For the Manufacturing industry Servitization is regarded as the biggest opportunity ahead, the key to their future. The Service market growth opportunity far outstrips that for Products, and the technology is ready to support this model (from IOT to Connected Service solutions).
In simplified terms Servitization is the transformation process for a business to compete through services rather than simply the sale of products. It is particularly relevant when these services are advanced and focused on delivering business outcomes (Servitization is often referred to as “outcome-based-service”).
In this context, a few examples:
Automotive: from cars to mobility.
Heating systems companies: from selling boilers (A/C), to heat-(or cool-)as-a-service.
Insurance: from Insurance to assurance.
Recurring revenue models, especially the ones related to servitization, require a paradigm shift for many companies venturing in this direction and will only work if they can focus on the long term and establish a strong, almost symbiotic relationship with their customers, boosting (and betting on) mutual growth.
How does Servitization relate to your business? Are you ready to embrace it?
At NativeVideo we deliver video-based solution for the Service and Field Service teams that focus on connected services and predictive analytics thanks to capturing the Service Moment, enriching it with data (from voice-to-text to AI, from AR to sentiment, from geolocation to next best action) and sharing it in real time with Supervisors, HSE and Ops teams and, most importantly, Customers.
Want to know more? Get in touch and let’s get to work!