ARE YOU BEING SERVED?

With competition in the manufacturing sector greater than ever, developing a comprehensive service offering is crucial for firms looking to survive and thrive over the long term. We spoke to Professor Tim Baines from the Aston Centre for Servitization Research and Practice to get the lowdown on the concept that is causing a seismic shift in the way manufacturers do business. Sell us servitization in one sentence... Servitization is a business model transformation - from selling a product alone to selling a package of product and services - which can generate business growth, sustainable revenue and long term contracts. What's the history of the practice? Certain manufacturers have been selling services for decades; Rolls Royce celebrated the 50th anniversary of its ‘Power by the Hour’