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In this report Prof. Harald Kopp discusses the impact of the acceleration of digital transformation for industrial equipment manufacturers.
Most industrial equipment companies have an underperforming services business and have the opportunity to grow services revenue share and the service margin simultaneously.
With this annual paper, Harald Kopp
- identifies the key trends that are impacting industrial equipment companies.
- describes the top business challenges being created by these industry trends.
- identifies the digital business shift, the new goals for digital transformation, and the digital customer experience.
Keysight Technologies, a provider of electronic design and test solutions, has realized an extraordinarily successful services transformation.
In this paper, we describe the extraordinarily successful digital and service transformation journey of Keysight. Within five years, Keysight doubled its services revenues and increased the service margin by 19.5%.
Crucial for this success was the "value capture strategy" with strategic alignment, meeting customers' needs with bundled solutions of products, software, and services.
For all hardware companies, telemetry is the key to growing services profitably with digitally-enabled services and optimizing the total cost to serve.
Yet, the TSIA Field Services Benchmark data also shows that building this foundation remains difficult. The key to providing telemetry at scale is to understand and communicate the value of telemetry in two ways—internally, to get the resources to drive it, and externally to customers, to convince them to adopt and consume the telemetry offers that will drive their business outcomes.
In this paper, Harald Kopp and Kevin Bowers give guidance and key insights on how to present the value of telemetry to customers and internal stakeholders.