The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition from a product-focused to a service-oriented approach aims to increase revenues, improve profit margins, foster lasting customer relationships, and provide a competitive edge in the market. Companies with manufacturing subscription models are already witnessing faster revenue growth and higher margins than those selling only products.
To navigate this service transformation effectively, manufacturers are consolidating B2B and B2C commerce onto a unified cloud platform, incorporating artificial intelligence (AI), machine learning, and the Internet of Things (IoT) to create connected products. This integration facilitates enhanced digital customer interactions, streamlines the quote-to-cash process, and improves service delivery and asset management.
If your business wants to learn more about servitization in manufacturing — specifically, XaaS implementation strategies — read on to learn five tips to get started.
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