Recently, Frost & Sullivan assessed the aftermarket service lifecycle management application industry and, based on its research results, recognizes Syncron with the 2022 North American Enabling Technology Leadership Award.
The company offers a fully connected suite of software-as-a-service (SaaS) solutions to help clients optimize their pricing, customer service and profitability. Syncron focuses on aftermarket services for a variety of manufacturing industries, with specific strength in automotive, agriculture, construction & mining, and industrial equipment. Syncron offers the following three main solutions supported on the Syncron CSX Cloud platform:
Service Fulfillment (warranty and field service)
Service Go-to-Market (contract price and pricing intelligence)
Service Supply Chain (inventory and retail inventory)
Syncron designed their Service Go-to-Market and Service Supply Chain solutions to help clients navigate increasingly risky and unpredictable market conditions. The Service Go-to-Market price solution provides an automated part pricing system that maximizes revenue for original equipment manufacturers (OEMs), Tier I suppliers, warehousing, and retailers. The solution uses statistical algorithms to discover market pricing dynamics, before leveraging artificial intelligence (AI) and machine learning (ML), to enhance the service solution’s opportunity identification capabilities even further. Syncron Service Supply Chain solutions enable manufacturers and distributors to streamline the supply chain from top to bottom. The solutions enable visibility for clients to reduce inventory overstock, wait times, and downstream distribution issues that have a significant financial impact on their distribution channel partners.
According to Wallace Lau, Industry Principal at Frost & Sullivan, “The Syncron Price solution provides customers with an average profit increase of 5.2% across multiple manufacturing industries, with auto parts distributors being the highest. It also enables customers to achieve visibility across all their part categories and collect real-time customer feedback to meet the changing market dynamics and customer base proactively.”
The Syncron Service Supply Chain inventory solution calculates various part demand probabilities to help customers optimize their supply chains, thus reducing freight and aftermarket supply chain costs by up to 40%. Syncron delivers rich data points through advanced analytics and risk assessments, providing clients with the ability to predict potential price movements or supply chain bottlenecks and make actionable informed decisions accordingly. The solution creates value for customers through organizational transparency and accuracy at each supply chain level, highlighted in two customer success stories from NFI Parts and PACCAR. NFI Parts enables on-demand delivery to reduce downtime effectively for clients, while PACCAR provides transparency on returns and reduces overall costs. “At Syncron, we focus on creating connected solutions that enable our customers to deliver a superior customer experience,” said Dr. Friedrich Neumeyer, CEO, Syncron. “OEMs and their distribution networks that promote brand loyalty first will inevitably see increased revenue and profitability for every service interaction.”
“Syncron enables customers to optimize their parts inventory, delivery time, and service quality to meet the challenging demands of service-driven business models,” added Lau. With its strong overall performance, Syncron earns the 2022 North American Frost & Sullivan Enabling Technology Leadership Award in the aftermarket service lifecycle management application industry.
Each year, Frost & Sullivan presents this award to a company that has developed pioneering technology that enhances current products and enables the development of new products and applications. The award recognizes the high market acceptance potential of the recipient’s technology.
Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.