Featured Article from Software Monetization
Servitization: Changing the Game for Manufacturers Today
Businesses involved in manufacturing have long celebrated the success of offering products consumers need. Recently though, a transformation to the digital world has started to evolve and manufacturing, like all other business, has had to adapt.
Today we’re driven by data and insight about what customers need and want, and that information helps to change how products and services are designed, offered and delivered.
A transformation is taking place and manufacturing is moving away from traditional business models and exploring servitization as a way to grow their business.
During a recent webinar, Dr. Mohamad Zaki of the University of Cambridge joined Gemalto (News - Alert) to discuss what servitization is and why manufacturers should care.
With servitization, the focus shifts away from the manufacturing products to offering services, becoming a service provider. This makes it easier to add value, scale and increase revenue.
What’s really behind this shift today is the fact that we are moving away from a world of only products to one that includes solutions and services instead. That means as a provider now you’re not just selling me the box, but all of the needed solutions and services to go with it too.
Zaki explained, “There is a shift toward more outcome based contracts” today versus those of the past which were more based on output.
Then there is always the focus on delivering what people want and the influence of “megatrends.” For example, Zaki noted, people are willing to pay more than three times the price to get a pair of sneakers from an influencer or another well-known person’s line – than a pair from the standard edition of a product – even if the only difference is the color of the stripes on a shoe.
With this information in mind, and the fact that technology is becoming more powerful, it’s easy to see that the possibilities are endless when you go beyond traditional methods and find new ways to push your business to the next level.
For more, check out the webinar recording HERE.
Edited by Alicia Young
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