Allowing revenue streams to stop at point of sale is, for many, a thing of the past. Providing a product and an attached service contract however, maximizes the bottom line while maintaining customer engagement and in theory, loyalty. After all, if you made the product and have all of its related data, there is no one else better placed for the job of servicing it.
But this needs to go beyond a warranty and the real-time and continuous connectivity opportunity offered by the industrial internet provides a method of constant information generation, collection and analysis so a full prognostic operation is underway at all times. By leveraging existing product data and the data being generated in the after-market, a Digital Product Twin can be created that allows for the continuous monitoring of its physical partner and allows you to always be one step ahead of failure.
Professor, Florida Institute of Technology (FIT)
Dr. Michael Grieves splits his time between the business and academic worlds. He is the author of the seminal books on PLM: “Product Lifecycle Management: Driving the Next Generation of Lean Thinking” (McGraw-Hill, 2006) and Virtually Perfect: Driving Innovative and Lean Products through Product Lifecycle Management” (SCP, 2010). Dr. Grieves is an acknowledged world expert in PLM and lectures world-wide on engineering, manufacturing, and PLM in both industry and academia conferences. In addition to his books, Dr. Grieves has numerous publications and articles. Dr. Grieves consults with a number of leading international manufacturers and governmental organizations such as NASA.