Internet of Things (IIoT)-assisted machinery are proving highly valuable tools for plant owners keen to reduce operational expenditure (OPEX) in a volatile economic environment.
Changing competitive landscapes and customer preferences, the emergence of advanced digital technologies, and the threat of price wars are compelling manufacturers to enhance their asset lifecycle to remain viable.
Maintenance, repair, and overhaul (MRO) companies will gain a valuable competitive advantage by leveraging IIoT-based technologies such as Big Data & Analytics, cloud infrastructure, and mobility.
Frost & Sullivan research analyst Kiravani Emani says, "Digitisation of the manufacturing process has heightened demand for MRO distributors with the engineering expertise to support plant owners' transition from preventive to predictive maintenance.
"This is changing the business model of MRO, as the distributors position themselves as end-to-end service providers that have embraced digital-based technologies."
Frost & Sullivan’s recent analysis, IIoT Predictive Maintenance, Redesigning the Maintenance Repair and Overhaul (MRO) Approach, 2018, identifies the key end-user requirements, unmet needs, and the role of IIoT technologies in redefining the value proposition of MRO distributors.
To optimally tap the market demand, MRO distributors need to simplify the supply chain by leveraging the online platform and embedding a track and trace feature to decrease the number of channels needed to procure the product.
Emanicontinues, "At present, the MRO market is witnessing rapid consolidation wherein distributors are aggressively expanding their product portfolio and global footprint.
“Establishing a connected environment with strong IT and communication infrastructure will give accessibility to experts across locations and eventually, raise the value of IIoT-enabled predictive maintenance.”
Other key growth strategies to attract a wider pool of service customers include:
- Building strong supplier relationship.
- Establishing a robust e-commerce platform to enter emerging markets and serve small and medium-sized businesses.
- Integrating inventories with automation software to control the company's spend on inventory management.
- Developing a mobile application that enables effective management of plant inventories.
- Providing support services round the clock.