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How manufacturers can survive this period of radical change – move into services – The Conversation UK

In the UK, services have grown over the past 20 years, while GDP generated from selling products has contracted. To remain relevant, manufacturers need to compete through services. Performance advisory services enable manufacturers to use digital technologies to understand how customers use their products, and then offer data or intelligence back to that customer. These types of services are not only profitable, but can also increase customer loyalty. In fact, today, customers are actively seeking such systems. Manufacturers need to take advantage of the opportunity that services provide.

Key Takeaways:

  • Something severe like a global pandemic can force radical change onto any industry.
  • New areas like offering remote services are opening up more communication with customers.
  • You should look at opportunities to offer new products and services during this time.

“For some, the implications are so severe that they may not survive. Even those that are doing well are having to deal with a reduced workforce, social distancing in the workplace, and the economic fallout of customers being unable to pay their bills.”

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