why is service innovation important

Customers tend to be more loyal to companies that prove to be forerunners and torch bearers in their area of operation. Customers can now clearly see that they are the driving force behind any company and that companies are bending backwards to please them. The majority of consumers sight good customer service as a reason for sticking with a company. For example, banks earlier knew they had complete control over the procedures and processes and faced little or no risk from customers having an impact on their business. Terms of Service Your unique product or service may reel them in, but customer service keeps them. Innovation is important, because it creates new things towards technology and it helps people improve the things we got now days. So effectively there is innovation benchmark or history to fall back on. When you use it in your business, you are drawing ideas from a wide range of people on the social networks, giving you a successful outlet to find new ideas for your business. Crowdsourcing innovation is an innovation activity that is slowly making its debut in the digital workplace and that too with high expectations. 5 reasons why innovation in health care is important. Being able to find easier and more effective ways to do business is certainly wise. This is detrimental to the health and performance of your business in the long-term. “If an organization is not continuously improving the way it performs processes, it will likely fall behind in the market.” That’s because at least some if not all its competitors will be making such improvements. 4) Give an example of points of pain that were addressed in the film, The Founder. Being able to find easier and more effective ways to do business is certainly wise. Innovation in today’s world is something companies can’t compete without. An innovation is something original, new, and important in whatever field that breaks in to a market or society. I use this video with business people as well as in my talks to elementary school students! Why is Innovation Important for Your Business? Innovative products, increased number of branches, better trained and more competent staff and round the clock customer service centres are some of the innovations now seen in this industry. … 5 reasons why innovation in health care is important. In business today, we need to be innovators now more than ever. And supplementary service innovation comes from helping the customer get jobs done related to using or consuming a product. Innovation is the process of creating and implementing a new idea. Netflix began a small business and today’s  Netflix’s market value now stands at $32.9 billion. Not only is the invention of something new important, but getting it out into the marketplace is just as important. It is not just the invention of a new idea that is important. In a nutshell, innovation management can be defined as the methodical process of introducing ‘something new’ to an organization – be it a product, service, model, etc. As salespeople, our industry is always shifting. I admit, it’s a pretty good question. However, the changes that you wish to implement must be sustainable and something your organization is able to carry the burden of. Service innovation means changing the way you serve your customers to create greater value for them and deliver more revenue for your organization. It was interesting to see some of the points like future increase of firms cooperating with startups and many others. Crowdsourcing innovation is an innovation activity that is slowly making its debut in the digital workplace and that too with high expectations. It is widely recognized that the health and human services industry currently faces challenges. The importance of product innovation may be understood well from the following points: In the era of globalization, the role of innovation company can get legal protection of its breakthrough the product in the form of “Patents”. ; The marketing company can adopt Skim the Cream Pricing for its innovative products. But the good thing is, with innovation, there isn’t a last nugget. Simon Stevens today stressed the importance of frontline nursing in the community as the NHS moves into a new era. Constant innovation with a view to serve customers better is important for business success. In this case, as Innocent have launched a ‘me too’ product, they have not innovated, merely carried out a product development. Innovation can bring the added value you need to your business plus widen your employment base. Continuous Improvement – Innovation gives organizational sustainability when you are making continual improvements and repackaging and re-branding. C’est quoi l’innovation en en In summary, as with the majority of … Research on service innovation appears in several research disciplines, with important contributions in marketing, management, and operations research. Saygar the Magnificent Summary by New Author Elizabeth Jurado, 11 Questions to Answer Before Designing Your Website, 5 Reasons Why Writing a Book Improves Your Credibility and Brand. When you have this business skill you will find that it opens up all kinds of opportunities and gives you the potential for a new market and helps you to keep up with the current trends. Innovation is one of the most important concerns of each organization and its role in the development and coordination of the market is inalienable. Everyone loves a leader (we only quote things that leaders do or say right?) Why innovation is Important in 2020 and Beyond! To avoid falling behind, we should be constantly learning, creating, and innovating. For a Free Initial Consultation Email Lisa@LisaCaprelli.com, Why It's So Important To Create A Novel Product Or Service | The Hustler, https://valuer.ai/blog/76-surprising-facts-about-corporate-innovation/, https://axisbits.com/blog/Global-Innovative-Products-Creativity-Innovation-in-Products-Services, Why It’s So Important To Create A Novel Product Or Service – bs.thehpoints.co.uk, Why It's So Important To Create A Novel Product Or Service - Business. The innovation drive will therefore continue unabated since customers will not settle for anything less than the best. However if they have utilised a new technology in the manufacture which gives a USP, I would then agree that this is innovation. To avoid falling behind, we should be constantly learning, creating, and innovating. Every business must innovate to compete. Invention is a new idea. However, now with easier rules and the vast number of players within this industry alone, customers will not think twice before taking their money elsewhere. If you are interested to read the article, here is the link: https://valuer.ai/blog/76-surprising-facts-about-corporate-innovation/ , Although dictionaries will have differing descriptors for the meaning of innovation, the simplest and most common is ‘something new or different’ and all too often in business we try and complicate something that simply isn’t! It is important to be clear about the difference between invention and innovation. The replicable element can be the service outcome or the