W&F Issue 7 2018

www.wealthandfinance-news.com 18 Wealth & Finance International - Issue 7 2018 Syncron™, a provider of cloud-based after- sales service solutions focused on empowering the world’s leading manufacturers to maximize product uptime and deliver exceptional customer experiences, today announced Manitowoc Cranes has selected Syncron Price™ to optimize its global service parts pricing. As one of the world’s largest manufacturers of industrial cranes, Manitowoc sought to streamline operations, reduce system complexity and become more proactive in its after- sales service organisation. With infrastructure development increasing around the world, the global heavy construction equipment market is expected to reach $90.4 billion by 2025[1]. And, this uptick in new equipment orders – plus the growing demand for used equipment[2] – means an optimized service supply chain is key to success. Manitowoc realized just this and aimed to enhance its already superior customer experience through its after-sales service organization. “At Manitowoc, delivering an exceptional customer experience is our top priority,” said Mike Herbert, VP Aftermarket – Americas at Manitowoc. “We have always felt there was an opportunity to provide more consistent and rationalized service parts prices to the market but were short on resources and operating on a more reactive – opposed to proactive – basis. With Syncron, we are moving from Excel-based pricing to a solution that is easy to use, provides best-of-breed pricing features and will evolve and scale with us as our own processes mature. We consider the Syncron team to be true partners and are excited to expand our relationship with them.” Manitowoc has a long-standing relationship with Syncron, using Syncron Inventory™ to Manitowoc Continues to Lift its Service Supply Chain to New Heights with Syncron Syncron Service Cloud allows global crane manufacturer to continue to improve customer experiences and financial performance. manage its global service parts inventory. This allows Manitowoc to avoid excess and obsolete inventory – consistently ensuring service parts are immediately available when and where a repair is needed. This existing relationship will ultimately shorten the implementation process, as integrations are already in place between the Syncron solution and Manitowoc’s internal systems. Manitowoc’s goals for the implementation of Syncron Price include: • Gain complete visibility into more than 175,000 SKUs and improve pricing strategies around specific parts categories • Better understand parts segmentation and be more competitive on commodity items • Provide increased or additional shareholder value • Continue to grow the after-sales service business and drive more efficient processes • See increased value from service parts pricing within two to eight months “Manitowoc has been a valued partner for nearly a decade,” said David Reiling, Chief Customer Officer at Syncron. “Our companies share a standard for innovation, and that makes our relationship flourish. As customer expectations continue to shift from ownership to access, an optimized service organization will be more important than ever. We are thrilled to expand our partnership with Manitowoc to include service parts pricing across the company’s expansive global distribution network – ensuring the company continues to remain a service leader.” [1] https://www.oemoffhighway.com/ market-analysis/industry-news/construction/ news/20997398/global-heavy-construction- equipment-market-to-reach-usd-904-billion- by-2025 [2] https://www.forconstructionpros.com/equipment/ article/20997079/4-used-equipment-trends-to- watch-this-year