The partner ecosystem at Ultimo has grown by around 46 percent since 2023, and one of the common traits I observe about the businesses in our network is their flair for entrepreneurialism. They have a keen eye for opportunity, market forces, technology trends and more.
This is important in our business, because the EAM industry is set to boom, and the migration patterns of sales, product, services and integration partners between EAM vendors, can be informative. Between questions of longevity hanging over some of the ‘big blue’ EAM logos, some computerized maintenance management systems (CMMS) masquerading as EAM, as well as vendor acquisitions, the EAM space has never been more dynamic, and ripe with opportunity.
So, here are seven key questions for potential partners to consider when partnering with an EAM technology vendor: –
1. Revenue & reach: Does their business model give you access to a broader market and a more diverse customer base? This can create new revenue streams and opportunities for growth that may have previously been out of reach.
Is there a software-as-a-service (SaaS) annual recurring revenue (ARR) model to facilitate predictable, stable and recurring revenue streams? A critical component of financial stability, this is key to planning and investment for long-term growth. Together, these two elements pack a powerful punch.
2. Innovation & roadmap: Is your EAM solution vendor actively investing in research and development (R&D) to introduce cutting-edge features, and ensure that their platform evolves to meet emerging industry trends and technological advancements? Using artificial intelligence (AI) to shrink mean time to repair for example.
Does your EAM partner have a clearly articulated vision for growth? Do you understand their technology roadmap?
I strongly believe that when partners work together within an ecosystem it creates a culture of innovation. By sharing ideas and resources with each other and with the vendor, it enables all parties to develop solutions that keep us ahead of the competition and the evolving demands of the market.
3. Scalability & Efficiency: Is there a SaaS model? Inherently able to offer scalability and designed to seamlessly scale with your business, this can help you manage increased demand without compromizing performance. By leveraging cloud infrastructure, automation, and the many tools available to you, you can achieve significant cost savings while maintaining high levels of service. So, you can focus on growing your customer base, expanding your market reach, confident that your EAM platform will underpin your success.
4. Unrivalled value & support: EAM solutions can strengthen customer relationships by solving critical business challenges like maintenance planning, asset tracking, compliance, and operational efficiency.
But does it have extensive support and resources? For example, comprehensive onboarding, continuous training, and dedicated assistance to support customers pre- and post-sale? This means everything when it comes to developing opportunities, winning business and achieving your business goals. Does your EAM vendor support function leave you free to focus on driving growth and delivering exceptional customer value?
Ultimo, for example, has over 100,000 active monthly users, yet when it comes to customer support, we can boldly claim to get ZERO major support escalations. Our customer retention rate of 98 percent is best-in-class and testament to our relentless focus on customer value and support.
Another indicator is whether the company and/or product earned high customer satisfaction ratings. Has it been recognized as a Gartner Peer Insights Customers’ Choice for enterprise asset management (EAM) for example?
5. True, Feature-Rich EAM: Is the EAM technology itself designed with an intuitive interface, making it accessible for users of all technical backgrounds. Does its ease of use reduce training time and increase user adoption across organizations? Is the platform highly configurable, to allow customers in specific industries such as manufacturing and logistics to tailor it to their specific workflows and operational needs?
Does it seamlessly integrate with key enterprise systems, such as ERP, CMMS, and BIM (building information modelling) tools? This ensures a unified ecosystem and eliminates data silos.
Does it provide robust reporting and dashboard capabilities for actionable insights? These analytics enable data-driven decision-making for improved asset performance and operational efficiency. Does it have mobile accessibility-providing on-the-go access for technicians and managers? This supports real-time updates, barcode scanning, and offline functionality, enhancing productivity in the field.
Is there a complete suite of functionalities, including:
- Asset tracking for visibility into asset utilization
- Maintenance management to plan preventive, corrective, and predictive maintenance
- Work order management to streamline task assignment and completion
- Inventory control to optimize spare parts and reduce downtime
- Health and safety compliance to ensure regulatory adherence and worker safety?
Does it leverage Internet of Things (IoT) integrations and real-time data analytics to enable predictive maintenance?
6. Customer insights: Does the ecosystem allow you to tap into valuable customer insights from different regions and across different industries? This knowledge helps you tailor your offerings to meet customer needs, leading to higher satisfaction and loyalty and retention. You can use insights from across a global partner ecosystem to segment your customer base more effectively. This means a personalized approach to marketing, sales, and support that resonates with specific customer groups. You can also develop targeted marketing campaigns based on customer preferences and behaviors, leading to higher engagement and conversion rates.
7. Commercial Proposition: Is your current vendor offering a leading partner margin structure that not only supports your investment but also significantly enhances your profitability? How does their model compare in terms of incentivizing growth and ensuring long-term success for your business?
Why now?
Being part of an EAM ecosystem should mean joining a community of like-minded partners. As an IFS Ultimo SaaS partner, for example, businesses share a platform with a vibrant community with whom you can exchange insights, collaborate on solutions, and build lasting relationships. Our network offers valuable opportunities for learning, growth, and mutual support, helping members to achieve more success together.
The demand for innovative SaaS solutions is higher than ever. Customers are looking for reliable partners who can deliver value and drive their digital transformation. I believe there is a collaborative power in an ecosystem that’s a strong network of expertise and resources. At IFS Ultimo, we believe in overcoming challenges and unlocking new opportunities by leveraging our collective strengths.
The opportunity is real. And the time is now. To join our network of entrepreneurs, get in touch with me, or learn more about partnerships here.
