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How Important Is Asset and Service Data

You’re probably aware that data is the key driving force behind today’s modern economy but did you know that asset and service data specifically is absolutely crucial? Your organization probably collects, aggregates, and analyzes plenty of data but if you’re not using this information as a catalyst for success you’re likely falling behind.

Many organizations have adopted an outcome-based business model which is focused on the outcome for the customer rather than a specific product. This model focuses on having customers receive extensive maintenance and support services after they’ve purchased the product which helps the organization nurture their relationship with their supplier. Outcome-based business models are being considered the next generation of the modern economy and this model can easily be a make or break moment for organizations that decide to adopt this way of business.

The outcome-based business model is a way to ensure that customers always have the right outcome which enables organizations to not only grow their business but also foster a healthy client-supplier relationship. For organizations to successfully and effectively transition to this relatively new form of business model, they’ll need to be able to properly collect and use data derived from their assets.

This is why asset and service data is so important. Your ability to successfully collect and use this data will ultimately decide whether or not your business can survive.

Asset and service data may be a critical element of making a successful transition to an outcome-based business model but currently, most organizations are not accessing the full potential of this data due to their inconsistent use of digital tools and technology. While many organizations report that they use automated digital tools and technology to aid the collection and utilization of asset service data, these organizations are not properly using these tools in the collection, aggregation or analysis stages of the process.

Many organizations are also held back from the successful analysis of data because the quality of the data they collect is usually poor. If your process for collecting and utilizing data is disjointed, outdated, and underdeveloped digitally, you can’t possibly expect to make any informed, strategic decisions based on this data. Without automating asset and service data collection and utilization in your organization, you will have a total lack of data confidence and a glaring skills gap.

By automating asset and service data collection and utilization, your organization will have a smooth transition toward an outcome-based business model and the organization-wide and bottom line benefits are amazing. One major benefit of automating asset and service data collection and utilization is the elimination of unplanned downtime. Unplanned downtime is a nightmare for organizations and automation plays a huge role in eliminating this problem.

Automating your asset and service data collection and utilization will also eliminate financial deficits and wasted resources caused by revenue leakage. Automation can also lead to double-digit revenue growth and a stronger ROI for your organization. While the initial outlay of automation may seem expensive, the guarantee of a better future for the organization outweighs any up-front costs.

Successfully collecting, aggregating, and analyzing asset and service data requires internal skills, a collaboration between departments, and the utilization of tools that can automate the process.

Automating this process is key because it can not only identify weaknesses in your current methods but it can also lead to vast benefits with regards to revenues, operational costs, and even cash flow.

If your organization has yet to automate your asset and service data collection and utilization, learn How Important Asset and Service Data is with this comprehensive whitepaper.