Product as a service can be described by imagining yourself buying a car; moving away from the traditional, dated ideology of one off purchases. Instead of buying a car from a dealer and then contacting a mechanic to solve any problems you may have in the future, Product as a service is similar to the concept of leasing a car. Instead of paying one lump sum, you pay a subscription, which covers any mechanical repairs that the car may need, as well as MOT testing and services. 

Companies which offer product as a service benefit from generating recurring revenue over a long period of time, and also with long term customer relations. 

Product as a service can also help you gain a much wider audience as it enables a lower up front cost. As with leasing a car or a house, less money is required up front to rent a house, and any maintenance services are provided by the landlord. 

As we advance further into Industry 4.0, product as a service can help you become more innovative as it can be paired with other advancing technologies. For example, various companies are leasing printers and photocopiers which are able to automatically sense when their ink is low, and order more, as part of a subscription. 

The Small Robot Company is developing a crop management system which provides a farming service that assists farmers with planting, analyzing crops, and harvesting to allow them to maximize their yield. The service uses small scale robots which can be leased and will plant accurately, analyse the seeds during growth, and harvest crops to help farmers reduce environmental impact and maximize their yield. 

Product as a service, provides many benefits, and could help you revolutionise your business. Evolution 2019 will look at different ways of implementing Product as a service, as well as other way in which you can make your business more innovative. 

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Author: admin