The heavy equipment business currently looks healthy, with sales expected to increase across all segments. But despite the buoyancy of the industry, manufacturers face disruptive change, and they need to review their whole way of doing business to respond to current opportunities and challenges.
Manufacturers in construction, agriculture and mining need to consider new business models, with the focus shifting away from core equipment towards platform services and value services. Alternatives to purchasing such as leasing by the hour are also becoming important to customers. The structure of the market is also changing, with dealers playing an increasingly crucial role. The introduction of digital technologies brings issues of its own. Services and products from manufacturers often need to be integrated with those offered by large dealers and third parties.
The industry’s response is best planned around the four areas of activity:
- Connected Customer: put the requirements of your customers at the heart of your own business and develop the services needed to meet them.
- Connected Vehicle: make the vehicle a node on the network and have the right telematics installed to collect the right data.
- Connected Insights: gain competitive advantage by applying analytics to customer and vehicle data, producing insights to enable the desired features and services
- Connected Operations: maximize agility in every aspect of manufacturing
By following our AutomotiveConnect approach, Heavy Equipment OEMs will be better prepared for the continuously evolving market and the challenges of the future, by making technology work for them in a more integrated and seamless fashion.