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Servitization & Outcomes-Based Service

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As we are now only a few months away from a full year of living with COVID-19, it is safe to say that governments and businesses are starting to learn the nuanced strategies needed to open safely and make smart decisions to keep people and employees safe. Of course, these strategies and remedies are not distributed evenly across industries. Restaurants have struggled to offset losses, and many have permanently closed. Many other industries, including a…

Today’s manufacturers and service organizations have a wealth of initiatives underway to improve, evolve, and transform how they leverage service as a strategic differentiator and seize the opportunity that service provides. Top of mind for these companies is determining how to serve customers in a way that delivers increased profit margins and revenue growth. This is entirely possible, which is why the focus on service is so strong, but unfortunately companies can fall disappointingly short…

Manufacturers of technical and office equipment have, just like manufacturers from other disciplines, embraced the importance of making service a component of their solutions. Offering service alongside traditional business practices makes a lot of sense for these companies—the overhead is low, the opportunity for subscription-based selling naturally increases, and there is implicit value in taking customer relationships beyond the transactional. High tech manufacturers and sellers of both business and consumer products have embraced this approach,…

Manufacturing firms across a variety of disciplines have been looking for ways to implement more service-oriented solutions into traditional manufacturing processes. This true for organizations that work with capital and industrial equipment as much as it is for any other manufacturer, but for industrial manufacturers, there are a variety of unique challenges that must be considered. Industrial assets—especially those that will become part of a broader manufacturing workflow—exist in a more mature service market than…

Prior to the COVID-19 crisis, companies across sectors were moving toward service-based strategies due to a number of challenges such as commoditization, price pressure, technological disruption, stagnant growth, and untapped market potential. Over recent months, and due in large part to the pandemic, priorities have continued to shift, making servitization more relevant than ever. As a global consultancy focused on topline strategy, we at Simon-Kucher & Partners recently surveyed more than 200 commercial function leaders…

150 years ago, New Bedford, Massachusetts was the richest town per capita in the world. New Bedford was a port city, a particularly well-positioned one for the burgeoning whaling industry. Whale oil was a hot commodity as a fuel for lamps, among other commercial uses, and that helped drive the economic prosperity of this small city in southern Massachusetts. I’d like to say that an ethical enlightenment towards the treatment of whales led to the…

 Brad Resler, President and COO at Brady Services Inc., talks with Sarah about three pillars Brad feels are critical to service transformation success.     Sarah Nicastro: Welcome to the Future of Field Service podcast. I’m your host, Sarah Nicastro. Today, we’re going to be talking about three pillars of redefining service delivery. We talk a lot on this podcast about the different journeys that companies are on when it comes to transforming their businesses…

 Jamie Beck, VP of Field Operations at Peloton, joins Sarah to discuss the company’s perception of service as a strategic differentiator and how field operations is being used to deliver a first-class customer experience.     Sarah Nicastro: Welcome to the Future of Field Service podcast. I’m your host, Sarah Nicastro. Today we’re going to be talking about Peloton’s investment in field service as a strategic differentiator. I’m excited to welcome to the podcast today…

Companies have realized the strategic and monetary value of service as a (or the) key differentiator and most are at some stage of the journey to equip their businesses to seize the service opportunity. You read (I write) a lot of articles on Servitization and the journey to outcomes-based service, and the reason you hear so much about these topics is twofold: first, the opportunity they present is immense and, second, the undertaking of these…

Next week we’ll release a podcast episode with Jamie Beck, VP of Field Operations at Peloton discussing how the world’s largest interactive fitness platform has decided to invest in field operations as a strategic differentiator. The conversation is an excellent illustration of a trend I’ve witnessed – the recognition by companies of how the face-to-face interaction that field workers provide can be an opportunity not just to “get the job done” but to deliver an…