While many industrial equipment firms have made moves in the right direction by partially digitizing their existing value chain, this alone will not bring long-term success. Serious competitors are moving to implement new, fully digitized business models, preparing themselves for a future in which customers buy outcomes and services, rather than strictly products.
From agriculture to fleet management, companies are rapidly integrating platform-based subscription services in conjunction with their industrial equipment. The firms sell access to their software platform and applications built within it to help companies save money and become more productive, a key selling point for companies foregoing big capital investments.
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