Servitisation

Why the customer drives innovation in the experience economy

The term “the experience economy” was coined in the 1990s to describe how customer experiences would become the main competitive battleground for companies. Today, we find ourselves in the middle of this new economy. In order to survive, companies now need to focus on “experience innovation” and increase their customers’ involvement in their innovation process.

The importance of servitization in manufacturing

There are numerous benefits manufacturers can enjoy as a result of servitization, which can be achieved with the correct structures and processes in place.
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.