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Service Innovation: New Kid on the Block?

Service Innovation: New Kid on the Block?

Abstract

Innovation and profitability are two sides of the same coin for companies that wish to stay competitive in the market place. In fact, innovation is the mainstay of companies that aspire to lead in their area of expertise, irrespective of whether they are offering products and/or services.

Excerpts from the Paper
According to a study published by IBM Global Business Services, product contribution has stagnated at around 29% of the US GDP over the past 15 year, whereas the contribution of services has continued to grow, reaching a high of 42% by 2005. Not only is the boundary between service and product getting blurred but there is also an increasing tendency among firms to not consider themselves as providers of services or manufactured goods but instead as providers of ‘solutions for customers that involve a combination of products and services.

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