Digital Lifecycle Solutions Enhances Value Proposition and Facilitates Strategic Growth
Control Station today announced a significant increase in services revenue and delivered a financial performance that closely tracked the company’s strategic growth goals. The company launched Digital Lifecycle Solutions in mid-2023 as a complement to its market-leading portfolio of process analytic and optimization software products. The expansion of services was viewed as key both to Control Station’s long-term growth and to enriching the value of its software portfolio.
Revenue from Control Station’s services more than doubled on a year-over-year, achieving a composite increase of 109.5%. Whereas income from traditional training services remained flat, Revenue from Control Station’s application-based service offerings increased by 169.9%. Of note, services related to the company’s PlantESPâ„¢ Loop Performance Monitoring solution witnessed year-over-year growth of 239.0%. PlantESP sits atop the industrial automation market as the leading control loop performance monitoring solution.
“Process manufacturers share a critical need for best-in-class analytics and world-class engineering support,” stated Dennis Nash, Control Station’s president and CEO. “PlantESP has proven uniquely capable of equipping customers with the actionable intelligence needed to optimize production performance. Through our service offerings we’ve also proved the value of partnering with customers to leverage PlantESP’s analytics.”
Control Station delivers services to an increasingly multinational base of manufacturing customers. Through the end of 2023 the company had successfully licensed its award-winning LOOP-PROâ„¢ and PlantESP products to end-users in over 70 countries. Control Station delivers services in support of its customers via both onsite and remote means. As a result of the 2020 global pandemic, remote delivery of services has become an increasingly accepted approach for manufacturers. With a growing team of field application engineers, Control Station has the subject matter experts needed to augment a manufacturer’s production staff.
“Our services philosophy emphasizes partnering with customers to achieve mutual success,” noted Jon Stevens, Director of Services for Control Station. “Customers rightfully prioritize maintaining production, and they engage our team of experts to identify opportunities for performance improvement as a complementary function. By teaming up in this manner, we’re helping them to achieve their optimization and sustainability objectives.”
Relative to the company’s strategic growth plan, Control Station achieved 97.9% of its Revenue target during 2023 and positioned itself for continued growth during 2024. The imminent launch of an expanded suite of Digital Lifecycle Solutions and new plant-wide monitoring capabilities are both expected to contribute to fulfillment of the company’s multi-year plan. The extension of services and technologies positions Control Station to capitalize on the global market for digital transformation solutions. According to Mordor Intelligence, the market is projected to grow at a CAGR of 19.4% through 2029.
