Eight out of 10 manufacturers believe using technologies to servitize their company will help broaden their customer base. But, if your business has never offered a service-based approach before, how can servitization be introduced?
A service based approach to manufacturing a product is one level of servitization, but taking this concept to an entire factory to produce highly personalised items is an extremely ambitious plan, one that could potentially be normal in the future.
In the past few years, the function of a manufacturer has drastically changed. With a growing number of businesses in a variety of sectors stepping into the services field, what manufacturers can now offer has transformed.
Service-based models are increasingly being integrated into businesses, as manufacturers look to retain and strengthen customer relationships. Lighting manufacturer Lumenstream are hoping to "disrupt" the industry with their servitized approach.
As someone who grew up on a farm in Somerset, I can tell you that farmers are income-poor but asset-rich, if farmers can essentially rent agricultural robots and pay only for their labour, this could change the industry irrevocably.
Plastic injection mould manufacturer, Coral Products (Mouldings) LTD, is investing in an in-house recycling plant in order to offer housing associations and councils the option to recycle their plastics.