Upcoming Trends in the Aftermarket Services Business

In recent years, the aftermarket services industry has seen enormous growth. As far back as 2006, after-sales services and the sale of spare parts in industries like information technology, automobiles, and industrial machinery were already estimated at roughly $1 trillion, or 8 percent of the annual gross domestic product of the United States. That figure has increased dramatically as companies across these industries have refined their strategies and business practices in order to tap into the full potential of this sector.

Having recently acquired the Aftermarket Services unit of global electronics maker Jabil, the customer service outsourcing firm iQor Holdings Inc. is poised to enter this rewarding new territory. In doing so, iQor will also be taking on some exciting challenges that have been identified by the business platform association Aftermarket as trends to watch in the near future. These include:

Knowledge. Identifying, analyzing, and sharing the experiences and insights of customer service personnel and other field operatives is a key step in helping product developers and R&D teams optimize design. How best to capture and transmit this knowledge is a hot question in today’s aftermarket business.

Data. Management of data in an environment of constant technological advances is at once a significant challenge and a major growth opportunity. Businesses must strike a balance between no lost data and no efforts wasted on data that is ultimately not useful.

Service Dominant Logic. Service is rapidly taking the place of goods as the cornerstone of economic exchange. Companies must therefore evolve and grow their business mentality in order to make the transition from a product-focused operation to a customer-centric one.