Services seminar at Warwick University: Oct 2013
Abstract: Developing from a Product to Service focused business may sound a great idea to the CEO, but the reality of 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.
This seminar will look at 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.
Finally we will explore the reality of service transformation in 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. We will look at how two very different companies approached this change over a period of 30 years and learn some practical insights into what it takes to drive successful service innovation.