If you’re a large or midsized manufacturer, chances are you’re already piloting new digital manufacturing technologies. As productivity pressure piles up and new solutions become available, it can be hard to know where to best focus your efforts.
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 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.