As a result, 70% of those surveyed believe Generation Z will be the last generation to experience an economy dominated by products alone, without any embedded services or outcomes.

The report also revealed that 84% of those surveyed want the same outcome-based efficiencies in their consumer lives that organisations are currently experiencing in a business context.

According to “Rise of Asset and Service Data Gravity”, conducted by Vanson Bourne on behalf of ServiceMax from GE Digital, servitisation is reshaping business models.

Mark Homer, vice-president of global customer transformation for ServiceMax, said: “Demand for servitised convenience and efficiency means it’s just a matter of time before it reaches a tipping point in a consumer context.

“Outcome-based contracts and business models have put asset data in a critical new light, along with the service data associated with it.

“We’re seeing products, new revenue streams and operational interdependencies all gravitating towards the data because of the untapped value and insights it holds. The advent of connected equipment assets, industrial platforms and servitisation has made service data more valuable and strategic than ever before, yet it remains under monetised for most companies.”

Respondents say vast improvements are needed in the management of real-time access to their service data, as well as the ability to both aggregate and analyse it with the rest of the business.

According to the report, 87% of respondents say the successful collection and use of asset service data will have an impact on their organisation’s ability to remain competitive.

The research found that 95% of companies that don’t currently operate a fully-servitised business model say they are already working towards it or are planning to in the future, and 89% believe servitisation will enhance the way their industry operates.

The new study also found that automatic collection and analysis of service and asset data delivers a 14% revenue boost, along with insights for almost every other part of a business.

GE Digital helps companies to access machine data to deliver insights that inform business decision-making. Its Predix portfolio includes asset performance management and field service management applications which are designed to help customers manage the entire asset lifecycle.

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