What is Servitization!

In essence servitization is a transformation journey - it involves companies developing
the capabilities needed to provide services and solutions that either supplement
or replace their traditional product offerings. Recent technological advances such
as cloud computing, big data analytics, mobility and social media have enabled the
Servitization trend.

Definition of a service

A service is the means of delivering value to customers by facilitating outcomes customers want to achieve without the ownership of specific costs and risks.

ITIL defines services this way. It basically means that the customer gets something they want without having to bother about the supplier’s efforts to provide it. Services are stand-alone offerings, but could as well be offered with a product as a supplement.