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Diversification of Companies’ MRO Offerings With Industrial IoT Platform Enables to Reposition Their Role in the Value Chain and Unleash New Revenue Streams
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The objective of this research is to analyze and evaluate the strategic opportunities for the maintenance, repair, and overhaul (MRO) market as the entire manufacturing landscape is expected to be influenced by the digital transformation. This study offers holistic analysis of OEMs and end-users requirements and evaluates MRO’s current value proposition. In the present dynamic business environment, there has been a dramatic shift in investment activities that are predominantly focused toward plant modernization and upgradation. Manufacturers are revisiting their operational strategies due to the soaring cost of plant maintenance arising from unplanned downtime. As the reduction of operational cost and enhancing plant productivity remain the two key priorities for manufacturers, the study analyzes the role of Industrial Internet of Things (IIoT) in automating manufacturer’s plant maintenance activity and, importantly, the transition toward predictive maintenance.
With the dawn of smart manufacturing and service-based business models, it is imperative to leverage IIoT to establish a connected ecosystem including MRO. This not only helps manufacturers to reduce their operating cost but also boosts their revenue. The economic downturn in 2008 has changed manufacturer’s mindset and has instilled the need to outsource their MRO activities, particularly to those distributors offering an extensive range of value-added services and provide end-to-end support in plant maintenance. The changing relationship and position of MRO distributors in the value chain unleash new opportunities to expand their business offerings. This is best achieved through IIoT that helps to coin distinctive value proposition, thereby reaching new frontiers in the present competitive environment.
With investments flowing toward achieving IT-OT convergence that facilitates seamless integration and flow of communication across a vast range of assets, plant engineers and operators have the ability to efficiently manage plant maintenance and repair at its early stage. The direct access to asset data on real-time basis combined with analytical capability helps to consolidate, interpret, and visualize data, thereby providing accurate and reliable results on asset health. This drives the demand for MRO distributors with strong engineering prowess monitoring the asset condition and support manufacturers’ transition from reactive to predictive maintenance.
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GROWTH OPPORTUNITIES IN COBOTS, AUTONOMOUS MOBILE ROBOTS, 3D PRINTING, AND INDUSTRIAL AUTOMATION
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