Transforming manufacturing in the wake of the COVID-19 pandemic
Manufacturers are increasingly turning their focus towards aftermarket services, not only as a means to enhance customer satisfaction but also as an opportunity to generate new revenue. This broad category can include the sale and delivery of maintenance, spare parts, and other value-added services.
As COVID-19 continues to disrupt supply chains and capital spending, putting a strain on many companies in the manufacturing industry, scaling aftermarket services will become an essential and stabilizing part of the industrial business.
Our new report—Aftermarket services: Transforming manufacturing in the wake of the COVID-19 pandemic—offers insights for manufacturers to consider before executing their own aftermarket service strategy:
- Why aftermarket services are becoming an imperative for manufacturers
- The multiple challenges of delivering aftermarket services efficiently
- How digital technologies could help create immediate and sustainable success
- Winning in aftermarket services may require a multipronged approach
Accelerating this next wave of manufacturing growth could help offset the impact of the COVID-19 crisis, as well as allow manufacturers to protect and expand their business through improved service, better margins, and greater customer loyalty.
Aftermarket services: Transforming manufacturing in the wake of the COVID-19 pandemic
Access the report via the Global site
What does this mean for Canada?
From Gerald Faustino, National Leader, Aerospace and Defense
Aftermarket services isn’t just about maximizing a recurring revenue stream anymore. The new reality is that demand for new products is slowing as companies focus to preserve cash and limit capex spend. A key imperative for manufacturers is learning how to best service an installed base, and new customers that are holding onto their assets for a longer time frame. The new reality has transformed the manufacturer to customer relationship into one of proactive, shared ownership over the life of the product. Our point of view explores the strategic, technical, financial, operational and human capital dimensions to shift to this new paradigm.