For an increasing number of companies, an excellent product no longer guarantees business success. The global marketplace has become a highly competitive one where new sources of income and growth have become a matter of necessity, as well as survival, for traditionally product-focused businesses. Many of those organizations are shifting their focus from selling products to building and establishing customer relationships and providing service solutions. This transformation requires answers to questions such as: How does an organization successfully navigate a large-scale transition from products to services? What are the challenges to growing services in a product-dominant firm? What are the key success factors? How can an organization successfully transition to value- and outcome-based service business models?
Advances in digital technology offer enormous opportunities for service innovation and growth. However these opportunities come with new challenges: How can companies turn the insights from data and analytics into commercial offers that drive top-line revenue growth and bottom-line profits? What organizational and operational changes are needed to secure the success of new business models built around big data and analytics? To advance knowledge in this critical area and to promote collaboration between academic and business communities, the Center for Services Leadership launched a Community of Practice on Monetizing Data and Analytics. The community, which includes representatives from CSL member companies, meets regularly to learn from experts and each other, and to share best practices in this emerging area.
By Christian Kowalkowski and Wolfgang Ulaga
CSL Faculty Network members working in this area:
If you have questions or comments, please contact the CSL at 480-965-6201 or CSL@asu.edu.
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Center for Services Leadership
W. P. Carey School of Business
Arizona State University