Machine as a service – A new transformational perspective
Purchasing heavy machines and industrial assets requires proper planning and budgeting, as substantial capital investment is involved in purchasing these assets. Decision makers involved in the buying process are constantly on the lookout for solutions that can optimize their profitability, help them improve production efficiency, and offer them agility through automation. This is where Machine-as-a-service emerges as a possible solution.
Machine-as-a-service is when suppliers rent their machines / industrial assets to factory owners on a daily, monthly, or yearly basis, with guaranteed performance. This transaction allows factory owners to keep their big one-time purchases down, while providing the asset suppliers with constant rental income. The concept of Machine-as-a-service has recently gained a lot of popularity among the industry.
The technological wave of Industrial internet of things has given a new transformational perspective to the concept of Machine as a service. IoT, sensors, and connected servers have made remote condition monitoring easier for suppliers, with the least amount human intervention needed. These devices generate real-time insights on machine performance and proactively reminds the supplier about its need for maintenance. Leveraging IoT connectivity within the concept of Machine as a service has made machines a more comprehensive business asset for suppliers. Now suppliers no longer have to sell the physical machines, but rather sell subscriptions offering ongoing service and benefits through IoT.
Machine-as-a-service can achieve a lot more for manufacturers:
- Machine-to-business Connectivity
The utmost focus of industrial internet of thing lies in machine to machine and machine to human connectivity. However, Machine as a Service is far more than just connecting devices to the internet, it accomplishes the traditional goals of a traditional machine while also fulfilling its business objectives. Machine-as-a-service proposes a subscription based business model, which is not limited to a one time selling of an machine/ industrial asset with a prefixed set of speed and feed, determining its productivity level, rather it emphasizes on the outputs or KPI’s of the machine and the customer partially finances the machine based on its output. In short, the customer does not just purchases the machine, but a subscription that ensure a continuous business enhancement through IoT connected machines.
- Customer Touchpoints
Initially while purchasing a machine the primary customer touchpoints use to comprise of installation, maintenance and repair. However, with a SaaS subscription model and its connectivity with IoT a new phase of software upgrade and installation is added, ensuring continuous monitoring of the equipment and extending the lifespan of machine.
- Real-Time Efficiency Metrics
By enabling IoT with machine-as-a-service one can benefit and get all the insights in real time and also fulfill the demands of various other departments at the same time. For example, considering energy – one can calculate the amount of energy used and wasted and make efficient use of the machine and save energy through real-time efficiency metrics.
These few aspects of Machine-as-a-service are about to revolutionize the traditional way of business between manufacturers and their suppliers. The digital transformation of machine as a service is still progressing towards achieving the ultimate motive of customer satisfaction. To have clarification regarding Machine-as-a-service feel free to contact email@example.com