Part 1 of this series analyzed the phenomenon of the rise of the service economy: the increasing importance of the service sector in industrialized economies. Especially in a sluggish market, service delivered after the initial sale of a product is what can truly differentiate competitors.
In fact, after-sale service is quite difficult to replicate. Thus, while durable (hard
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needs when a product breaks and customers call for support (after the fact). Rather than responding to problems, service should be proactive, anticipating the needs of customers. The use of condition monitoring equipment placed in manufacturing sites is an example. By taking constant readings on heat, vibration, noise, and other critical process variables , companies can understand if there is a problem before equipment fails. For more information on the topic, see TEC’s previous article