1. Connected and smart-product ecosystem
Many organizations have successfully digitalized products and extracted vital information to gain visibility and remote access in the last few years. Some organizations have already started monetizing this information directly or indirectly.
Now, the focus is shifting to creating smart product ecosystems, which connect products to OEMs and channel partners. By creating this network, manufacturers aim to collect the data necessary to align the requirements for product development with customer requirements, and proactively resolve product performance issues. The smart-product ecosystem ensures that information moves from the field, customers, sales, and service channels, directly to manufacturing, design, and supply chain managers.
Benefits of a smart-product ecosystem
- Real-time inputs for ongoing product development
- Reduced lead time for product development
- Faster resolution of complex issues and reduced product failures
- Lower warranty costs
- Opportunity to offer Equipment as a Service (EaaS)
- Increased visibility of product performance
- Increased customer satisfaction through faster resolution of product performance issues
Connected assets and smart manufacturing can bring huge value to businesses. For example, Wipro connected 150,000 field products from a global OEM in India to provide visibility into product performance for the OEM, distributors, and customers. The project generated a number of monetization opportunities for the businesses, ranging from offering EaaS to enabling predictive maintenance.
2. Digitalized customer and channel experience
Customer and channel engagements experienced a paradigm shift throughout the pandemic. Many manufacturers have revamped their online presence and redefined their online strategies to provide a seamless digital experience for their customers and channel partners, including suppliers, dealers, and distributors. The B2B buying experience includes easy access to company ratings and reviews, as well as visuals and tutorials for B2B products.
In the future, manufacturers will likely focus on increasing sales and customer retention by leveraging seamless total experience: customer experience (CX), user experience (UX), multi-experience (MX), and employee experience (EX). Gartner estimates that organizations providing a total experience shall outperform competitors by 25% in satisfaction metrics for CX and EX by 2024.
When Wipro connected 100,000 cars for a leading player in the pre-owned car segment in India, referrals, upsells and cross-sales increased. The connected cars provided brand differentiation and enhanced the value of the pre-owned cars with upgraded features including safety, theft protection, drive analytics, and incentives for good driving.
3. Aftermarket and service transformation
During the pandemic, aftermarket and service teams switched from site visits to remote resolution of customer issues. The industry adopted AR/VR wearables and smart devices for technicians and operators. Connected products enabled teams to easily access more information and provide services proactively to customers.
Now, focus is on transforming aftermarket and service operations to increase sales and customer satisfaction through proactive outreach to customers. Also, the distance between customers, channel partners and OEMs is shrinking. Businesses are redefining the relevant roles to increase overall customer satisfaction.
Wipro built a cloud-native event- and data-manager platform for a leading automotive OEM to enhance loss/collision assistance for consumers and ensure seamless claims processing. The solutions connected the client’s source system and external service providers (towing, rental, insurance, collision assistance center) to enhance customer satisfaction from after-sales service.