Increasing Product Value and Reducing Costs with CORVINA's Servitization Solutions
An Overview of Servitization and How it Can Benefit Your Machine Building Business.
What is Servitization
Servitization is a business model that involves offering services, in addition to traditional products, to customers. In the context of machine building, servitization involves adding new services and capabilities to the machines being sold, beyond just the physical machine itself. These services may include things like remote monitoring, predictive maintenance, and other value-added offerings.
The goal of servitization is to provide customers with a more comprehensive and integrated solution, improving the customer experience and increasing customer loyalty. By embracing servitization, machine builders can differentiate themselves in the market, generate new revenue streams, and build stronger relationships with their customers
CORVINA specializes in helping machine builders adopt a product service approach, which can enhance product value and reduce costs by gaining more control over the use and maintenance of machines.
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The Future of Machine Building
Why Machine Builders are Turning to Servitization to Improve Value Proposition and Drive Sales
Enhanced Value Proposition
By bundling additional services like maintenance, consulting, and training with machines, machine builders can offer a more comprehensive solution to their customers, improving their value proposition and creating a competitive advantage.
Increased Revenue and Profitability
By providing a more complete solution, machine builders can drive sales and profitability, attract new customers, and increase repeat business.
Improved Customer Satisfaction
Servitization allows machine builders to gain more control over the use and maintenance of their machines, reducing downtime, and minimizing repair costs. This can lead to improved customer satisfaction and increased loyalty.
Cost Reduction
Providing services can help machine builders reduce costs by optimizing machine performance, preventing breakdowns, and extending the lifespan of their machines.
Industry Trends
The trend of servitization is becoming increasingly popular in many industries, making it a competitive imperative for machine builders to adopt a product service approach in order to stay ahead of the curve and meet the changing needs of their customers.
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Let CORVINA Answer your Concerns over Servitization
Concern - One of the primary concerns for machine builders when considering a digital IoT platform is cost. The upfront investment can be substantial, and machine builders may be hesitant to allocate a large budget to a new technology.
Response - The CORVINA platform offers flexible pricing options that are designed to fit the budget of any machine builder, without sacrificing quality or capabilities. With the ability to start with basic remote monitoring and add advanced servitization applications as needed, the platform can be customized to meet the specific needs and budget of each machine builder.
Concern - Implementing a digital IoT platform can be a complex process, requiring technical expertise and resources that some machine builders may not have. This can be a significant barrier for those who are already comfortable with their current remote monitoring solution.
Response - The CORVINA platform has been designed with ease-of-use in mind, providing a user-friendly interface and extensive support to make the implementation process as simple as possible. Additionally, the platform comes with dedicated customer success managers and technical support to help machine builders every step of the way.
Concern - Machine builders may be uncertain about the potential benefits of a digital IoT platform, such as increased efficiency, reduced downtime, and improved performance. They may also be uncertain about the return on investment and whether the platform will deliver the results they need.
Response - The CORVINA platform has been proven to deliver real results, with capabilities like real-time monitoring, predictive maintenance, and performance optimization that have been shown to increase efficiency, reduce downtime, and improve performance. Additionally, the platform offers a wide range of advanced servitization applications that are designed to meet the evolving needs of machine builders.
Concern - Implementing a new technology always comes with a certain degree of risk, including the risk of data breaches or other security concerns.
Response - The CORVINA platform has been rigorously tested and proven to be reliable and secure, with robust security measures in place to protect sensitive data and ensure the safety of each machine builder's operations.
Concern - Some machine builders may already be comfortable with their current remote monitoring service and may be hesitant to switch to a new platform.
Response - The CORVINA platform offers the same remote monitoring capabilities that machine builders are used to, while also providing additional advanced servitization applications that they may not have access to with their current solution. This makes the platform a more comprehensive and versatile solution that is designed to meet the evolving needs of machine builders.