New research finds zero unplanned downtime is reaching a tipping point
The costs, causes and repercussions of unplanned downtime are triggering investment in digital tools and field service management, according to a new Vanson Bourne global study, sponsored by ServiceMax, from GE Digital, the leading provider of field service management solutions.
The study found:
The new study, “After The Fall: Cost, Causes and Consequences of Unplanned Downtime,” surveyed 450 field service and IT decision makers in the UK, US, France and Germany across the manufacturing, medical, oil and gas, energy and utilities, telecoms, distribution, logistics and transport sectors, among others. The study finds that production and productivity, IT, and customer service are hit hardest by unplanned downtime, with damaging repercussions for businesses as a whole.
The study further reveals the extent to which businesses are investing in digital tools and field service management solutions:
Forty-five percent of respondents say that a digital twin with predictive maintenance would help prevent major failures, and 54% are planning to invest in a digital twin by 2020. Likewise, field service management is expected to become a primary revenue driver within the next two years, on average.
“As the world has become more reliant on machines, we’ve seen a widening gap in asset efficiency awareness that’s historically gone largely unnoticed,” said Mark Homer, Vice President Global Customer Transformation for ServiceMax, from GE Digital. “This fractured insight is unnecessarily lengthening recovery time, but the research hints at a tipping point in recognition of the problem and planned investment to address it. In the same way field service management solutions moved from being reactive to proactive to preventative, we are seeing a similar shift in attitudes to unplanned downtime from recovery to protection to pre-emptive. Over time, zero tolerance and zero unplanned downtime will become the norm as companies develop and invest in their industrial digital strategies.”
A copy of the Vanson Bourne Whitepaper, Executive Summary and Infographics, can be downloaded here
ServiceMax, from GE Digital, leads the global industry of field service management software – an estimated $25B market worldwide. The company creates solutions for the 20 million people globally who install, maintain, and repair machines across dozens of industries as the leading provider of complete end-to-end mobile and cloud-based technology for the sector.
About Vanson Bourne:
Vanson Bourne is an independent specialist in market research for the technology sector. Their reputation for robust and credible research-based analysis is founded upon rigorous research principles and their ability to seek the opinions of senior decision makers across technical and business functions, in all business sectors and all major markets. For more information, visit www.vansonbourne.com.