In this new always switched on connected world, manufacturing firms are having to move even closer to their customers to understand how they can produce products and services that they will need and want in the future. While some might shy away from grappling with this fast moving marketing environment others are squaring up for the fight. Switched on management teams are puzzling out how to use the reams of so called Data and Big Data that this new Digital Age generates through the use of M2M (Machine to Machine) sensor communications or what others term The Internet of Things or Web 4.0.

So what are the actual barriers for firms still stuck in Web 2.0 who want to move on and shift their business models to services and solutions? How can this Web 4.0 be used more effectively to generate information that businesses need, rather than drowning in a sea of information that has little relevance. What will the so called 'sharing economy' mean for them? And how will the much talked about new Wearable technologies be used in service organisations in the future? Is there a business model suitable for service firms that can help plot an accurate path for service organisations in what all agree is an incredibly fast moving business environment?

This conference heard from industry thought leaders who explored this changing nature of services in a digital world.  We talked to the main speakers and programme leaders at the conference to get their views on the issues around managing the shift to services in a digital world.

In the conference our Director, Professor Andy Neely, University of Cambridge, outlined the '50 Great Service Innovations'. In a podcast interview during the conference Andy comments: “The rate at which people recognise opportunities in the future is vast and keeping up with that is challenging. Many organisations see where they could go, but maybe trapped by legacy infrastructure and legacy systems so making that transition and delivering on the potential is a much more challenging process for people. Making the shift to services is quite challenging for many organisations who want to successfully make that transition.”  [Listen to Andy's Podcast] [Watch Andy's Presentation]

Then Dr Stefan Bungart, Europe Software & Analytics COE Leader, GE Global Research told us about 'GE’s approach to services enabled by the Internet of Things'. Stefan said: “What we have seen is an acceleration because every new generation of tools, techniques and technologies increases the speed with which you can do things significantly. It also allows you more permutations on the way you do things and it just multiplies.” [Listen to Stefan's Podcast] [Watch Stefan's Presentation]

Next Ed Bainbridge, Digital and creative Development Director – Screentwist, a previous former Vice President of Digital Experiences, Disney Interactive EMEA, spoke about 'Digital content creation in the entertainment industry and the “Always On” generation. Ed said: “The thing about the gaming market is just when you think you know it the next one will come along. That one becomes your favourite until the next favourite. Keep your eyes on the market place, the virtual reality space is going to be another twist in the adventure of gaming.” [Listen to Ed's Podcast] [Watch Ed's Presentation]

Finally Dr Felix von Reischach, Head of Mobile Innovation, Middle and Eastern Europe, SAP Switzerland Inc, gave us insights into 'SAP support for services now and in the future'. Surprisingly he said that technology is not as important as a deep knowledge of your industry, so do “dig down” and learn more about your customer base. Felix said: “We can identify a solution that will solve the problem but then it is a question of whether it is actually reasonable to do so. Is it worth the investment, that is the question?” [Listen to Felix's Podcast] [Watch Felix's Presentation]

We hope this series of Cambridge Service Week guest speaker podcasts will help you take your business to the next level. And to help you a bit more we asked three of our Alliance programme leaders to comment on Andy’s Five mega trends, i) services and solutions, ii) Web 4:0, iii) the sharing economy, iv) wearable’s, and v) future service business models. They are Dr Florian Urmetzer, a Senior researcher at the University of Cambridge, Dr Veronica Martinez, also a Senior Researcher here, and Dr Ivanka Visnjic, University of Cambridge.

Florian said: “I strongly believe there will be a big impact by wearable technologies. This way of sharing information is going to allow innovations in services. We will see machinery produced for servicing, that will give specific information so the uptime can be optimised.” [Listen to Florian's Podcast]

Veronica said: “People want more customising of their business, they have higher expectations, the internet of things, the communication, the technology, pushes customers to be more demanding. There are now many different business models and outcome based contracts – pay for use contracts, where they pay for what they use, maybe one. People are not interested in owning an asset, or owning the risk of an asset, so this is where the market is moving, the ownership of assets to future generations will not be as important.” [Listen to Veronica's Podcast]

Ivanka said: “Companies are moving more towards ecosystems. The young giants as they call them, Facebook, Amazon, Google, were born into the ecosystem collaborative network environment. Large companies with a longer tenure are learning how to work in that environment. But everybody is shifting towards more open collaborative business models.” [Listen to Ivanka's Podcast]

By the way Andy’s top tip is to take a leaf out of Threadless “t” shirts business model and use crowd sourcing to discover what your customer’s may want in the future. And be warned some of this technology maybe “disruptive” look at what Uber is doing to the traditional taxi firm.