May 05 | 4:25 PM - 5:10 PM (ET)
A number of factors such as industry disruptions and competitive forces are compelling manufacturers towards “servitization” of their product offerings. Product servitization is a scenario wherein, manufacturers sell outcome based monthly subscription plans to their customers. These plans utilize the large amount of data generated from connected products. Customer experience is principally a product of interaction between organization and customers over the duration of their relationship. One of the key facets related to customer experience is assurance against financial loss and product unavailability, due to events such as product failures, unexpected service costs, accidents, thefts and natural calamities. Currently, different types of covers such as warranty, service contracts and insurance plans provide protection against these categories of risk events. Use of statistical techniques to determine price and to manage risks by leveraging large amounts of data, is common to all these types of covers. Interestingly, most of the data related to these covers is available with manufacturers. Therefore, manufacturers can play a key role in developing comprehensive, personalized and subscription based product assurance plans that cover all types of risk events associated with customer experience. Nonetheless, designing such comprehensive assurance plans, manufacturers will need to implement business and technology solutions, such as Atos Syntel machine-learning solution for warranty claims anomaly detection, cognitive models for determining warranty accruals, Atos Syntel predictive maintenance solution framework, big-data platform for exploiting vehicle telematics data and so on. Benefits of such comprehensive assurance plans include lower price due to economies of scale and improved experience to customer and greater customer loyalty and newer revenue streams for manufacturer.