Leasing it

The manufacturing and construction industry is switching to a system where instead of selling expensive products such as buildings and military hardware outright, it effectively leases them for 30 years, taking on the overall responsibility for maintaining, repairing and upgrading them.

This new approach – known as product-service – is already used in private finance initiatives for many new hospitals and schools and is beginning to be used for military aircraft, ships and tanks.

This change means that firms must understand how to deal with important information safely and securely for many years, how their engineers can adapt the product as customers’ needs change, and how best to organise themselves to adapt to the new approach.

These areas will be explored by a new £5.5 million three-year research project beginning in October and led by Mr Chris McMahon of the University of Bath's Department of Mechanical Engineering. He will work with colleagues in the University’s Mechanical Engineering Innovative Manufacturing Research Centre (IMRC).