In a study conducted by McKinsey, they found the average lifespan of companies listed in the S&P 500 is less than 18 years – Quite a change from 60 years in the 1950’s. McKinsey believes this trend will continue; by 2027, 75% of the companies currently listed in the S&P500 will have disappeared.

One of the leading contributors to this change is technology advancements that disrupt traditional processes. Seven of the top 10 S&P companies today are Tech firms – a shift from three just two decades ago. So, what makes technology adoption so crucial for the competitive landscape? Customer Engagement.

How companies choose to develop processes that better engage their customers is fundamental to reducing yearly attrition. We see this technology development happening across the connected landscape. 

  • Building automation is moving to continuous commissioning models to monitor and reduce energy consumption.
  • Manufacturing is using data analytics to predict failures and increase production uptime.
  • Oil and energy producers connecting hundreds of dispersed sites to centrally monitor operating conditions for process stability. 

To stay competitive, integrators and OEMs must have flexibility in their processes and offer new, engaging technology to their customer base. Let’s face the facts, servicing your customers by sending out trucks and turning wrenches is like using a stone hatchet to cut wood – it’s archaic. Technology is enabling a digital services transformation so systems can be monitored and maintained from anywhere in the world, and customers' success depends on the ability to use these tools.

Elon Musk once said, “What makes innovative things happen?... I think it’s really a mindset. You have to decide.”

The tools and technologies needed to transform your customer services model are out there. So, what will you decide to do with them?

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Blog post is written by Eric Cohen - OT Network professional having talks about Industry 4.0, Smarter buildings, Smarter cities, Cybersecurity, and Digital transformation.