Servitization: The Journey to Advanced Services: A Conversation with Tom Palmer.

The article discusses the concept of servitization, which involves selling products as services. The author believes that this shift is inevitable due to various factors such as outsourcing non-core activities, the circular economy, and advances in technology. The article emphasizes the importance of focusing on value creation and not just changing the revenue model. It also discusses the journey of Rolls-Royce in adopting a services business model and highlights the importance of customer-driven value propositions and flexibility in adapting to customer operations and cultural situations. The future of advanced services in the manufacturing industry is moving towards servitization, driven by economic and environmental pressures and supported by digital technology and efficient asset sharing networks. Manufacturers should identify value creation opportunities and work in partnership with customers to pilot and scale their service offerings. [Extracted from the article]