subject: Service Lifecycle Management [print this page] Service Lifecycle Management Service Lifecycle Management
Historically, manufacturers have viewed themselves as purely product companies and their sole focus has been on developing and selling their products. The revenue generated by the aftermarket, which comprises servicing the products and customers after the completion of the sale, has been left to be earned by third party vendors.
However, with intense global competition reducing the margins earned on product sales, manufacturers across the globe are starting to realize the importance of making their businesses more customer-centric. They are scouring ways to differentiate their product from that of the competition, earn lasting customer loyalty and find new sources of profit. This has led to the emergence of Service Lifecycle Management (SLM), an initiative focused on servicing a business' aftermarket.
Manufacturers across a wide range of industries who have adopted Service Lifecycle Management have reported massive, quantifiable benefits of this approach.
Benefits of Adopting SLM
Increased profitability
Decreased internal costs
Better competitive position
Improved customer loyalty
Service Lifecycle Management is a holistic approach, covering parts, people, technology, and visibility, driving growth and bringing service to the forefront of the company.
Key Components of SLM
Workforce management
Parts forecasting and planning
Knowledge management
Enterprise asset management
Contract management
Returns and repair management
Reverse logistics
To help integrate the various components of SLM into a cohesive whole, many leading companies are opting for Service management software. Such software addresses each part of SLM, building one on the other, seamlessly integrating every component. It enables manufacturers to plan their service resources and effectively manage commitments, partners and pricing of services offered. In addition, these service management solutions empower staff by making more actionable data readily accessible, both in the field and in the office, allowing users to achieve tangible benefits.
Choosing your Service Lifecycle Management Software
Here are a few tips for a manufacturer who has decided to purchase SLM software to leverage the opportunities presented by the aftermarket:
Adopt an enterprise-wide perspective
Employ a single technologically-advanced solution that optimizes all SLM operations
Opt for a solution that is easy-to-use and practical yet flexible enough to handle a variety of service delivery models
service management solutions to help them increase their revenue from services while others are using them to strategically push the sales of slower-moving products. Regardless of your reasons for embracing Service Lifecycle Management, SLM software can help you to increase revenue from the aftermarket, reduce existing costs and gain a competitive edge in your industry.
