According to a survey of 467 manufacturing executives across the UK and Europe, 65% of executives agree that their organisations made long-term decisions, shifting from products to services.
Manufacturing businesses are ditching one-off sales and offering more personalised solutions to deliver lasting value. Businesses are combining physical products with service contracts, subscriptions contracts and digital services.
At the same time, 9% of the respondents expressed low trust in their organisations to live up to the task. 45% of the executives blame the complexity and number of data sources for holding them back from fulfilling customer expectations. Another 37% blamed unreliable data sets.
According to Gartner, manufacturers will spend $625.8bn on IT by 2025 to meet changing CX expectations. Similarly, 37% of respondents prioritise customer data platforms and upgrading the overall consumer digital experience.
[4 minute read]
