Executive Service Roundtable:
New Value Propositions with Data
How to succeed with new – data-driven value propositions?
A few notes from the discussion sessions
- The need to expand your portfolio of offerings.
- Maintenance services are still core for most companies.
With data, there is a lot of opportunities to improve value:- If uptime is already above 90%, there probably is not much opportunity to improve uptime in a viable way. Cost may increase exponentially, and how much will your customers be willing to pay for a few more percent points?
- Value drivers could be:
- More predictable downtime, enabling better planning of downtime and operations.
- Reducing the cost of maintenance by improving efficiency and productivity through planned and predictive maintenance as well as better upfront diagnostics and planning for maintenance jobs.
- Operational data can enable high-value operational performance improvement services.
- Capturing and processing timely performance data of the entire process.
- Helping your customers to translate that data into valuable insights.
- Value drivers could be:
- Reduction of lost production.
- Improving OEE.
- Achieving ESG / sustainability goals.
- Supporting a more circular operating model for your customers.
- The portfolio of offerings should allow:
- You to offer different solutions to different customer segments.
- Your customer's journey to start from the basics and gradually grow to more advanced solutions.
- Customers need to develop their understanding and their way of working.
- Customers need to build trust in your services and capabilities to deliver.
- Maintenance services are still core for most companies.
- Customer needs are not easy to identify.
- Customers are on a journey as well. So, they may not be able to articulate their (future) needs yet.
- Establish your company as a thought leader with a strong vision for the industry's future. This may involve educating your customers.
- You should segment customers on their needs, not their size, products they bought or commercial potential.
A maturity framework could be useful for this, as your customers' needs evolve as their business becomes more mature. - In your customers' organisations, there are different stakeholders with other goals, jobs-to-be-done and therefore, different needs.
More advanced value propositions must be promoted and sold to an increasingly more complex decision-making-unit.
- As a manufacturer of components, the game could be more difficult. Although, if you can capture data about the entire production line, process or a bigger system, there are opportunities to up your game. Just like Rolls Royce could do business directly with airlines, even-though plane manufacturers put the engine on the plane.