Servitization as a competitive tool in an unusual business context
In recent years, companies have faced a series of shocks that have tested their strategies’ flexibility and ability to adapt to an unusual business context, i.e., a continuously changing business environment.
The global context and its effects on Italian companies
As highlighted in the recent Ingenium Report by Federmacchine, a branch of Confindustria (the main representative organization of Italian manufacturing and service companies), companies are called upon to keep pace with long-term trends such as digitalization and climate change, to face weaker global demand and low investments, and finally, to respond to the increasing emphasis on sustainability.
In this scenario, servitization emerges as a crucial element for the growth and competitiveness of companies. This process involves creating an integrated offering of products and services to meet changing customer needs, thereby increasing the value of the products offered.
Servitization as a response
Servitization offers a possible response to these challenges. It implies a paradigm shift from a product-centered business model to a service-oriented one to provide added value to customers through innovative and personalized services.
For example, the implementation of predictive maintenance plans through sensors, the offer of process optimization services such as pay per volume/use and machine as a service, and the use of technologies like e-learning or augmented and virtual reality for the enhancement of specific knowledge of staff and customers represent some of the opportunities that servitization offers to companies.
In this context, customer experience becomes more significant. Companies must be able to anticipate and respond to their customers’ needs, manage data, organize the entire company, and design products that meet customer needs.
Sustainability is another distinguishing feature of manufacturing companies. It translates into greater attention to environmental issues and is also a commitment to greater social and organizational responsibility. Sustainability not only enhances the reputation of companies but also creates added value, promotes circularity, and reduces waste.
Innovate to stay competitive
In conclusion, companies are therefore called upon to innovate to stay competitive. Innovation, both in product and process, is essential to increase the added value generated by the company and to respond to the challenges of the global context.
In conclusion, servitization responds to the challenges posed by the global context, allows to meet customer needs more effectively and personalized, and contributes to promoting sustainability and innovation. The market must seize these opportunities to remain competitive in a continuously evolving world.