– New Syncron reports reveal that 92% of supply chain executives have implemented pricing or inventory automation, and 80% lack analytics to achieve the expected ROI
AtlantaAnd the July 15 2022 /PRNewswire/ – Syncron today released the results of its new surveys on Inventory management status after sales and the Service Parts Price Management Status. The findings reveal the top challenges supply chain executives face in managing aftermarket pricing and inventory, and where they stand in embracing technologies that streamline processes to improve business results. While adoption is at an all-time high, participants cited a lack of analysis and other factors preventing them from achieving the ROI they expected from their investment.
He explained, “As the economic and supply chain fluctuations continue, we see manufacturers once unsure about smart technologies such as artificial intelligence and machine learning, realizing how important these solutions are to their ability to compete in the global market in unforeseen circumstances.” Annelies Schulze, Chief Revenue Officer, Syncron. “As promising as this sounds, manufacturers who understand the importance of examining vendor claims about AI and machine learning, selecting a partner with deep domain and industry knowledge, and training their workforce to take full advantage of the technology will reap the benefits.” Measurable results.
Adopting technology is just the first step
Reportedly, 92% of respondents have started implementing an automated pricing system, and 82% believe that AI and machine learning are important to improving parts pricing, but few realize the time-saving and decision-making benefits they expected. When it comes to inventory, 86% of respondents said that their inventory management does not provide a measurable return on investment.
Customer Satisfaction Automation
Survey respondents cited the key factors most influencing customer satisfaction, all of which are enhanced by automation: 36% note speed of delivery and/or parts availability, 32% note price value, and 22% note negative impressions based on the captive price of parts. . Other factors include price transparency (18%) and the frequency and magnitude of price changes (16%). The majority of respondents (94%) stated that the functionality of their back-end inventory directly affects customer satisfaction.
After-sales management in a difficult environment
While lead times and staff shortages have improved, manufacturers face new challenges: 100% of respondents cited increased aftermarket inventory, 84% said up to 15% of their inventory is moving slowly, and 56% indicated increased warehousing costs. The main drivers of logistics costs were labor cost, labor shortages, late fees, and transportation costs.
“The results of this survey confirm what we often hear from manufacturers when they come to us for a more flexible and advanced solution,” Schultz added. “Our primary mission at Syncron is not only to create industry-leading solutions that enable them to overcome even the most complex aftermarket challenges, but also to act as a trusted partner to ensure they receive the highest possible return on their technology investment.”
Research Methodology
Survey research was conducted through telephone interviews by an external research provider from January 2022 through March 2022. For the study, supply chain managers from 50 companies that manufacture service parts were interviewed.
Read the full reports here: After-sales service parts price report s Aftermarket inventory management status report.
About synchronization
Syncron enables major manufacturers and distributors to benefit from the world’s new service economy. We improve aftermarket business profitability, improve working capital, increase customer loyalty, and enable customers to successfully transition to service-based business models. With industry-leading investments in artificial intelligence and machine learning, Syncron delivers the first suite of innovative end-to-end, customer-supported, intelligent service lifecycle management solutions. Solutions delivered via our Connected Service Experience (CSX) platform include service parts inventory, pricing, warranty, service contract, and field service management. It’s no secret that the world’s leading brands trust Syncron, the world’s largest privately owned company for smart SLM SaaS solutions. For more information visit syncron.com.
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