What Is The Next Phase Of Service Innovation?

As service has grown in importance as a source of revenue and a key driver of customer loyalty, customer expectations of service delivery have increased. It is no longer enough to merely deliver quality service in a timely manner. Service organizations have to do more than simply keep costs low and maintain market share.

Customer demands and competitive pressures are driving service companies toward service innovation – developing new service offerings and service delivery mechanisms that their customers will find valuable.

This type of service innovation has become an increasingly vital component in a company’s competitive strategy. Executives recognize that focusing on cost control is not in line with long-term value creation. To grow, organizations need to reinvent customer relationships and embrace new technologies and business models.