Aftermarket: A Game-Changer in Industrial Success: Conversation with Siddarth Madhav
In this episode, Siddarth Madhav, Managing President at Fernweh Group, delves into accelerating industrial tech performance. Siddharth's journey from McKinsey expanded his expertise beyond economics, focusing on accelerated performance transformation of large industrial companies.. Siddarth highlights that Aftermarket growth is at the top of the list to make the Accelerated performance transformation for industrials due to its high-profit margins and recurring revenue nature Industrials can truly understand the value of Aftermarket Success by doing the following: 1) Be granular in understanding true aftermarket potential 2) Aftermarket revenue cannot be an afterthought 3) Setting up the right incentive model to drive aftermarket sales Moreover, Siddarth stresses robust process and change management as essential components for sustainable industrial transformation. Fernweh's approach centers on collaborative partnerships, fostering deeper relationships rather than purely advisory roles. He emphasizes the necessity of understanding nuanced aftermarket intricacies and engaging operational forces within industries for successful growth. Siddarth's guidance for independent industrial players includes adaptation, unconventional thinking, and strategic aftermarket structuring. His advice to newcomers includes selecting mentors wisely, understanding personal skill sets, and embracing responsibility for recognition. Siddarth advocates prioritizing aftermarket growth across industries, underlining the significance of a customer-centric approach for navigating successful industrial transformations.
