Servitization is a transformation where product companies develop the capabilities they need to provide services and solutions that supplement their traditional product offerings.
It’s a difficult concept for many manufacturers to grasp. There can be huge value in shifting from selling equipment with service plan options, to selling a bundled product-service solution. Over the life of the product, many manufacturers earn more from services than the initial equipment purchase.
It usually takes the ability to crunch data about the equipment installed base, and then use that knowledge to predict and forecast service events before they happen. Strategic leaders can also mine data from their installed base to identify new service offerings that might be needed.
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