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At your service: What expanding services offerings looks like for four industry-focused organizations

Moving beyond primarily making and replacing products, companies are adding revenue streams through services such as monitoring, maintenance, and training.

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Business models in manufacturing are in flux. Product companies are developing new service offerings at such a rate that some have become predominantly service companies. The value derived from outcomes-oriented services has customers wanting more, so the trend is strongly positioned for growth.Tipping the scale from “manufacturer” to “service provider” is a phenomenon referred to as servitization. Moving beyond primarily making and replacing products, companies are adding revenue streams through services such as monitoring, maintenance, and training to help improve customer outcomes, which in turn can boost customer satisfaction and retention. This evolution is…

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Most recent: The Dos and Don’ts of Condition Monitoring

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