We have categorized 6 documents as Service Strategy. All documents are displayed on this page.
As Peter Drucker wisely observed, "Long-range planning does not deal with future decisions. It deals with the futurity of present decisions." This concept forms the bedrock of any successful Service Strategy, a management concept geared towards creating more value from service, and a central pillar of Strategic Planning.
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As Peter Drucker wisely observed, "Long-range planning does not deal with future decisions. It deals with the futurity of present decisions." This concept forms the bedrock of any successful Service Strategy, a management concept geared towards creating more value from service, and a central pillar of Strategic Planning.
A report from Gartner stresses that nearly two-thirds of all business today comes from services rather than product sales—an upward trend projected to continue unabated. Amidst this shift, a robust Service Strategy becomes even more crucial for businesses to leverage for competitive advantage. As McKinsey Quarterly reveals, a robust Service Strategy can increase profitability by 40%. Including services in the delivery-product mix allows firms to diversify their revenue stream, level out demand, raise entry barriers for competitors, and build strong customer relationships.
For effective implementation, take a look at these Service Strategy best practices:
Forrester's research delineates five key principles in building a successful Service Strategy:
Explore related management topics: Customer Experience Customer Loyalty Customer Journey
The alignment of Service Strategy with overall Business Objectives is another important best practice. As MIT Sloan Management highlights, any strategic move must be in total consonance with the ultimate objectives of your business—Service Strategy is no different. But this alignment is particularly challenging as it requires a seamless integration of diverse perspectives, functions, and aims within a single umbrella strategy.
IBM's transformative journey provides a quintessential example of a successfully implemented Service Strategy. By pivoting from its original product-oriented business model to a more service-focused strategy, IBM significantly increased its revenue and market share. As detailed in a case study by Harvard Business Review, this courageous transition entailed thoroughly overhauling the company’s existing framework, from Sales and Marketing down to Culture and Leadership. This transformation spearheaded the operational excellence that established IBM as one of the world's leading tech giants.
Explore related management topics: Operational Excellence
McKinsey's study points out that Digital Transformation goes hand in hand with Service Strategy. The adoption of advanced technologies like AI, machine learning, and predictive analytics can streamline service delivery, improve customer experience, and ultimately boost business growth—evincing the integral relationship between Digital Transformation and Service Strategy.
The trajectory of change in our market landscapes underscores the importance of crafting a robust Service Strategy. By aligning it with broader business aims, differentiating services, integrating service provision with other business functions, practising inter-functional collaboration, and investing in employees, companies can devise an efficacious Service Strategy, propelling them towards enduring business success in the complex, evolving world we operate in today.
Explore related management topics: Digital Transformation Machine Learning
Here are our top-ranked questions that relate to Service Strategy.
Service Strategy Best Practices
Service Strategy Overview Five Key Principles in Designing Service Strategies The Alignment of Service Strategy with Business Objectives Oracle of Success: Service Strategy in Practice Service Strategy and Digital Transformation Service Strategy FAQs Flevy Management Insights Case Studies
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