Service World Innovation and Market Disruption
Est. Read Time: 3 min.
Recently, we explored the tangible effects of living and working in a Service World, and how service delivery has drastically changed. Service World technology, enabled by the rise of cloud-based software and smartphones, is a major component of these changes. Sophisticated technology has altered how consumers interact with service providers and set a new bar for consumer expectations. These dynamics have led to innovation-driven growth in multiple industries.
Here, we’ll explore how Service World technology spurs innovation, leading to market disruptions as innovative businesses change the game for consumers.
So how does the Service World lead to disruption?
We live in a world of sophisticated technologies that affect multiple interactions in our daily lives. Technology like GPS location services and advanced payment processing contribute to service delivery that is immediate, convenient, and personalized, whether you’re ordering a pizza or streaming a movie. Service innovation has changed the way traditional products and services are delivered to consumers and, in some cases, spurred the disruption of entire industries.
Disruption occurs when innovation creates a new market, displacing established business models. Usually, the new market continues to offer an existing service -- such as food delivery or movie rentals -- but the service is provided more efficiently, creating better value for consumers. In the Service World, on-demand services are high quality, reasonably priced, and convenient, largely due to modern and innovative technologies.
What’s an example?
A disruptor shifts the way consumers think about service delivery and changes how the way they behave. Taking the example of Netflix, we see how Service World technology completely up-ended the movie rental industry. Before Netflix, Blockbuster dominated over smaller chains and boutiques. While the stores offered a large selection of movies, the rental process was completely manual: a customer had to drive to the store, find the movie they were looking for, hope there was an available copy, stand on line to pay, and drive home again.
Netflix’s first iteration was an improvement over Blockbuster’s service. Movie selections were made online and queued, payment information was saved, and movies were automatically mailed out when previous rentals were returned. But the mailing process still required manual effort, and it took days for a movie to be returned and a new movie to reach the customer.
But when Netflix began to offer online streaming, the game changed. You can now watch whatever you’d like, and as much as you’d like, at a push of a button. The service knows who you are and can create personalized, curated lists of recommendations for you. It stores your information and automatically processes your payments. In all, Netflix provides a Service World interaction that gives time and effort back to customers.
Through its technological abilities, Netflix not only displaced Blockbuster as the industry giant, it redefined the entire industry.
Service World Technology is a Game Changer
The superior service provided by innovative disruptors wouldn’t be possible without Service World technology. Just as Netflix requires streaming capabilities and a complex algorithm to understand your preferences, companies like Uber and Lyft needed GPS and smartphone proliferation to be successful. And all these companies rely on smart and intuitive user interfaces that are easy for customers to learn and use.
Service World technologies and customer experiences have become so prevalent that consumers now expect highly personalized, on-demand, and fast service in every aspect of their lives, including at the office. To meet these expectations, Service World technology for your business applications is essential. Fulfilling employees needs is crucial for supporting employee experience by offering them the best possible service when they need help or have a question.
Service World technology will continue to advance and we’ll continue to see rapid innovation across industries, making way for more game-changing disruption. These advances will allow us to bring better and better services to consumers, whether they are our clients or our employees.
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About Aimee Stone Munsell
Aimee Stone Munsell is the Chief Marketing Officer of PeopleDoc. Aimee is passionate about creating customer experiences that motivate business leaders to make the most of our digital world for themselves, their teams and their organizations.
She has worked on Madison Avenue, run her own non-profit, and grown markets for Fortune100 companies. Throughout her career, she has enjoyed the benefits and surprises that come from managing teams of 5 to 50 around the world.