More digital technology in more machines, increased capacity to transmit data, expanded data storage and faster data processing in the cloud, and the emergence of sophisticated artificial intelligence (AI) and machine learning (ML) have invigorated manufacturers’ interest and activity in service life cycle management (SLM). The ability to access and analyze so much information has presented the manufacturing ecosystem with an interesting opportunity to alter its business model to focus as much or more on servicing equipment after it is sold as on actual production. Service life cycle management is historically more profitable and enables producers to cultivate the long-term relationships that customers prefer over one-time purchases.
