- Solution overview
The evidence is clear: for high-tech equipment firms, a superior quality installed base that links seamlessly with every relevant aspect of the business is critical for success today. The reason: A well-ordered and thoroughly connected installed base provides the kind of analytics you need for insights that delight customers and generate real improvements in margin and revenue.
Challenge: Harmonize – and modernize – a disjointed installed base
Nevertheless, many enterprises are still trying to get by with poor-quality installed bases that belong to another era. They're coping with disconnected data that resides in too many silos and locations. As a result, accessing sales history, customer upgrades, contracts, supply chains, churn rates, or other important information is painfully hard. With no visibility into customer behavior, they may miss cross-selling and upselling opportunities. They can't control costs or productivity. Worse, because they have no way of predicting when their clients' equipment will need maintenance, they run the risk of letting down their valued customers.
Genpact's next-generation installed base
Genpact is offering an upgraded installed base that applies data engineering to resolve all these issues – and do much more.
It has two principal elements.
The first is a data hub that easily connects to existing ERP and CRM components and is self-healing, so it automatically identifies logjams, then reroutes traffic before a problem occurs.
Built on our proprietary Cora data foundation, this master data management system produces information of the highest quality while ensuring you maintain tight controls over data governance and security. Our advanced cloud-based data platform helps you effectively handle complex data challenges in an agile and cost-effective manner.
Our data hub features include:
- Powerful accelerators that give you a clear picture of all the factors that influence your business
- Integrated intelligence on vital details that govern your customers' actions, such as mergers and acquisitions, partnerships, and their e-commerce activity
- Product performance information amassed from emails, system and cloud metrics, the internet of things, and other sources
- Reports from experts, analysts, and social media, so you can interpret and proactively respond to these signals
The key is to capture all of that exhaustive data with the kind of agility you need to manage change in real time. That's where the second element of our installed base, advanced analytics, comes into play. Advanced analytics are essential for understanding your churn rate and for getting a clearer picture of the factors that help you retain customers.
To take advantage of the data the system collects, we deploy PowerMe, a tool developed by Enquero, a Genpact company. PowerMe assembles high-value analytics and business intelligence assets in an accessible way, empowering you to find and identify the data you need for effective decision-making. PowerMe is unique in its class. Unlike other such tools, it constantly maintains and ensures the quality of the data in the installed base by sensing and fixing errors before they have an impact.
Some PowerMe features that support advanced analytics include:
- A rich repository of pre-built KPIs with clear visualization tools
- Self-serve portals for ease of use by stakeholders
- Pre-trained machine-learning models that adapt as your company progresses
An installed base of this caliber gives you everything you need to know about renewal dates, contracts, upsell opportunities, and equipment status – and places the information at your fingertips. It identifies unique claims, too, eliminating duplicates to prevent leakage. It creates persona journey maps for a truly superior customer experience. And it helps you allocate spend toward your most profitable programs to get the best return on investment.
For all these reasons, our comprehensive installed base delivers on its promise. Here are some of the outcomes you can expect:
- A 20–50% reduction in churn
- An 8–10% improvement in customer satisfaction scores
- A 3–5% increase in customer loyalty
Bottom line: According to recent research, equipment makers expect their share of revenue from analytics-driven service models to more than double by 2024. To compete, you'll need a cutting-edge installed base. Genpact can help.