Consulting and service business models often provide expertise and intellectual property that becomes a customer-owned work made for hire. Developing a solution or software product application can be a powerful way to extend a service business capability. Productizing processes and knowledge can offer significant benefits for an organization, including;
- Enhance consultancy labor productivity
- Provide incremental revenue streams that can include hardware/software around end customer-specific configuration and ongoing support
- Increase company valuations with the opportunity for enhanced exit strategies
- Less reliance on company employee relationships that can be transitory
- Delivery models include opportunities for license and support-contract revenue or software as a service.
- Applicable to product-based business models adding service component revenue streams
