Servitization and Digitalization

Servitization is when companies expand their offerings from just selling products to providing additional services—like maintenance, support, or consulting—to enhance value and build closer customer relationships. Digitalization involves using digital technologies—such as software, data analytics, and automation—to improve processes, products, or services, making them more efficient, accessible, and innovative. Together, servitization and digitalization help companies deliver more personalized, integrated solutions, creating new revenue streams and competitive advantages by blending physical goods with ongoing digital-driven services.