‘The cost of change’ is a phrase we hear a lot, but every now and then, the cost can actually accumulate when we don’t change.
‘Change’ needn’t be a word that instills fear into us. Granted most of us can often be a bit twitchy about change, but if the reasons behind that change are explained to us, the majority of us will understand and accept that change.
Predictive maintenance software is new and it brings with it significant change. In fact, the difference it brings to an organisation is so vast, it is likely to transform service delivery altogether. Nervousness is therefore to be expected but, as soon as you start to explore the issues it is resolving and the costs associated with those issues, it quickly becomes evident that predictive maintenance software is an exception to the ‘change costs money’ rule.
The cost of inefficiency
Predictive maintenance software uses Artificial Intelligence (AI), big data and IoT sensors to identify inefficiencies and improve customer service. It does so by identifying ‘failure events’ which are likely to have a wider impact in the future (such as machine downtime or site access issues). But by highlighting them early, corrective action can take place before that problem arises.
When you start to map the cost of current processes against predictive maintenance processes, the figures speak for themselves.
By connecting IoT sensors that sit within machines to predictive maintenance software, it can not only identify if a part is likely to fail, it can automatically schedule an engineer, with the right parts and skills to fix the issue, before any downtime occurs.
Whether it is your machine, or a machine you service for your customer, the benefit of fixing a problem before it halts production is vast. In fact, in some industries, the cost of machine downtime is £18,000 per minute; a staggering expense that no longer needs to be incurred.
A bugbear for everyone involved, inefficiency during a job has, up until now, been extremely difficult to resolve. There are so many influential factors which are often impromptu, whether that is site access issues, not having the right part or job cancellations.
All of these issues amount to wasted time and that time quickly adds up. Even if it is just 30 minutes an operative loses per day, for the average service organisation, that equates to an annual loss of £525,000.
Predictive solutions reduce wasted time by using deep learning algorithms that learn patterns and build a picture of all the jobs you complete. By analysing ‘bad jobs’ the system will forewarn you that a job is likely to have issues. For example, it could learn that a particular site is notorious for the client not being on site and subsequently causing access issues, or it could establish a diagnosis issue when jobs are first booked whereby the wrongly skilled technician is scheduled to attend a job. Whatever the inefficiency, the more jobs you book, the more the system will learn.
Our customers demand more today than they ever have. They want a quick resolution that impacts their life, or business, as little as possible. Should you not achieve that, the customer now has a huge array of channels to communicate their frustrations, whether that be via social media or with their colleagues.
Customer satisfaction and customer retention is therefore a highly influential measure of a businesses success. A point that has been proven by Bain & Company when they found that just a 10% increase in customer retention resulted in a 30% increase in overall company value.
In many cases, the efficiency improvements that predictive maintenance software achieves will not only improve customer satisfaction, but exceed expectations. Imagine the customer satisfaction score when you tell a customer you have stopped their machinery from causing a week’s worth of downtime.
The cost of not changing
Predictive maintenance brings forth an unprecedented level of optimisation and also an unprecedented level of worth to the service management industry. A saving so boundless that, once you digest the capabilities, it’s hard to see a future without it.
To discover more about our predictive maintenance solution, Oneserve infinite, click here.