It’s hard to put a value on peace of mind. We all know what it feels like, and it’s relatively easy to describe in any given situation, but what’s it actually worth? Well, one way we can define it is to look at some numbers.
According to recent research by Frost & Sullivan, EMEA industrial markets suffer operational losses of more than $250 billion each year. And the global research company goes on to suggest that a substantial portion of this cost could be avoided by utilizing preventive, predictive, and protection technologies. And it’s this proactive approach that gives you peace of mind.
Companies thrive on peace of mind. It brings confidence and security to their operations and to their customers. But it is critical to take a proactive approach and prepare for any issues that might crop up – putting plans in place; having spares to hand; and having the correct skillsets to deploy them. More importantly, you need the time to implement and manage them. As a result, lifecycle services are now considered business necessities; even more so if you’re in the middle of a digital transformation.
The Smart Approach
There is sound reasoning behind this. If you strip away the layers, the wires, and the acronyms from digital-transformation programs, what you’re left with is a means to exploit data to add value, cut waste and boost uptime through optimization and efficiency. And all of this is delivered by a combination of smart devices, smart machines and smart people backed by smart analytics.
But being smart is a moot point if your assets are not giving you the uptime you need. All the gains are stripped away by downtime and efficiency losses. And it’s not just physical assets either. You have to consider this support approach holistically and look at security, training, support and consulting – all of which offer added potential to make your digital transformation a lot more streamlined.
Any lifecycle service offering should cover five core essentials:
- Consulting services tailored for customers, with specific operational and business requirements in relation to digital transformation
- Professional services related to project management and implementation
- Connected services in cybersecurity, OT network and remote support
- Field services for asset management and onsite support
- Workforce services in skill development training and enablement
To be as flexible and as efficient as possible, this service offering should comprise a technologically agnostic portfolio of diverse elements – across both OT and IT disciplines –encompassing design, development, operation, maintenance, and cybersecurity.
Getting What You Need from Lifecycle Services
Frost & Sullivan anticipates that these types of consulting services and connected services will be the major growth levers for the lifecycle services market over the next few years. Indeed, a survey conducted in 2020 indicated that more than 70% of customers intend to invest a majority of their future plant service investments in either consulting or connected services.
You have to balance your unique requirements with what you have at your disposal and then work really hard to extract every iota of value and capability out of it. Any plan needs to be tailored to your needs, your business, your use cases, and your goals, in order to convert any uncertainties into digital transformation opportunities.
No journey is going to be 100% plain sailing, but with the backing of a comprehensive support structure – one that recognizes the importance of cybersecurity and that every discipline, asset and person matters – you’ll have a smoother transit, with fewer delays. And when it comes to a digital transformation journey, lifecycle services provide that support structure.
You can read more about the report and research here.