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 Which of the following best describes the concept of 'Servicification of Manufacturing'?

  1. The process of increasing the utilization of services in the production process to enhance the value-added in manufacturing.
  2. The shift of manufacturing operations from physical products to digital services.
  3. The outsourcing of manufacturing to foreign markets for cheaper labor.
  4. The integration of technological innovation in traditional manufacturing processes.

Answer (Detailed Solution Below)

Option 1 : The process of increasing the utilization of services in the production process to enhance the value-added in manufacturing.

Detailed Solution

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The correct answer is The process of increasing the utilization of services in the production process to enhance the value-added in manufacturing.

Key Points

  • The term 'Servicification of Manufacturing' refers to the increasing utilization of services in the production and post-production processes to add value in manufacturing. This includes elements like logistics, marketing, and after-sales services. 
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