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“ With the increasing pace of business and hyper-competitiveness , there needs to be a shift in the mindset from an ownership mindset to more of a value creation ,” Steve adds . An ownership mindset is valuable in that it engenders greater responsibility surrounding decision-making and business outcomes , but its foundation is the manufacturer ’ s perspective .
A value creation mindset meanwhile expands beyond that , putting customer experience at the forefront of how manufacturers approach processes , devise services and leverage technologies . Core to the value creation mindset is an understanding of how subscription-based models benefit both customers and manufacturers in a digitally transforming , hyper-competitive landscape .
Manufacturers across industries , no matter if they manufacture industrial equipment or apparel or chemicals or food are all reliant upon industrial equipment . Therefore subscriptions to spare parts and services enable manufacturers to open up new revenue streams , offering advanced maintenance , inspection and emergency repair
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