Even though the term “servitization” has been around since the late 1980s, the meaning and importance behind it have only recently been recognized in the world of manufacturing. This change has come about due to the lightning-fast advances in technology and the ever-growing need for strategic thinking and high-level efficiency in competitive markets.
Servitization essentially denotes a transformation – it represents a shift away from traditional manufacturing processes, which involve simply selling products, towards a business model that can best be described as a product-service system.
Up until recently, the optimization of production processes and ensuring high customer satisfaction were conceptualized as two entirely separate efforts within a company. Today, the introduction of new technology, coupled with current market trends, is shaking up this perspective.
In today’s increasingly competitive marketplace, lasting client relationships and high customer loyalty are becoming a crucial factor to a company’s success. This emphasis on driving for high customer satisfaction and repeat business is highly justifiable since there is a strong correlation between quality client relationships and the company’s ability to remain relevant and, ultimately, profitable.
In our recent blog, 3 Issues Facing Discrete Manufacturers in Industry 4.0 , we mentioned the importance of high levels of visibility throughout the production process. This topic is being brought up more and more as manufacturers push to capture staggering amounts of data in order to gain a competitive advantage over the rest of the industry.
FDA regulated organizations have a lot of challenges that can and should be turned into opportunities. Have you ever asked yourself if you have the necessary IT infrastructure that allows your business to identify opportunities for growth? Today, in the highly competitive Life Sciences and Food & Beverage industries, remaining compliant while optimizing your manufacturing process to meet the demand is a tough challenge.
Investing in the right people, processes and technology can enable you to effectively sidestep some of the challenges while keeping you focused on the long-term goal.
So how can FDA regulated organizations use technology to manage the challenges in this complex and ever-changing environment?