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A great example of servitization in action is Rolls-Royce’s TotalCare airplane engine program. Customers pay a set amount of money based on the number of hours the airplane is flown. In return, Rolls-Royce will repair, replace broken parts, modify and monitor the engine remotely.What is servitization and how is it changing business?
Traditional episodic encounters are being replaced by continuous personalized interactions. At the heart of this is servitization: the shift from traditional business models to an outcome-based, product as a service (PaaS) model. And companies are now being forced to rethink and reinvent their service models to stay relevant.What are some examples of servitized manufacturing companies?
Caterpillar provides another strong example of a servitized manufacturing company, offering a portfolio of services beyond production. One such service is the Cat® Product Link, a remote tracking and monitoring service.What is the biggest challenge for servitization practitioners?
The biggest challenge for servitization practitioners is how to transform a manufacturing organization into one which offers services. Delivering advanced services requires different capabilities to those used during manufacturing. This is made yet more challenging due to the lack of an established framework for companies wishing to servitize.