Developing Data Analytics to Improve Services in a Mechanical Engineering Company

Abstract

Business today must apply analytics to create new and incremental value. In today's economy, it is imperative that businesses develop and enhance their understanding of how digital data is collected and analyzed in order to generate new or incremental profitable revenue or to reduce cost. The purpose of this paper is to report on one in-depth case of a mechanical engineering company introducing a process how data analytics (DA) could be used in the creation of new services. Manufacturing firms are under increasing pressure to create industrial services that offer unique contributions to long term profitability. This paper increases understanding of how the mechanical engineering company can create new services by using big data, through servitization. © Springer International Publishing Switzerland 2014.