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Today, however, agility is seen more than ever as a critical success factor for companies. In times of an increasing degree of digital interconnection and minimum viable products, a mentality is entering the industrial service sector that has so far only been exemplified by Internet companies (e.g. Google): New products and especially digital services are developed in highly iterative processes. To this end, customers are involved in early test phases of development and provide feedback on individual functional modules, which – in contrast to the previous approach – are only gradually assembled into a market-ready “100 percent version”. But especially with the development of new digital services, companies must ensure more than ever that both the existing analog service business and the design of new digital services are geared to effectiveness and efficiency in order to meet the growing demands of customers and competitors.
To achieve this, companies must not only be familiar with the products currently on the market, but also master the entire product history, which in some cases goes back more than 30 years and varies greatly from one industry to another.
Industrial manufacturers faced and mastered several economic challenges and disruptive changes in the past. In particular, changes to business models emerge very slowly, whereas crises such as the banking crisis or covid-19 outbreak lead to significant short-term effects and are difficult to manage.
Over the past year, the world experienced an unprecedented form of disruption due to the global covid-19 pandemic. Compared to former economic crises, the implications of social distancing, lockdowns, and supply chain shortages triggered a rapid economic and societal disruption at a global scale, which impacted all sectors and levels of society.
For a holistic understanding of the impact of the current and former crises on industrial manufacturers, the Institute for Industrial Management at RWTH Aachen and BearingPoint conducted a survey as well as expert interviews to investigate the scope and type of affects for industrial manufacturers with a strong focus on service business. Based on this a framework to successfully address these new challenges and – also – opportunities was developed.
A subscription business model - that sounds like significant economic advantages. Therefore, the question arises: Why haven't all manufacturing companies established this type of participative business model yet?
The answer: The development and implementation of subscription business models go hand in hand with central challenges that companies have to overcome in the course of a business model transformation. This expert paper helps with this.