Spare Talk Episode 5: Asset Performance Data

In this episode, John and Mike welcome a guest from Baxter’s strategic partner, ServiceMax. Joe Kenny, Vice President of Global Customer Transformation and Customer Success at ServiceMax, recently wrote a blog titled What Value Does Asset Data Hold for the Supply Chain? That pretty much went viral among the Baxter Planning team members. The blog, which focuses on how asset data management can help organizations drive better outcomes and increase profitability, inspired The Spare Talk Guys to invite Joe on the show.

Common Ground With Data

Joe’s blog explores the topic of asset performance data from a field lens, explaining how information from sensors on equipment (think IoT) can help align initiatives across organizations. While service, sales, and supply chain teams sometimes have conflicting goals, asset data provides the neutral insight companies need to take balanced action. The data he recommends using includes install base data, preventive maintenance plans, contracts, and case or work orders closed. Together, they help organizations deliver a higher service level, increase first-time fix rates, and decrease return trips: also, key goals for the service parts world, as John and Mike unpack in this episode.

Beyond the Break-Fix Model

For service organizations, one of the most useful applications of connected devices and IoT data is their ability to actively monitor the condition of field equipment. This starts by building a nuanced profile of how equipment should be operating versus how it’s actually operating:

  • Collect data on equipment from multiple perspectives
  • Maintain accurate history of the data on each individual asset
  • Keep tabs on the bill of materials (BOM) over time

Compile service call data around equipment across multiple years

From there, you can get a comprehensive idea of what your equipment looks like over time, including its average wear and tear, and use predictive analytics to build a model for proactive maintenance. This gives service leaders a huge opportunity to reduce costs, maintain accurate inventory levels, and increase profitability by forecasting parts consumption over the coming quarters.

Strategic Prioritization

John, Mike, and Joe have enough industry experience to know that no matter what preventive measures you take, equipment still breaks. Luckily, having the right data on hand can help you temper fires more strategically.
Let’s say two of your customers run into the exact same issue, but you only have one of the parts you’ll need for both. How do you prioritize service in this case? Service managers can call upon contract data to help them understand what sort of entitlement customers have on an asset. High-stake customers and scenarios should warrant more urgent service. Additionally, Joe points out that it’s invaluable to know the nuances of each part or piece of equipment that needs fixing, as each one could require highly specific parts or expertise.

Communication Is Key

Staying on a note of realism, John reminds us that the existence of data alone doesn’t guarantee success. In speaking to various organizations, John occasionally hears people say they don’t know where their assets are or what service level they fall under, but of course, someone at each company has this information. This brings us to a point that Joe also addresses in his blog: Communication is key to making the most of your data.
In siloed organizations, some planners may have a distant idea that asset data exists and how it could help, but they don’t know who to contact about it. On the other end, field service management may not readily share their data without a clear understanding of how it could help them. Furthermore, supply chain folks, sales, and service all need different views of data on assets. That’s why the right configuration and distribution of asset data is essential to keeping everyone on the same page in terms of goals, while sharing a different part of the story across teams.

Spare Talk Questions & Feedback

Have a burning question? Spare Talk’s here to give you answers! In fact, your input forms the backbone of this audio series. Please send YOUR feedback to sparetalk@baxterplanning.com. Thank you for supporting Spare Talk!

Listen to Episode 5
Lindsey Rose

Lindsey Rose
Marketing Director

Lindsey is a relatively new addition to the Baxter Planning team, running the company’s marketing activities like webinars, email communication, and you guessed it – the Baxter Planning Blog.

With more than eight years in B2B Marketing, Lindsey enjoys finding unique ways for a company to not only stand out, but to bring true benefit a company’s customers and the industry as a whole. She finds the Baxter Planning team especially amazing to work with because of the deep passion and knowledge held by the subject matter experts and everyone at the company.

Lindsey stays plenty busy outside of work, spending time with her husband and their two toddlers. They spend lots of time at playgrounds and going for walks with their dog.