Gone are the days when industrial companies saw services as an afterthought. Modern executives recognize the potential for growth and stabilization in the service business. A global Bain survey of 51 industrial companies in 2020 revealed that services made up an average of 35% of revenue and 60% of profits. Effective service can increase the lifetime value of products, help retain customers, stabilize the company’s revenue against external shocks, and grow profits. Value-added services that combine product, service, and digital solutions hold even more potential as we enter a service-based future.