Transitioning from Products to Services and Solutions
To thrive, many manufacturers and other product-dominant companies need to distinguish themselves from their competitors. In a recent study, over three-quarters of manufacturing C-level executives said that enhancing services is a key factor for competitiveness, and over half are planning to establish services as a profit center.1 These executives are not referring to entitlements, that is, product warranties, repair services, and after-sale maintenance. Instead, they are eyeing more advanced and often more profitable services and solutions such as asset management, business process outsourcing, and consulting. These services support the customer’s ambitions, whereas ...
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