So you want to become data-driven in your sales and marketing strategy, and you’re super excited about the way data will help you significantly improve your business? Well yes, it is great to be excited, but do you really know how bad your Installed Base data is?
Let’s start with some simple questions:
- Do you know how many operating assets you have on the field?
- Are you able to uniquely identify those assets via serial number?
- Do you know how many end users you have for these assets? How are these end users split across the country/globe?
You might be thinking that the above questions are easy ones to answer, but you will be surprised at how many OEMs don’t have the answers to the above. From our data that runs across hundreds of systems and thousands of users, we see that 66.34% of assets don’t have a serial number and 6.6% don’t have a correct end user. 26.3% of your complete Installed Base data contains duplicates and over 8.8% of data has missing values. And across the hundreds of OEMs that we have spoken to only 11% actually know if all of their assets are still in operation today!
Things start to get more complicated when you involve more data sets such as parts orders, service work orders, and service contract information. And if we want to get really adventurous, even BOM data. Then throw in the various Excel sheets that are lying on peoples’ laptops that they have maintained over the years. Once you look at the data across all these sources, some more interesting questions arise:
- Can you tie parts or service orders to the specific asset it was purchased for?
- Do you have a clear categorization for parts and service to understand how different areas are performing?
- Do you know when each service contract starts and ends? Is the service contract linked to an asset or multiple assets?
- Do you have a common customer number/key across all these files to tie the data together?
As you can see the questions get harder as we start throwing more data sources into the mix. In order to effectively sell into the Installed Base, however, you need to have all this data linked, cleansed, standardized, deduped, and more. The good news is that you can actually create a holistic view of the Installed Base and answer the majority of these questions if you understand how to navigate this plethora of data available. The bad news, however, is that OEMs are not meant to be data experts, so what do you do?
The simplest answer here is – You adopt an IBDP!
An IBDP, also known as an Installed Base Data Platform, helps industrial leaders gain key insights from their Installed Base & drives their top-line growth with machine-learning driven opportunity generation.
Entytle provides a purpose-built, Installed Base solution for the industrial OEM market.
Powered by ML, Entytle’s Data Quality Engine enables ongoing automated cleanup, consolidation, and enhancement of your Installed Base data into a unified view across all data sources & systems.
The Data model is built to support the data needed to manage the Installed Base (customer, locations, assets, parts transactions, service events, service contracts, & warranties across 15 years of history or more as well as item categories and BOM). The analytics & AI algorithm is built for OEMs and trained on over 360M transactions spanning $100B+ in Installed Base assets.
With its proprietary Installed Base Data Platform (IBDP), Entytle processes billions of transactional & non-transactional records across millions of locations, empowering OEMs to understand their Installed Base better & anticipate the needs of their customers.
An IBDP is Industrial OEMs biggest support when it comes to making the best out of their Installed Base Data!