Service Innovation Process - MIT ID Innovation

1
What is The Service Innovation Process MITID
Innovation
2
Have you ever heard of Service Innovation? If
yes, then what else do you know about this
concept? Generally, most people are unaware of
this concept or even know they can't explain what
it is all about. Service Innovation is
undoubtedly a very interesting and crucial topic
to know if you are interested in the Business
Sector. So to know more about it, read further.
3
Concept of Service Innovation Process
The service innovation process can refer to a
variety of things, including new or enhanced
service products, as well as innovation in
services. Though service products can contain
technology features, this is frequently
contrasted with "technological innovation."
Service design and "new service development" are
strongly linked to this meaning of the service
innovation process.
4
It might also be characterised as innovative or
enhanced ways of planning and creating services
in service processes. This could involve service
delivery system innovation, though it's more
likely to be viewed as a service product
innovation. This type of innovation can be
technology, technique- or expertise-based, or it
can be a question of work organisation. Now that
you know what it means, let's read what's the
significance of service innovation.
5
Importance of Service Innovation Process
It has great significance in Business
Field Service innovation can be an effective
strategy for a business to gain a long-term
competitive advantage. Turning to or adopting
service models may assist firms in overcoming the
difficulty of maintaining growth in saturated
markets, as well as the problem of
commoditization.
6
A service-based strategy can help businesses in a
variety of ways. Adopting a service-based
strategy, for example, can assist in improving
service offerings, cost framework, delivery
method, and technology. While service innovation
can and should happen in the service industry, it
is not required. Non-services sectors, such as
manufacturing enterprises that diversify their
supply portfolio with value-added services, can
also provide new and enhanced services.
7
Service Innovation Theory and Process Strategy
Service innovation is helping companies develop
new revenue sources by meeting their customers'
demand to get things done in sectors ranging from
heavy machinery to health care to financial
services to consumer goods. These service
innovation basics are outlined in the book
"Service Innovation How to Go From Customer
Needs to Breakthrough Services"
8
People "lease" a credit card to make
transactions, a doctor to evaluate and treat a
disease, and education to advance their careers.
Organisations can define client value in a way
that guides enhancements to current services and
the creation of totally new services by focusing
service innovation on the task rather than the
service itself.
9
A job is a series of steps, and each one offers
potential for service innovation. However, many
businesses only provide value to clients if they
take specific actions. Most credit card
businesses, for example, concentrate on the
payment stage while overlooking other milestones
along the journey. What's the result? Many
businesses miss out on lucrative prospects that
are complementary to their current offerings.
10
Both services and products are responses to
customer demands. It is vital to first find the
opportunities before designing solutions for a
service or product. Almost all "solutions"
contain services and products as part of their
delivery.
11
An organisation should evaluate the major ways in
which services are built to develop unique
services that separate them from the competition
using certain measurements of consumer
value. Each of these processes in the service
innovation process is part of our Outcome-Driven
Innovation process.
12
About MIT ID Innovation
MIT ID innovation is an excellent institute of
India that is well-known for providing a variety
of innovation-based courses. The courses we offer
are to make sure that the students learn more
about service innovation and contribute to its
process. If you want to learn more about MIT ID
innovation, you can visit our website.
13
Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Design Thinking and Innovation Courses
in Pune.
14
Wed love to hear
from you.

• MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor,
  Pune-412201

• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in