Innovation in Services - LBS Professor Kamalini Ramdas
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Innovation in Services - LBS Professor Kamalini Ramdas

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Both large organisations and start-ups need to think about new ways to offer services. London Business School Professor Kamalini Ramdas shares her research, highlighting opportunities that exist ...

Both large organisations and start-ups need to think about new ways to offer services. London Business School Professor Kamalini Ramdas shares her research, highlighting opportunities that exist through innovating different aspects of a service, including the service product and the way in which it is delivered.

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    Innovation in Services - LBS Professor Kamalini Ramdas Innovation in Services - LBS Professor Kamalini Ramdas Presentation Transcript

    • Innovation in ServicesBOTH LARGE ORGANISATIONS AND START-UPS NEED TO THINK ABOUT NEW WAYS TO OFFER SERVICES. IN THIS SESSION KAMALINI WILL SHARE HER RESEARCH, HIGHLIGHTING OPPORTUNITIES THAT EXIST THROUGH INNOVATING DIFFERENTASPECTS OF A SERVICE, INCLUDING THE SERVICE PRODUCT AND THE WAY IN WHICH IT IS DELIVERED. Kamalini Ramdas The Deloitte Professor in Innovation and Entrepreneurship and Professor of Management Science and Operations
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    • Innovation in Services One-on-One One-on-Many Many-on-One Many-on-Many Virtual Value Copyright Ramdas, Teisberg & Tucker 2012 Harvard Business Review, Forthcoming KAMALINI RAMDAS
    • Does higher quality or wider access imply higher cost in your current service model? Pricing/Product Support Delivery MixService Structure Service Boundary Service Organization Service LocationHow does the client experience What is the client’s true What organization and timing Where would the client be bestthe service encounter? underlying need? of tasks creates highest value served? for the client?Does the information you share Which parts of the service can What tasks do you do each day? How mobile are the people,with one client become less or only your organization do? information and equipment thatmore valuable if another client the service requires?has it? Can your client or a third party do some aspects of the service Which of these can be done by better than you? someone who doesn’t have Service your level of experience and How many locations does your expertise? client or service provider go to ProductCan your clients learn from or Where are the frustrations withsupport each other? coordination or communication? each week? Does everyone think the Which of these can be done solution to the problem is IT? better by someone else? How much time is spent in transitDo your clients need multiple vs. providing service?types of expertise in the What are the barriers to betterservice? client results and who, if anyone, currently offers those Who can do those tasks? services? Where does inconvenience or inefficiency occur now? What parts of the service are not delivered or tend to get lost or forgotten? Copyright Ramdas, Teisberg & Tucker 2012 Harvard Business Review, Forthcoming KAMALINI RAMDAS
    • Systematic creativity is widely used to generate successful new product ideas Unearth Patterns Understand Translate to other why/when/where contexts a pattern works Different Geography Different Industry Move Upmarket Kamalini Ramdas
    • Can we find patterns in business models? Kamalini Ramdas
    • The Theory of a Business TIMELINE OF EVENTS (e.g. RETAIL) Time Assortment, Production Sales Markdowns Receivables PricingPROFIT FORMULA Revenue Model Cost Structure Resource Velocity Price Direct, Indirect costs Rate of value output Volume (market Size) Economies of scale and Lead times, turns, Ancillary Sales scope throughput, utilizationRISK EXPOSURE Riskiness of Revenues, Costs and Resource Velocity Sensitivity of profits to changes in price, volume, costs, resource utilization (based on Johnson et al 2008 & Girotra & Netessine 2011) Kamalini Ramdas
    • INNOVATING THE RISK EXPOSURE IN PARTNERSHIPS…TIMELINE OF EVENTS Time Assortment, Production Sales Markdowns Receivables Pricing PROFIT FORMULA Revenue Model Cost Structure Resource Velocity Price Direct, Indirect costs Rate of value output Volume (market Size) Economies of scale and Lead times, turns, Ancillary Sales scope throughput, utilizationRISK EXPOSURE Riskiness of Revenues, Costs and Resource Velocity Sensitivity of profits to changes in price, volume, costs, resource utilization (based on Johnson et al 2008 & Girotra & Netessine 2011) Kamalini Ramdas
    • Can we reduce risk bymanaging relationships? Kamalini Ramdas
    • INNOVATING THE TIMELINE – PLACING BETS AFTER GETTING INFORMATIONTIMELINE OF EVENTS Time Assortment, Production Sales Markdowns Receivables Pricing PROFIT FORMULA Revenue Model Cost Structure Resource Velocity Price Direct, Indirect costs Rate of value output Volume (market Size) Economies of scale and Lead times, turns, Ancillary Sales scope throughput, utilizationRISK EXPOSURE Riskiness of Revenues, Costs and Resource Velocity Sensitivity of profits to changes in price, volume, costs, resource utilization (based on Johnson et al 2008 & Girotra & Netessine 2011) Kamalini Ramdas
    • Can we flip the timeline so that we have betterinformation before placing bets? Kamalini Ramdas
    • Still need to go from free form brainstorming to a single service concept Kamalini Ramdas
    • The journey to a final service concept Kamalini Ramdas
    • Experience Modeling: The Common Cold Feeling good Feeling better Aromatherapy Something Hydrotherapy feels different Getting over a cold Getting a cold Have a cold Based on research done at E-Labs Kamalini Ramdas
    • Steps in Experience Modeling► Gather detailed multi-media data on individual users► Display data visually and focus on identifying patterns ► Collapse data into broad conceptual categories ► Identify time trends such as phases of the experience Based on research done at E-Labs Kamalini Ramdas
    • Whose Life is This?A Service Innovation Exercise Kamalini Ramdas
    • Exercise ► Form a group ► Pick one person in the set of pictures whose life you will analyze ► Develop a “bug” list for your chosen person based on the information in all of the pictures ► Based on your bug list and your assigned service industry, come up with new service concepts for your chosen person, particularly service concepts that use your company’s core capabilities ► Pick the best, and think about what underlying dimensions of service innovation they embody Kamalini Ramdas
    • Pick an Industry to innovate in► Financial Services► Education► Health and well being► Legal services► Entertainment► Travel and leisure► Home support services► Insurance► Restaurant / food services► Real estate / construction► Media Kamalini Ramdas
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    • Bug List Service ConceptsDevelop a “bug” list for your chosen Brainstorm service concepts andperson from the set of pictures. identify what dimensions of service innovation they rest on. Kamalini Ramdas
    • “Design products for people you love, never for people you don’t know” Herman Miller design philosophy Kamalini Ramdas