Servitization

Servitization refers to the transformation of a company from primarily selling products to offering a combination of products and services. This strategy aims to create long-term relationships with customers, often by providing additional value, such as maintenance, support, or bundled solutions. For example, rather than just selling machinery, a company might offer maintenance services, training, and performance monitoring. This shift helps businesses generate steady revenue, adapt to customer needs, and differentiate themselves in competitive markets, ultimately focusing on delivering comprehensive solutions rather than just physical goods.