The way manufacturers talk about servitization these days, you’d think it was something new and shiny, but it’s as old as razor blades. Nick Peters reports on the background of offering Products-as-a-Service.
As markets continually shift and competition continues to rise, the role of a manufacturer has changed drastically in the past few years. With a growing number of businesses stepping into the services field, manufacturing is clearly in the midst of an industry-wide servitization transformation.
A recent survey has shown UK manufacturers are increasingly moving their businesses from being purely product centric to incorporating new service offerings to deliver business growth and new revenue streams.
We are approaching a time when artificial intelligence and robotic systems will not only surpass humans in carrying out labour intensive and high-precision tasks, but also become ‘smart’ and able to come up with ideas, designs and solutions.