper tier of needs I have a feeling that this analogy is going to […]
I know, I know…this sounds like clickbait. Maybe it was if it made you read this post, so hear me out. After 25+ years of being in and around the Industrial OEM world, I had been reluctant to acknowledge what executives and others have told me for years: Aftermarket is an afterthought in most companies. […]
After years of focusing on supply chain and operational initiatives, OEMs are now turning their sights to aftermarket growth. This shift is a welcome change as tending to existing customers’ needs is critical for a healthy growth strategy for any company. It is also not a surprise since service and aftermarket revenue is much more […]
The time for Aftermarket & Services revenue growth has finally arrived. After years of appropriately focusing on supply chain and operational initiatives, Service leaders are finally turning their sights to growth. Here are some of the key benefits of addressing existing customers’ needs for B2B manufacturers: Increased visibility into the existing install base Improved customer […]
Quick Takeaways: While IIoT is gaining momentum, only a small fraction of the world’s Installed Base is connected and monitored remotely. While IoT data and analytics will play an increasingly important role in the “health management” of these connected machines, there is nothing comparable for the world’s fleet of unconnected machines. But every OEM has […]
Installed Base Data Quality: The Achilles Heel of IoT, eCommerce, and Servitization initiatives As the Covid crisis engulfed the world last March, companies large and small grappled with the existential threats to their businesses. Different sectors were impacted to varying degrees, and it was clear to everyone that the crisis was going to cause habits […]
This blog is the 2nd installment of the 3 part ‘Build vs. Buy’ series of articles. In this series, we explore various aspects that Industrial OEMs should consider when embarking on an Installed Base management solution. You can read part 1 of the series here. One of the first classes I took in business school was […]
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