Grow Revenue with Asset Monetization for Aftermarket Business

By Rajvi Vaidya

In today’s competitive market, where manufacturers are finding that product sales alone may not lead to long-term growth, many companies are shifting their focus from product-centric to service-centric revenue models.

What’s driving this transition to servitization? One major factor is the potential for new revenue opportunities. To achieve new revenue, organizations are turning to asset monetization, utilizing data from sold assets to offer smarter, more tailored services that keep customers engaged and satisfied.

Why Asset Monetization Matters

Once a product is sold, the customer journey doesn’t end, it’s just beginning. Monetizing those assets throughout their lifecycle helps companies stay connected with customers, anticipate their needs, and deliver services that make a difference.

However, to unlock this potential, organizations must overcome a few key challenges:

1. Proposing the Right Service Offerings

Many organizations struggle to customize services for each customer or asset. This often results in a one-size-fits-all approach, which leads to missed revenue opportunities and poor customer alignment.

2. Anticipating Customer Needs

To deliver proactive services, companies need to predict when maintenance is required before issues arise. This not only improves customer satisfaction but also reduces downtime and repair costs.

3. Maintaining Accurate Asset Configuration

Companies face inefficiencies and service mismatches without up-to-date, accurate data on asset configurations. Knowing what’s been sold, how it’s used, and what it needs is essential for providing the right service at the right time.

How Digital Strategies Enable Success

With the Teamcenter service lifecycle management (SLM) app for Salesforce, customer-facing teams have full visibility into the customer history, including their current product configuration, customer warranty information, service requirements, product upgrades, parts catalogs, and more. Equipping your customer-facing teams with the data they need, they can quickly identify new aftermarket business opportunities, help sales and service users sell the best offer to the right customers, and run campaigns leveraging asset-based customer journeys.

Connecting the Front Office with Engineering

A key part of monetizing assets is aligning the front office (sales and support) with engineering and manufacturing. Here’s why it matters:

Faster time-to-market: Real-time collaboration shortens service delivery timelines.
Fewer errors: Unified systems reduce miscommunication and costly mistakes.
Higher efficiency: When everyone is aligned, what is sold is actually what gets delivered.

Key elements for success include

Accurate Asset Data: Maintain real-time information on asset configuration, usage, and service history.
Predictive Maintenance: Utilize analytics and historical data to forecast service requirements.
Tailored Service Offerings: Customize services based on each customer’s situation and asset condition.
Cross-Functional Collaboration: Connect sales, service, engineering, and manufacturing teams for better efficiency and fewer errors.

As the industry moves toward servitization, aligning your digital strategy with advanced SLM solutions can be a game-changer. Read more to know how asset monetization opens new opportunities for revenue growth, increasing customer lifetime value, and profitability.