IoT in manufacturing will change the product and services revenue mix from the current ~80% : 20% to 60% : 40%.
After-sales services and remote diagnostic of equipment failure will support decision-making and help deploy right resources and required spares promptly. These changes will lead to shorter downtime and cost reduction in areas of warranty, support & travel.
Using IoT and operational data input, manufacturers now can offer outcome-based service models and ensure higher availability of equipment. Many manufacturers now offer rental models instead of selling the products to the customers.
In addition, product engineering groups use the feedback from the after-sales team for taking corrective measures in the subsequent product releases, thereby reducing the time to develop the prototype and testing it.