Servitization: Extended Business Model for more Revenue and Profit

Extending the business model to include offering not only the product and basic services but also the performance of the product, or even operating that product or service within your customer’s organization is growing. It is called Servitization and offers many opportunities of increased revenue and profit but also stronger customer relations. Many firms are on their servitization journey but too many have not explored the opportunities. This article gives you many insights on what Servitization is and how to do it.