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Title: Innovatie in de financiële dienstverlening. Hoe bereik je de 'blauwe oceaan'?
Authors: Gielen, G
Keywords: financial services
blue ocean
Value innovation
Value innovation
new service development
client value
Issue Date: 29-Apr-2016
Publisher: Open Universiteit Nederland
Abstract: Innovation is crucial for long tem economic growth. Traditionally innovations are visible in the production sector, while investments in innovation in the service sector are below average. In the past decades the innovative activities in service enterprises have increased, however it remains structurally behind production enterprises. As service sectors are a substantial part of most national economies there is an urgency to intensify the research in new service development. The objective of this research is to identify a connection between different innovative approaches either based on value-innovation and client value or new service development. This research is focused on the financial services industry. In this thesis the approach for value-innovation and client value is concentrated around the Blue Ocean methodology of Chan Kim and Mauborgne (2005). The basis of this approach is that the organisation is identifying unnecessary elements from their service offerings to become more focussed on and competitive in those remaining, while addressing customer needs. The client is the starting point for value-innovation, which makes this strategy suitable for innovation in the service sector. A characteristic of services is that these are produces in attendance of the client. In new service development the emphasis is on the tuning of service innovation and the internal organisation of the enterprise. In service innovation the process dimension takes a central place. Johne and Storey (1998) developed a framework with six prerequisites for successful service innovation. To understand the possible connection between different innovation approaches and new service developments, the starting points of the Blue ocean strategy (Chan Kim and Mauborgne, 2005) were matched with the new service development (NSD) framework of Johne and Story (1998). Explorative research was undertaken to investigate the connections between these different innovative approaches. A single case study within a Dutch affiliate of a multinational organisation of integrated consulting and technology services showed that client value was no (explicit) starting point. The results of this research provides an indication that client value could be used as a starting point in new service development, specifically for financial services. A structured approach as the Blue Ocean can assist in the new service development process. Although caution is necessary when interpreting these research results as they are based on a single case study. From a more high level perspective the possibilities to connect innovation approaches based on client value and new service development are interesting. If the ocean approach will lead to new ways of working to realise client value, even if the individual organisation itself does not fully incorporate the approach, the two levels in innovation hierarchy according to Hamel (2007) are connected. From the boundaries of innovation hierarchy application of innovation approaches around value innovation (the ‘strategy innovation’ level) can create opportunities on a lower level like ‘product/service innovation’ to build a competitive advantage. In the context of the increasing importance of service innovation, this research gives a first practical view of a possible connection between innovation approaches based on value innovation and client value and new service development
Appears in Collections:MSc Management Science

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