What are consumables in business?
Many industrial products require the regular consumption of raw supplies. Consumables are any non-durable good or product that get used up through operation of your equipment. From chemicals in medical lab machinery to wire elements in welding equipment, your end users rely on these components to ensure uptime and productivity in their operations. For owners, these consumables represent a necessary cost; for suppliers, they are a key source of revenue.
Manufacturers often compete with third-party vendors to supply consumables for their own product offerings. But these manufacturers have a potential competitive advantage, in the form of .
Building capabilities into products offers multiple benefits, from cutting downtime to boosting efficiency. But monitoring can also be used to perfect consumable fulfillment. For customers this means never facing downtime due to supply shortages, while avoiding excess inventory costs. For manufacturers, it represents a unique competitive offering that comes with high-margin, recurring revenue opportunities.
Building your smart consumables strategy
Never lose another high-margin consumable sale.
One of the biggest benefits of an enterprise IIoT platform is that it’s relatively easy to deploy the capabilities needed for direct consumable fulfillment services. Platforms like ThingWorx include the connectivity, monitoring, and visualization resources needed to efficiently pilot and launch a consumables revenue initiative. In fact, for many machine builders, these are the same IoT capabilities they are using to optimize their own manufacturing operations.
Real-time data
Remote condition monitoring
ThingWorx IIoT solutions platform
Expanding revenue potential with PTC
For leading machine builders, digital transformation has provided a means to discover new revenue sources that build on the value of your products, services, and support. See how PTC customers are using our technology to transform service value.