How EaaS helps expand business opportunities for OEMs
Equipment as a Service (EaaS) is an industrial Internet of Things (IoT) solution that doesn’t just increase recurring revenue, it opens the door to more business opportunities. EaaS allows OEMs to essentially loan out their equipment, so that their machine users and contracted partners pay a monthly fee to use the machine instead of buying and owning it outright. This benefits the OEM by increasing their monthly revenue and benefits the machine user by giving them access to the OEMs industrial IoT services like remote maintenance, data, analytics and more.
Already, you can see that EaaS creates opportunities for OEMs, but recurring revenue is just the beginning.
The benefits of Equipment as a Service
Offering EaaS to your customers creates a bounty of opportunities, for you and your machine users.
Integrating, maintaining and even operating equipment remotely. By connecting your machines to the industrial IoT, you can include remote condition monitoring and remote service as part of your EaaS offerings. Remote condition monitoring allows you to access customers’ machines, diagnose and troubleshoot, and even remotely repair machines without sending out a maintenance person. Remote monitoring gives your customers even more support, building and strengthening the customer relationship. This also reduces the need for your customers to have fulltime onsite maintenance, thus reducing their overall costs as well.
Data from installed equipment. Before EaaS, once a machine was sold and out the door, the data from that machine was gone, a mystery to the OEM. Now, through the industrial IoT, OEMs can acquire and analyze performance data of installed equipment. That edge data can be securely shared with end-users in a cloud environment as an additional service. More importantly, having the data of in-use machines gives you information that can help to design and operate machinery more efficiently in the future.
A machine that may never have been sold, can now be deployed with EaaS. If you have a machine that has gone unsold for various reason – cost prohibitions, unpopular model, etc. – EaaS may seem like a more reasonable approach to customers, allowing them access to the machine without the commitment.
Getting started with EaaS and the industrial IoT
As you can see, the benefits of EaaS are plentiful. With an industrial IoT as a service solution like Insights Hub, you can start offering ongoing services to your customers, increase your monthly revenue, and get access to the plethora of other benefits of the industrial IoT.
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