This realisation has led manufacturers to now focus on service growth and drives the shift from product centric to customer centric thinking. This also requires service organisations to be managed as a service business which comes along with new challenges.
Let's explore some of the key points related to this shift and the challenges involved:
Service portfolio development
Service delivery excellence
Talent and skill requirements
Customer relationship management
Business model transformation
Service innovation and differentiation
Transitioning from a product-centric to a customer-centric service business model presents various challenges. However, it also opens up opportunities for manufacturers to capture additional value, build stronger customer relationships, and create sustainable revenue streams. By embracing these challenges and adapting to the changing landscape, manufacturers can position themselves for long-term success in the evolving service-driven economy.