Theme: 10 Leading Planning & Forecasting Solution Companies to Watch in 2024

Person To Be Quoted: Sean O’Neill, Chief Product and Technology Officer (CPTO)

Description: With a mission to make the world a better-serviced place, Syncron’s work is rooted in this purpose that drives them forward.

Syncron is a global team of innovators who are on a mission to make the world a better-serviced place by simplifying the complex.

With hundreds of dedicated professionals working together to shape the future of service lifecycle management, Syncron is a strategic partner helping organizations undergo digital transformation and optimize aftermarket sales and services.

Geopolitical conflicts, the labor market, and inventory costs are some of the trends expected to impact Syncron as a Planning & Forecasting Solutions provider in 2024.

Syncron, Chief Product and Technology Officer, Sean O’Neill, says, “Geopolitical conflicts like those experienced in the Red Sea can cause significant supply chain disruption.  Due to the required route changes, shipping container costs have increased exponentially, driving energy costs. Ultimately, this can impact both prices and availability of spare parts, especially when managing a global network. Resilience will be the key, and Syncron is a potential solution for service organizations looking to optimize their regional inventory plans to account for these disruptions.”

The labor market has been an issue for several roles. Increasingly, this is becoming a more relevant topic for planning teams. While much of the knowledge is currently sitting with tenured employees approaching retirement, companies are realizing that much of that institutional knowledge around planning and inventory optimization is at risk of disappearing.

These complex processes—previously handled by tenured employees over their careers—can be automated in many situations. This shift presents an opportunity to move forward and enable future team members with the ability to focus on being proactive versus reactive. Part of this conversation can be recruiting a different skill set as tools advance in the industry.

Whether it be inflation or the cost of borrowing due to high interest rates, companies face increased headwinds on their inventory. Multi-echelon optimization is becoming essential to help manage these costs. Companies are also refocusing what they define as success for spare parts, targeting more customer-focused metrics like service levels, customer satisfaction, and repurchases.

Speaking about the challenges faced by leading company decision-makers in the planning and forecasting space, O’Neill says that he has gained insights into a number of them. These challenges include the Digitalization imperative, AI’s role in monetizing service contracts, the Shift to value-based pricing, and Building loyalty through customer-centric approaches.

Syncron addresses these challenges by offering flexible digitalization solutions, leveraging AI to improve transparency and profitability, advocating for a holistic approach to value-based pricing, and emphasizing customer loyalty.

Elaborating on the statement, ‘making the world a better-serviced place,’ O’Neill says that they strive to ‘make the world a better-serviced place’ with the Syncron Connected Service Experience (CSX) Cloud. The CSX Cloud, a premier AI- and ML-driven platform, transforms how manufacturers and service organizations approach service lifecycle management. The platform integrates pivotal aspects of aftermarket sales and service lifecycle management, offering intelligent solutions that enhance and optimize parts planning, parts and contract pricing, warranty management, and service execution.

Citing the case study of Terex Corporation, O’Neil says that Terex Corporation, a leading American global manufacturer of materials processing machinery and aerial work platforms, has integrated Syncron solutions for strategic pricing and proactive inventory management.

Syncron Price and Syncron Inventory support Terex in its mission of offering best-in-class service to its customers and its vision of increasing profitability and becoming the most customer-responsive company in the industry.

The company witnessed commendable results with Syncron, including

• Comprehensive visual data analysis for intelligent global pricing

• An intuitive, built-for-purpose platform designed for pricing and inventory optimization

• A singular data repository that drives the data transformation journey forward

• An easy-to-use, transparent system implemented across multiple regions

• Increased agility for more efficient pricing decisions

While numerous companies vie for the top position, Syncron, with its team of global innovators, has been recognized by IDC Marketscape as a leader in inventory, price, and warranty and as a major player in field service management.

Regarding the competition, O’Neil says, “With Syncron, our customers gain a comprehensive, award-winning solution and the collective knowledge of a team of expert advisors. We recognize that implementing a new software solution is just the beginning of your journey toward achieving transformative business success.”

That’s why Syncron goes beyond standard product implementation, offering customized goal-setting and progress monitoring with its team of expert strategists.

Its Service Business Transformation team works with clients to identify and accomplish business objectives so that customers realize Syncron's total value.

As Syncron charts its course for the future, it is firmly committed to maintaining its leadership in facilitating the digital transformation of service organizations and staying at the forefront of innovation in the service industry.  

“Our focus will continue to be on understanding and adapting to the evolving needs of our clients, leveraging cutting-edge technologies, and fostering strategic partnerships. As the landscape of service-oriented businesses evolves, we aspire to be the go-to partner for those seeking comprehensive solutions in their digital transformation journey,” adds O’Neil.

Syncron’s dedication to excellence and customer satisfaction is at the core of its future endeavors. The company is actively exploring opportunities and strategies that align with its vision of being a catalyst for positive change in service organization transformation.