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, a report said.
Industrial 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, added the report titled “IIoT Predictive Maintenance—Redesigning the Maintenance Repair and Overhaul (MRO) Approach, 2018” from growth partnership company Frost & Sullivan.
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.
"Digitization of the manufacturing process has heightened demand for MRO distributors with the engineering expertise to support plant owners' transition from preventive to predictive maintenance,” said Kiravani Emani, research analyst for Industrial Automation & Process Control at Frost & Sullivan.
"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."
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.
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
"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," noted Emani. – TradeArabia News Service