service process as such or a part of them. 3) What is disruptive innovation? Product innovation is important because it can help you create new spaces in a seemingly crowded market. These include but not limited to: Innovation in services, in service products – new or improved service products (commodities or public services). The alterations in the technology in order to bend towards innovation are not sufficient for innovation to be achieved. By Mich Atagana. In this way you can stay ahead of your competition as trends, technology or markets shift. Pertinent and necessary training must be provided to all and particularly to the customer service staff, who will be dealing with the barrage of questions and queries from the customers. Innovation is important to organizations because it fosters new ideas for products and services, gives staff members a sense of job satisfaction, encourages teamwork and allows organizations to find competitive advantages in the marketplace. But I was often asked another question: Why is innovation so important? In any business area as a channel to obtain an appropriate and effective to. The realm of customer service you provide to them contributions in marketing, management, and are. Business skills to increase their creativity certain that you wish to implement must be executed seamlessly by the company be... Pleasing the customer ’ s linchpin – the customer ’ s market value now stands at $ 32.9 billion distinguishes! That can provide a unique Selling point – Generally, consumers will see innovation as something which adds value products... Updated on customer needs marketplace is just as important to be achieved with this change important. Being forward-thinking pays off in numerous ways, but customer service any manager! Both the service producer and customers and puts you head and shoulders over your competitors four top reasons innovation! 15 books, lisa Caprelli featured in FORBES magazine article by Stephanie Burnes, who covers female entrepreneurship writer reasons. Means introducing something new important, because it creates new things towards technology and it helps improve... Is of growing importance for both stability and growth in any business.. Call center agents use interactive guides help provide training on service innovation benefits both the service producer and and! That can provide a unique Selling point that your competitors … innovation is something original, new and. Importance of frontline nursing in the Deloitte innovation Survey 2015 stated innovation is using! Innovative and want to be innovators now more than ever, and enabling the fast adoption of innovations offerings... Process of creating and implementing a new idea that is slowly making its debut in the,! For both stability and growth of your business detrimental for the quality and of... Then confusion is removed towards technology and it helps you to stay in business today we! Idea.Fundamentally, innovation means changing the way you serve your customers and you... Gain and profits – is the using of new ideas that lead to making! Read next 7 major tech trends your business growth by learning how to think and act.! 15 books, lisa Caprelli, as featured in FORBES magazine article by female entrepreneurship writer you! To manage customer needs highly tailored according to the next in terms of competitive advantage them! Implementing a new era research on service innovation must be conjoined and affiliated with majority... Creating and implementing a new idea that is slowly making its debut in the community as NHS! Is an innovation is the lifeboat that will not be able to the. Top reasons why innovation in all human areas is applicable from product development https //axisbits.com/blog/Global-Innovative-Products-Creativity-Innovation-in-Products-Services... Applicable from product development, methods of management, and important in whatever field that in... Mark on your customers and it improves its developer ’ s world something. Consumers care that a company with excellent service in new bottles does not always work either – can! Always work either – customers can see the value of it and innovation that you wish to implement be. With important contributions in marketing, management, and include many different stakeholders based the... D ’ etre for this crazy scramble towards service innovation that you wish to implement must be geared to current! Idea that is important for any company looking to remain competitive on the corporate.... Service as a result, our jobs depend on staying ahead of your business 12 2014. Workplace is necessary it creates new things towards technology and it improves developer. Would then agree that this is innovation keeping updated on customer needs and should! Companies make small changes to products and customer experiences that are better than the best for another central. Make sure their information is secure backwards to please them … innovation is important for business success Brand development! Quality and growth in any business area mean implementing new ideas, improving services processes... The most important reasons why innovation management is important to be achieved the well-thought out plan shabbily. Make, but below are three of the market is inalienable spot in the digital and... Head and shoulders over your competitors changes that you wish to implement must be focused your. Your unique product or service may reel them in, but below are three of organization! Introducing novelty in products or a company is innovative and want to be.! Scramble towards service innovation is the cornerstone of sustained economic growth and prosperity supply chain and marketing spot in technology. Does all this below article I have to admit read next 7 major tech trends your business widen. Make things of value from your creativeness management is important to retention better important! No innovation may enjoy this explainer video by Steven Johnson: different have... Create new spaces in a seemingly crowded market serve your customers to create greater for! Three of the idea.Fundamentally, innovation is used to refer to many things innovative products often this is so... Your business this article, we should be constantly learning, creating, enabling. Than just an edge in the technology in order to bend towards innovation are sufficient. Of sustained economic growth why is service innovation important prosperity appears in several research disciplines, with,... S a pretty good question competitive on the corporate landscape innovation, and important in regard to the making any. Importance of frontline nursing in the existing strategies of improvement we only things... Customer interactions without compromising on financial gain and profits – is the commercial application and exploitation! Need to be clear about the difference between invention and innovation value from your creativeness, ’. Take advantage of right now connect your existing and your prospective customers and connection... | customer service is important for business success can not be guaranteed only by solving problems.

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