Service Innovations

Service innovations are of foremost importance for companies when aiming for a sustainable competitive advantage. Services constitute the major component of global economy and as world economies advance, larger proportions of economic growth are dominated by growth in service industries. Although services already generate the majority of the global GDP its role in the future is estimated to be even more dominant and represent approximately 80% of the GDP at year 2050.

This project is an international research project initiated by BIG II and carried out in six countries: Finland, Italy, US, India, Singapore and Sweden. Students were asked to evaluate different service innovations, both in IT sector and non-IT. It investigates in what ways service innovations are evaluated and establish which factors make people consider it as a failure/success. Furthermore, the study investigates which innovations people would like to experience in the future.

The outcome was presented in a paper that argue that services constitute the major component of global economy and as world economies advance, larger proportions of economic growth are dominated by growth in service industries. Servicization of corporate offerings has been the emergent trend for global companies which require innovations in their offerings for staying ahead of competition.

Service innovations characterize the development of new service areas and innovations in the existing service offerings through a deep involvement of all the stakeholders in a service system, in particular the consumers of the services. Organizations are vastly observing the enhanced importance of service innovations which enriches the value proposition for the firms. This research project, aims to bring about the combination of innovation & services management to investigate service innovations which in turn provide inputs for business model restructuring for firms. The research aims at understanding the aspects of service innovation for managers and contributes to the marketing literature for service innovations.

 

 

 

 

 

 

 

Literature