Companies offering equipment-as-a-service need to retrofit old machines with sensors to collect data, not just sell new ones. The challenge: industrial equipment lasts 20 years but businesses operate for 5, making long-term service contracts risky to structure.
data modeling, data standardization becomes important because you cannot assume that all your customers will only buy your new machines. There will remain a section of old equipment which you would need to retrofit with extra sensors and IIoTs so that you are able to deliver those services. They are looking for services not by buying new machines, and they are not looking at equipment as a service only for the new equipment. They are saying, can you make equipment as a service even for your older equipment which I have? But now you shift from a value— a pricing model which is purely based on subscription and usage.
Like, if I'm going to buy a piece of equipment that will last 20 years, but what if my business only lasts 5? That's, that's a very interesting perspective I didn't think about.
