Article | May 26, 2021

Manufacturing | The Move To Servitization And Circularity

Field Service Industrial Manufacturing

The servitization megatrend is upon us.

Industrial machine manufacturing companies are adding service revenue streams and changing their business models, usually to augment but sometimes to replace product-based business, in an aim to win and retain their customers and markets. This, coupled with the trend of moving away from a linear economy to a circular one, is changing the thinking of leading manufacturers of industrial machinery.

What is servitization, and circularity?

Servitization

There are many levels in servitization, from simply adding a service to a product sale to the goal of selling a service and not a product. For example, selling tons of earth moved or hours working, removing revenue spikes, and keeping a regular predictable income stream, plus the obvious, customer retention.

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