Capitalize on connectivity and AI-derived analytics to drive recurring revenue
Learn how Lexmark and Microsoft are partnering to redefine manufacturing processes with live monitoring, predictive maintenance and connected product solutions.
September 25, 2024
VIDEO [MP4 54:52]
Watch our webinar to see this transformation in action and learn how Lexmark’s partnership with Microsoft is transforming the manufacturing industry using advanced AI and IoT-driven connectivity.
Manufacturers, it’s time to take action. According to a recent study, nearly 50% of you are already connected to your products, with 37% planning to follow soon. This shift, fueled by AI advancements, is fundamentally transforming how companies connect data across devices and other business systems to unlock recurring revenue streams.
The importance of connected devices in modern manufacturing:
- Monitor equipment in real-time to catch issues before they escalate, reducing downtime and lowering maintenance costs.
- Adopt a usage-based model where customers pay for usage, creating recurring revenue streams instead of outright purchases.
- Leverage IoT analytics to offer tailored maintenance plans, increasing customer satisfaction and reducing service costs.
According to a recent study, nearly 50% of you are already connected to your products, with 37% planning to follow soon.
At Lexmark, we recognized the need for change early. With over 7 million devices in the field — 1.5 million connected to the cloud — we transitioned from traditional hardware and warranty sales to subscription-based services. As a result, our recurring contract revenue has increased to 40% of our total revenue, enabling us to achieve a customer renewal rate of 98%. This is the power of connected devices to drive business outcomes.
VIDEO
Witness how DEXIS, a global medical equipment manufacturer, improves device uptime and service support at speed after successfully implementing its IoT initiative in just 90 days.
Don’t wait — discover how fellow manufacturers are connecting the dots with data and AI-driven insights to impact their business outcomes.
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