APPROACH
Following an introduction to the LCR4.0 Holistic team at Liverpool John Moores University (LJMU) a consultative support process via a combination of digital diagnostics and readiness level assessment which resulted in a range of support opportunities centring on supporting the company to develop servitisation vs current break and fix business model solution.
SOLUTION
Central Group took advantage of the digital innovation support from LCR 4.0 Holistic which resulted in identifying academic skill base in condition based monitoring and targeted funding from the LCR High Growth Innovation Fund to develop / commercialise advanced condition based monitoring solutions.
IMPACT
A prototype IOT condition base monitoring solution has been identified and needs to be scaled up and commercialised as part of a Servisation business model that Central Group can offer their customers. Predicted benefits from the High Growth Innovation Fund are increase overall net profitability of 25 % per annum and creation of 6-7 jobs.
The support provided by LCR 4.0 Holistic has helped to identify expert skill base in condition based monitoring and secure innovation funding which ultimately will improve productivity, customer service levels and profitability.
Central Group will now put a plan in place to upscale & commercialise the IOT condition based monitoring solution as part on the Innovation funding project.
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Our partnership with LCR4.0 Holistic has been a real eye-opener and has given us the means to offer a servitisation business model to our customers which will improve asset operation up time & also save costs.
I would recommend anyone wishing to develop a Servitisation business model to take advantage of what it has to offer.
Shaun Sutton, Business Owner of Central Group
