Question

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Innovation is considered a core competency for a Professional Service Firm. Analyse the innovation literature in the PSF domain and explain how service innovation contributes to maximizing the performance of a PSF.

Answer 1

innovation is key requirement to remain competitive within the sector. In a recent research it was established that in addition to conventional five innovation dimensions, two distinct dimensions were identified as specially being important to a PSF context [client-centred solution innovation and technology innovation]. Client-centred solution innovation was identified as a dimension which has previously been neglected. While new services and products are widely accepted types of innovation, being industry leaders in providing innovative and cutting-edge solutions was a frequently discussed type of innovation. This aspect has different role in a PSF a technology driven or technology optimised solution attracts customers or Clients and became key differentiator in competition.

Services innovation in a professional services firm is one that is innovating itself to meet the needs of a clearly defined set of clients they know extremely well. It might be innovating services to meet unmet client needs or better yet reinventing its own business model to better align itself with this narrow set of clients. Thus enabling it to offer a better option for clients . As it understand better What are their needs? What services could you provide that you're not providing now? What services could you provide that no one is providing at all?