Innovations in Comfort, Efficiency, and Safety Solutions.
|Put your IoT data to better operational use:
5 Key learnings from equipment manufacturers
|By Elly Schietse - CMO Waylay
The IoT should help product companies to offer outcome-based service contracts and to move away from one-off sales and their break-&-fix approach. Equipment manufacturers will migrate to new business models that rely on access to digital twin data that continuously monitor the equipment and offer a service contract with a guaranteed service level and quality.
Waylay has been working with equipment manufacturers for years and we see that IoT is the enabler to help these companies to optimize their after sales support and from this experience, Waylay has detected a number of pitfalls and dependencies to make this shift towards outcome-based service models successful.
IoT data provide valuable insights but to get to its full exploit, equipment manufacturers need to move beyond dashboard monitoring. Data is a company’s crude oil, but needs refining to extract its true gold. The first step is collecting data, visualizing it, building dashboards and creating alarms in order to provide tech people with access and visibility on what is happening with the equipment. In a second step, companies will want to share these data with other stakeholders within the company, with external customers and with partners. Data needs to be enriched so that the right set of people get access to the relevant set of data and can be shared via integration with other systems. In the next step, equipment manufacturers will want to further optimize after-sales support through the use of IoT data. This is the domain where analytics, prediction algorithm and anomaly detection play a key role. And finally companies will start using “as a Service” business models which are not only depending on technology, but also imply a complete overhaul of the go-to-market of equipment manufacturers and their customers. In short, dashboard monitoring is indeed the first step, but also only the first step to unfold the full potential of IoT data.
Data scientists and domain experts know a lot about their equipment, but cannot fully take advantage of their expertise as they have to funnel their ideas and proposals through their software R&D teams. In a standard R&D cycle, field technicians, domain experts, data scientists as well as the final customers have their own ideas on how the product could or should evolve. All the different requirements and expectations will be pushed into a classical software R&D funnel which is often driven and owned by internal IT partners and external IT parties. These requirements will go through an iterative development cycle that typically takes some 6 months before a new release or new product is ready.
Today Waylay offers a fast-track alternative with their low code approach which allows non-software developers to also create content: data scientists and domain experts can add their own algorithms and analytics without having to rely on a full R&D cycle, which leads to a much faster time to market and democratization of analytics capabilities within every organization.
We will see the world evolving from one-off product sales to outcome-based business models in the next few years. IoT is a great enabler for new business models, if done right and Waylay empowers organizations to focus on concrete business value and outcomes rather than low level IT details. It empowers field technicians, data scientists and domain experts to express their domain knowledge through novel analytics algorithms and allows them to experiment with and discover the real value of their data. Via integration of IoT, OT and IT, Waylay enables optimized processes through integration with the equipment manufacturers’ specific line of business applications. Combining these five learnings empowers equipment manufacturers to get more out of the IoT data they collect. Equipment manufacturers enable the domain experts to productize their domain knowledge in an efficient way and fast, in a matter of just weeks, rather than a development cycle of several months.
has a broad experience in marketing and before joining Waylay, she has always
worked in IT, software and high-tech companies. Elly was part of the GreenPeak
Technologies management team (semiconductor company wireless chips in IoT) and
facilitated and shaped the start-up until it was successful and acquired by
Qorvo (RF semiconductor company).
As an evangelist of the Internet of Things, Elly has been enriching people’s views of how technology and the IoT can create a better world and facilitate new revenue models. Business dynamics and change processes are in her DNA and an eternal source of inspiration and fascination.
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