Connected, now what; Preparing for the HVACR data revolution Takeaway from AHR 2017 The AHR [...]
Connected, now what; Preparing for the HVACR data revolution
Takeaway from AHR 2017
The AHR show in Las Vegas brought together a collection of the most innovative HVACR companies in the world. The products on display at the show continue to get smaller, more efficient and certainly “smarter”. The term “smart” was often displayed on marketing materials and company banners all across the showroom floor. Prior to 2015, the term “smart” was seen as a buzzword in the industry that ultimately provided very little value. This is no longer the case.
Global product manufacturers are connecting their products with the goal of building deeper relationships with their end users. They are building mobile applications to give their customers the ability to monitor and control their equipment from anywhere in the world. They are building smart HVACR equipment that runs itself and automatically sends alerts to the customer when the equipment is not working properly. Companies are rapidly adding features to products to appeal their customers and stay ahead of the competition.
You might be thinking, what’s next? The answer is “big data”. Up to this point, Manufacturers in the HVACR space have primarily been creating products with only the customer in mind. The customer will always be the top priority, but manufacturers are beginning to realize the value-added potential their HVACR product data holds. Utilizing machine data, product manufacturers can improve their own internal understanding of how their products work in the real world. They don’t just want access to the billions of data points being generated from their machines, they want insights. Actionable insights.
With actionable insights, they can use product data to:
- Better serve their customers
Leverage connected products to engage customers and create new long-term value. Product management, sales and marketing, operations, and C-level gain end-to-end visibility on actual product performance and usage, user engagement and customer profiles, as well as operational feedback such as spare part management.
- Build better products
Integrate HVACR data, time-series, events and external data sources (product type, operating hours, geo-location, weather, etc) and monitors usage, and interactions. Manufacturers can perform flexible queries to understand how, when and where their HVACR are being used.
- Find after-market revenue opportunities
Leverage product usage data to design new service packages with higher value product performance guarantees and service level agreements. ‘As-a-service’ business models are a good example of this; where customers buy (or rent) the device upfront and pay a recurring monthly fee for additional value-added services.
Data analytics can help accelerate the transformation of a smart product into a connected business. But up until now, we have only scratched the surface. I believe that “data” will be the hot word of 2017, just as “smart” has been the word of the past two years.
Are you prepared for the HVACR “data” revolution? Connect with mnubo today.