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By Nick Thompson | Oct 1, 2024

Confronting the High Cost of Downtime in the Mining Industry: How OEMs are Using AI to Tackle Maintenance Challenges

Artificial Intelligence and Spare Parts Management were Front and Center at the MINExpo The National Mining Association put on its MINExpo International show last week in Las Vegas, Nevada. The event is the largest global mining event, allowing its 44,000 attendees the opportunity to learn about new products and transformative technology that can help increase safety and productivity. This year’s event served as a powerful reminder of the industry's commitment to innovation, the critical role of spare parts management, and the emergence of technologies that are shaping the future of mining and contributing to the overarching goal of reducing downtime

By Nick Thompson | Sep 24, 2024

Why a Successful Customer Experience in Your Aftermarket Services is a Must for OEMs

The Stakes are High in Your Aftermarket Service Business Original Equipment Manufacturers (OEMs) competition for market share is not won solely on the strength of a product's initial sale but an ongoing relationship in aftermarket services. The ongoing customer experience in the aftermarket with spare parts, maintenance, and service is where customer loyalty is built. OEMs that neglect the aftermarket customer experience with lengthy processes, lack of self-service, and missed upselling opportunities affect customer satisfaction and drive them to your competitors. It's important to note that the aftermarket is not just an afterthought; it's a strategic imperative. Winning in the aftermarket can

By Nick Thompson | Sep 17, 2024

5 Benefits of AI-Powered Image Search for Your Aftermarket Business

New Technology Can Help Manufacturers Differentiate on Customer Experience in Their Aftermarket Business The aftermarket business landscape is constantly evolving, presenting unique challenges for manufacturers trying to digitize their processes and win the aftermarket. On average, the aftermarket business for manufacturers is about 2.5 times more profitable than new product sales. While many original equipment manufacturers (OEMs) have not always focused on the aftermarket, they are realizing that tech advancements can help build relationships with customers and provide a profitable revenue stream. Technology can serve as a powerful differentiator for OEMs seeking to grow their aftermarket business. By leveraging technology like Artificial

By Nick Thompson | Sep 10, 2024

Future-Proof Your Employee Strategy: Steps to Attract & Retain Fresh Talent in Manufacturing.

Manufacturing Jobs are Increasing, but Labor Shortages Continue to Threaten the Growth Trajectory The manufacturing industry is witnessing a surprising resurgence in the United States that emerged during the COVID-19 Pandemic and continues to show a growth trajectory for the next decade. Companies are re-aligning their efforts to meet evolving customer requirements, improve supply chain management, and take advantage of government policy to support growing their businesses. A study conducted by Deloitte and the Manufacturing Institute in 2024 determined that industry growth is expected to generate up to 3.8 million new jobs in manufacturing over the next decade. Still, labor

By Nick Thompson | Sep 3, 2024

How Artificial Intelligence and Machine Learning are Transforming the Manufacturing Aftermarket Service Business

The Aftermarket Has Undergone Significant Changes from Digital Transformation Initiatives The aftermarket service business is a cornerstone of the global economy that provides manufacturers with incredible potential for low-touch profitable revenue. The aftermarket has undergone significant changes in recent years due to continued digital transformation initiatives that strive to optimize operations, reduce costs, and meet evolving customer demands. The adoption of advanced technologies has become increasingly essential to remain competitive and improve efficiency and the customer experience. In this microblog series, we will discuss the many ways that artificial intelligence and machine learning power aftermarket sales operations. New Artificial Intelligence (AI)

By Nick Thompson | Aug 27, 2024

A Framework for Building Best in Class AI-Enabled Digital Work Instructions

The Manufacturing Landscape is Facing a Critical Juncture Deloitte research confirms the long-feared reality: a crippling labor shortage. From an aging workforce to evolving skill gaps, manufacturers are struggling to find and retain the talent needed to meet demand. Outdated standard operating procedures (SOP), lack of processes, and the exiting of the workforce have created a sense of urgency to mitigate declining productivity and the threat of compromised quality. SOPs are the backbone of efficient and consistent operations, and digital work instructions serve as up-to-date versions that are accessible to all employees. Efficiency in SOPs is essential to delivering excellent products,

By Nick Thompson | Aug 20, 2024

Four Practical Use Cases for an AI Aftermarket Business that Improves Operations and Increases Profitability

Quickly Digitize and Solve Inefficiencies by Building an AI Aftermarket Business The aftermarket business is a complex ecosystem characterized by inefficiencies that impact manufacturers, distributors, and end-users alike. Traditional methods for parts search, such as catalogs, PDFs, spreadsheets, or other homegrown solutions, are costly, time-consuming, and prone to errors that hurt profitability and customer experience. Leading manufacturers are taking the steps needed to use technological advancements in artificial intelligence (AI) to transform their business quickly. Building a sustainable AI aftermarket business can help you improve operations, increase profitability, and deliver a best-in-class customer experience for all end users. While the

By Nick Thompson | Aug 13, 2024

75% of Manufacturing Executives View Labor as Their Top Challenge: How Building an AI-enabled Workforce Training Strategy Boosts Retention and Reduces Attrition

The Concerning Statistics in Manufacturing Labor Highlight a Need for Action Deloitte's 2024 Outlook on Manufacturing found that nearly 75% of manufacturing executives view attracting and retaining talent as their top challenge. More concerning statistics show that by 2030, the U.S. manufacturing industry could see 2.1 million positions remain unfilled, stifling growth and disrupting the supply chain. The same report highlights the importance of workforce training strategies as a tool to help combat labor challenges. The numbers are stark, and the stress is real. How can a growing U.S. manufacturing industry quickly adapt to these labor challenges before they further disrupt

By Nick Thompson | Aug 6, 2024

The Top Five Key Competitive Advantages You Gain by Digitizing Your Aftermarket Parts Business

Advancements in Technology Reveal New Aftermarket Revenue Opportunities Aftermarket part sales can present significant challenges for many B2B manufacturers, but many leaders recognize that technological advancements have revealed new opportunities to differentiate through aftermarket services. While aftermarket parts typically offer higher margins, they can quickly erode when customers cannot find the exact part they need. With economic uncertainty facing many manufacturers and customers, aftermarket part businesses should continue to be a reliable source of revenue if it's built for success. Customers often lack precise information about the spare parts they need. While they might have a general description or a

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