What is Service Innovation and why it is gaining importance?

Service innovation is becoming increasingly important as businesses look to differentiate themselves in a crowded market. It involves improving existing services or creating entirely new ones using an iterative method that is focused on the customer. Interdisciplinary teams collaborate to generate ideas and create prototypes that are tested before being introduced. The process helps businesses stand out from the competition, meet customer demands, and improve customer retention. By identifying areas where customer service can be improved and adding tangible value, businesses can strengthen their relationship with their customers. MIT ID Innovation is an institute dedicated to pioneering groundbreaking and unconventional approaches to innovation.