Nick gives Service Innovation Seminar at the Henley Business School

by NIck Frank on April 24, 2013

Henley-logo-(474x208In April Nick was invited to the Henley Business School in Reading, to give a seminar on Service Innovation to PHD & MSC students. Titled  A Service Revolution in Fasteners?…the impact of Services on Industry the discussion was based on recent research by Noventum Service Management and his own practical industrial experiences.

The initial theme of the discussion was that developing from a Product to Service focused business may sound a great idea to the CEO, however in reality realising this vision always proves to be a much longer and tougher journey than originally imagined. Yet most industrial businesses do not have a choice, as services become a key strategy to driving their profitability and growth.

The seminar discussed why services are important to industry and that the most successful companies have grown their services business through following a brand driven strategy.  This approach has deep implications on how they interact with their customers and hence on the development of their people. In fact, if we step back and look at the components of a successful service business model, we see that transformation touches every aspect of the business. And it is for this reason that plotting the path through the ‘spaghetti’ of business change needs strong leadership and clear vision.

The second half of the seminar explored the reality of service transformation in the fastener industry. The fastener industry may seem a surprising choice to illustrate service innovation, but it is one of the few industry examples that is relatively easy to understand, global in nature as well as having undergone radical change in its perception of services. It illustrates how service can fundamentally change the relationship between supplier and customer, moving from a simple vendor to in some cases a transformational partner. In Europe and in particular the UK, this has completely changed the business dynamics of the industry. The case study first presented at the CAISE 2012 conference in Gdansk, illustrates how two very different companies approached these challenges over a period of 30 years and highlighting practical insights into what it takes to drive successful service innovation.

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