Resideo

Background

Resideo, a predictive analytics software start-up, was looking to develop an IoT enabled service offering for critical home equipment including furnaces, air conditioners, sump pumps, and well pumps. Time to market was critical as was the ability to scale rapidly to other in-home appliances.

A Visionary Approach

Resideo is changing the way home service providers do business by predicting and remotely diagnosing failures before they happen. This approach protects homeowners and allows service providers to be very efficient in making service calls – with the right part at the right time. It also allows providers to service more holistically and proactively with insights coming from predictive analytics rather than waiting for service calls.

The Challenge

Resideo is committed to marrying the most cutting-edge technology with their vast expertise to deliver the best solution possible for service providers and the homeowners they support. Resideo’s solution required the development of three brand new technologies: the sensor platform to connect a variety of home equipment; the cloud platform to receive and manage the data, and predictive analytics needed to create service insights.

The Solution

Resideo attempted to develop all technology components in-house from scratch but quickly realized they were not going to hit their time to market requirements. As Resideo’s secret sauce lies in their deep knowledge of both the in-home appliance market and in the predictive analytics required, they knew they needed a cloud platform partner to accelerate their efforts.

After some rapid prototyping work, it became clear that TwinThread was the right cloud platform partner to build their connected solutions around. Resideo focused on the sensor platform development and by using TwinThread as the cloud and predictive analytics platform was able to free up resources to develop their own proprietary algorithms versus building the platform itself.

Resideo’s solution included sensors and gateways that collect data directly off of in-home appliances and uses the TwinThread platform to develop predictive models of that data. Home residents and their preferred service vendors get alerts notifying them that one or more components will require service soon. The service provider then proactively schedules a service visit and performs preventative maintenance on all appliances, having come completely prepared with all of the necessary equipment and components to complete the job.

The Result

Resideo drove their vision to reality – building a game changing service with high-value intellectual property on TwinThread’s robust predictive analytics platform. They were able to go from concept to commercially available product in six months – delivering hard economic benefits for home service providers and the to the homeowners they support:

Improved Profits – 60% reduction in repair cycles and 50% improvement in service technician utilization.

Reduced Risk: 90% reduction in callbacks; 15% reduction in parts inventory costs.

Improved Satisfaction: 50% improvement in customer retention.

As Brian Courtney, CEO of Resideo said,

"We chose TwinThread and we couldn’t be happier. The scalability of the platform, the ability to leverage existing and custom analytics, the configurability around metrics and the ability to leverage workflows to customize classifications and notifications have allowed us to focus on the specifics of our solution without having to build the infrastructure to execute it. We’ve also leveraged Erik and the team to hone our analytics. Their experience and knowledge from applying predictive analytics in the industrial sector is a pure win for Resideo. They get it and they are helping us get it to market faster and more effectively."