Original equipment manufacturers (OEMs) need new ways to grow revenue and differentiate themselves as the state of the industry evolves with new technologies. As consumer demands and expectations grow, manufacturers urgently need to embrace digitalization and the industrial Internet of Things (IoT) to better compete and meet customer needs.

While one of the best ways to increase customer satisfaction and loyalty is to offer valuable services, many OEMs struggle with how to do this cost effectively: How can they continue engaging with customers long after the sale has completed? That’s where equipment as a service (EaaS) comes in: a model that enables the relationship between OEMs and their customers to become a long-term collaboration that benefits each party. 

But what is EaaS really, and how can you get started with it? Here are a few commonly asked questions about EaaS and how Siemens can help OEMs and their customers leverage it.