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Defining Asset 360 for Manufacturing

Defining Asset 360 for Manufacturing

Written by

Greg Ewing-Lee

Manufacturing Practice Lead

In a previous blog post, we dove into the details about Asset 360, a product built by ServiceMax in partnership with Salesforce on the Salesforce Field Service Platform. Asset 360 provides key features to enable asset-centric organizations with tools to enable both operational efficiency and data insight to fuel their asset service functions. In this blog post, we will dive deeper into the areas of value that Asset 360 can enable specifically for manufacturing organizations.

Understanding the Importance of Asset Data

Every organization must ensure that both technology and processes are in place to effectively capture and maintain their asset data. When dealing with a manufacturer, every asset’s story often reveals the following key pieces:  

  • What parts make up the asset
  • Who the asset was sold to 
  • Where the asset is operating
  • What warranty coverage and/or service contract is associated with the asset
  • What problems it has encountered
  • What repairs or upgrades it has undergone
  • What its current operating status is

This data is both expansive and very dynamic and can fuel insights across the organization, providing information to enable up-sell opportunities and service efficiency, while also providing key data to address production quality and preventative maintenance. Asset 360 by ServiceMax provides key features, such as asset hierarchies and timelines that enable organizations to capture and leverage asset data in ways that can fuel customer engagement and experience across the customer lifecycle.

Maximizing Service Efficiency and Customer Experience

The moment a customer support call or service request is received, support teams must work to understand everything they can about an asset in order to both assess the problem, as well as determine if and how a repair can be completed. This includes identifying whether a product is currently covered by warranty, a service contract, or both.

Manufacturing organizations that cannot quickly and accurately make determinations about product repair entitlements will either suffer from covering repairs outside of warranty or contract, or take a hit in terms of customer satisfaction. Asset 360 provides tools to both manage warranty and contract information for a given customer or asset, while also ensuring that customer service agents can quickly identify eligibility for a given asset repair.

For depot repair scenarios, Asset 360 provides tools for managing and tracking the repair process, ensuring efficient execution of the necessary activities and hand-offs. Many times, depot repair personnel are left with needing to swivel-chair between tracking systems and asset information systems, resulting in slow-downs and errors. Centralizing these data points, while also creating process-centric workflows, ensures that repair processes can be executed more efficiently, leveraging data to drive the repair process.

Enabling Service-Based Revenue

In order to fuel additional growth, manufacturers are quickly looking toward service as a key area in which additional revenue can be captured. Manufacturers that have a strong asset data cache are uniquely positioned, vs. third party service providers, to amplify the value of their service offerings. Revenue opportunities, such as service contracts, can leverage asset data sourced and maintained by the manufacturer, in order to improve time to resolution as well as fuel proactive maintenance and repair. This value, fueled by asset data, provides manufacturers with a value proposition that can increase the number of customers purchasing service contracts, as well as the value of these contracts. By increasing service efficiency, manufacturers can offer SLAs that customers are willing to pay for, resulting in more up-time of their critical assets. 

In addition to service contracts, by possessing a rich set of asset-data, manufacturers can fuel efficient up-sell and cross-sell opportunities for their service reps and technicians. By leveraging asset data, servicers can identify possible replacement needs before a piece of equipment reaches end of life. This not only includes the piece of equipment actively being serviced, but also other equipment that is associated with the customer. Additionally, by understanding the equipment that is already part of a customer’s installed base, servicers can identify accessories and complimentary equipment that are most likely to be of value to the customer. 

Learn More about Asset 360

Manufacturers that want to learn more about the capabilities and functionality of Asset 360 should check-out the great on-demand sessions through the recent ServiceMax Maximize event. Explore in-depth product demo sessions and business strategy sessions to help your organization define your service transformation strategy.

Align your Organization with Asset 360

To get started understanding the importance of asset data for your organization, contact one of our manufacturing experts below. Our team is excited to discuss ways to help fuel your customer engagement and experience across the customer lifecycle.

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