So begins a recent article in BusinessWeek, which details a five-step framework for implementing innovation projects successfully, by offering "radical service innovation".
The five steps for radical service innovation:
- Develop insight about the market
- Create radical value propositions
- Explore creative service models
- Bend the rules of delivery
- Iteratively pilot and refine the new service
BOTTOMLINE: "The market landscape for services is evolving constantly and rapidly. Both the market and customers expect nimbleness when it comes to innovative services. Frequent and radical innovations are key to being relevant in such a landscape. "