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…Full Story
Making your first real go at predictive maintenance? Here are the ingredients for success.